The Corporate Affairs Commission (CAC) has announced plans to delist 100,000 companies from its register due to prolonged inactivity or non-compliance with the provisions of the Companies and Allied Matters Act (CAMA).
In a public notice issued by the Commission, affected companies have a 90-day window from the date of publication to comply with the regulatory provision.
“The affected companies should note that any company that fails to comply with the provisions of the Act by taking steps to file its Annual Returns (and by extension Persons with Significant Control/Beneficial Ownership information) up to date within 90 days of this publication shall be struck off the Register,” it stated.
According to CAC, the companies in question have either remained dormant for at least a decade, ceased operations entirely, or defaulted in filing mandatory annual returns and disclosing information on Persons with Significant Control.
This enforcement action is backed by section 692 (3) and (4) of the Companies and Allied Matters Act which gives the Commission power to delist companies that have been inactive for 10 years, provided a 90-day notice has been published and the company fails to respond.
To avoid being struck off, the affected companies must immediately file all outstanding Annual Returns and send activation emails to activation@cac.gov.ng where necessary.
The Commission further noted that it is unlawful for companies that are struck off the Commission’s register to continue doing business unless restored by an order of the Federal High Court.
See the list of affected companies here
