CAC Deregisters Companies, Warns Nigerians Against Doing Business With Them

• The CAC has struck out the names of companies that failed to file annual returns for 10 years before its deadline
• The commission had earlier given companies a 90-day window to submit returns and notify them of changes
• The CAC cautioned that transactions with dissolved companies are illegal, with the full list of affected entities available on its website

Dave Ibemere, a journalist at Legit.ng, has been reporting on business for over ten years. He has deep knowledge of the Nigerian economy, stock market, and general market trends.

The Corporate Affairs Commission (CAC) has decided to remove the names of companies that failed to update their annual returns, deeming them dissolved from the date of publication.

In a statement on its official X handle titled 'Notice of striking off companies from the register,' the Commission said a detailed list of affected companies is available on its website.

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Legit.ng had reported that CAC issued a notice to companies suspected of being inactive or dormant due to non-compliance with annual return filings for 10 years.

The commission has now warned Nigerians to be careful with such firms, nothing that any transactions or dealings with dissolved companies are illegal.

The statement reads:

"The general public may recall that the Commission issued a notice of intention to strike off the names of companies which the Commission has reasonable cause to believe are not carrying out business or are otherwise dormant by reason of not filing annual returns for a period of 10 years.

"A statutory period of 90 days was given to such companies to file the requisite annual returns and send an activation email to activation@cac.gov.ng.

"Companies that complied with the advisory have been removed from the list. However, the Commission, pursuant to its powers granted under Section 692 (4) of the Companies and Allied Matters Act No. 3 of 2020, has struck off the names of companies that failed or refused to update their annual returns. A detailed list is posted on the Commission's website: www.cac.gov.ng.

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"Companies struck off the register are deemed to have been dissolved from the date of publication. It is illegal to enter into any transaction or deal with a company that has been dissolved."

The updated list of dissolved companies is accessible on the CAC's official website, www.cac.gov.ng.

CAC announces new deadline for PoS registration

Legit.ng earlier reported that CAC announced September 5, 2024, as the new deadline for Point of Sales agents, super agents, and sole agents registration to register their businesses or face the risk of losing their accounts.

The commission announced the new deadline in a statement signed by its management and posted on its X(formerly Twitter) page.

The new deadline is a 60-day extension from the previous date.

Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.

Source: Legit.ng