Business
CAC Intends to Delist 91,843 Firms for their Inability to Submit Annual Returns.
CAC intends to delist 91,843 firms for their inability to submit annual returns.
The Corporate Affairs Commission (CAC) is set to delist 91,843 companies from its register for failing to file their annual returns with it.
In a list published on its website, the commission presented the names of 91,843 companies for delisting.
This is 2,738 fewer than the 94,581 names of companies it initially published in August.
It is also less than the initial 100,000 companies that CAC said it would remove in an earlier announcement.
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In July, Garba Abubakar, who was the Registrar-General and CEO of the CAC, said that the commission would delete 100,000 registered businesses from its database because they didn’t file annual returns.
At the time, Abubakar said that the commission would send notice of striking off to the companies that would be impacted before taking the action that is required by Section 692 of the CAMA, 2020.
In an update on December 5, CAC said:
“Further to its earlier notice of the commencement of striking off the names of companies from the Register of Companies and published on August 2, 2023, the Commission hereby notifies the general public that the list of companies that have failed to comply with the provisions of the Companies and Allied Matters Act 2020 to file up-to-date annual returns is now ready for publication in accordance with the provisions of Section 692 of the Act.
“Companies that filed complete annual returns in response to the earlier publication are advised to confirm their removal from the list of companies to be struck off. The updated list for publication is available on the Commission’s website.”
The CAC said that any business that filed full annual returns but is still on the list should email compliance@cac.gov.ng within 30 days with proof that it did file.
It is also said that a company whose name has been taken off the register of companies cannot do business until the Federal High Court orders that its name be added back to the register.
