CAC Moves to Delist 100,000 Registered Companies From Database But Gives Hope to Small Businesses

• The Corporate Affairs Commission (CAC) has said it will delete 100,000 companies from its database
• The Commission revealed that the companies have failed to file annual returns in the last 10 years
• Garba Abubakar, the Registrar-General of CAC, said the firms can re-apply but must pay their outstanding debt

The Corporate Affairs Commission has revealed that it will remove 100,000 registered companies from its records soon.

Garba Abubakar, Registrar-General and Chief Executive Officer of CAC disclosed this during a training on using the beneficial ownership register.

CAC to notify affected companies before delisting

Abubakar disclosed the Commission's intention to delete 100,000 registered firms from its database for failing to meet statutory requirements.

Read also

CBN to sanction licensed super agents over hike in PoS charges by operators.

He said:

"CAC steps up enforcement of 100,000 companies to go off its register for failure to file an annual return."

He said the Commission would notify the companies before delisting, according to Section 692 of the CAMA 2020.

Punch reports that Abubakar said the companies could register again after paying their outstanding debts and order of a court as permitted by the law.

The CAC chief advised companies to ensure timely payment of their annual returns to avoid delisting.

Abubakar said:

"The portal as an automated platform is where records of PSC collated by CAC are stored and accessible to the general public and for government use. This platform offers a search function and information on persons with significant control by the international standard of beneficiary ownership data standards (BODS) under the guidance of the World Bank.

"It also provides an Enterprise Service Bus, ESB, gateway for data exchange by BODS in the required format.

Read also

"Not the right time": NCC speaks to telecom consumers on tariff hike

"The BOR Portal will enable users to find the Person with Significant Control, PSC, of any entity when a search is initiated with either of the following parameters: entity's name, entity's number, PSC first name, and PSC surname."

How to check if a company is registered in Nigeria

Legit.ng reported that people have gone into business with fake companies and lost their money. Doing business with an unregistered company is very dangerous. It is difficult to determine if the company is real or fake if you do not to check this fact.

Find out how to check if a company is registered in Nigeria or not below.

All companies and businesses in Nigeria are mandated to be registered under the Corporate Affairs Commission. The CAC ( Corporate Affairs Commission) was founded in 1990 under the Companies and Allied Matters Act. The commission was created to regulate how companies in Nigeria are being formed and managed.

Source: Legit.ng