“Take Action Now”: CAC Moves to Delete Names of Over 91,000 Companies From Database
- The Corporate Affairs Commission (CAC) said it is set to delete the names of over 91,000 from its database
- The Commission said the companies failed to file annual returns with it following the CAMA law of 2020
- It said deleted companies would not be allowed to operate unless by an order of the Federal High Court
Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.
The Corporate Affairs Commission (CAC) is set to delete 91,843 registered companies for failing to file their annual returns with the Commission.
According to a publication by the CAC on its website, the 91,843 listed companies are to be delisted due to infractions.
Source: Facebook
CAC reveals reason for delisting companies
The number is less than the initial 100,000 it previously published in August this year, which it said in an earlier order that it would remove.
PAY ATTENTION: Share your outstanding story with our editors! Please reach us through info@corp.legit.ng!
Punch reports that in July, the Registrar-General and CEO of CAC, Garba Abubakar, revealed that the Commission would delete 100,000 registered firms from its database for not filing annual returns.
Abubakar said:
“CAC steps up enforcement of 100,000 companies to go off its register for failure to file an annual return.”
The CAC boss announced then that the Commission would send notice to strike off the affected registered companies before embarking on the action as contained in section 692 of the CAMA, 2020.
In a notice on its website published on December 5, 2023, the Commission reiterated its resolve to commence the delisting.
The CAC noted that any company that filed complete annual returns but still has its name on the list should email the Commission with evidence of payment not later than 30 days.
Delisted companies won't operate unless by court order
The Commission further said that it is unlawful for any firm whose name has been taken off the register of companies to continue to operate unless its name is first restored to the register by an order of the Federal High Court.
“The General Public should note further that the striking off of the name of a Company from the Register of Companies is without prejudice to the powers of the Commission to enforce any liability arising under the Act against the directors of the struck off Company,” the Commission added.
CAC uncovers 189 fake businesses in FCT property allocations, discloses how they operate
Legit.ng reported that The Corporate Affairs Commission (CAC) has revealed that it has uncovered 189 fake companies used in acquiring property allocations in the Federal Capital Territory (FCT).
The Commission's Registrar, Hussaini Magaji, disclosed this at a news conference in Abuja on Tuesday, October 24, 2023.
Magaji stated that the discovery of the phony companies prompted him to research more, leading to identifying other firms.
PAY ATTENTION: Unlock the best of Legit.ng on Pinterest! Subscribe now and get your daily inspiration!
Source: Legit.ng
