CAC begins fresh move to delist 100,000 inactive companies, gives 90-day compliance deadline

The Corporate Affairs Commission, CAC, has commenced another phase of its nationwide exercise to strike off inactive companies from the Register of Companies, placing 100,000 firms at risk of deregistration unless they regularise their statutory filings within 90 days.

The commission announced the development in a public notice issued on Wednesday, describing the exercise as Batch 6 of its ongoing enforcement of the provisions of the Companies and Allied Matters Act, CAMA, 2020.

According to the notice, the action is being carried out pursuant to Section 692 (3) and (4) of CAMA 2020, which empowers the commission to remove companies from the register under specified conditions.

CAC said the names of the affected 100,000 companies had been published on its official website for public access and verification.

The commission directed all affected companies to immediately file their outstanding Annual Returns and update their Persons with Significant Control (PSC), also known as Beneficial Ownership information, to regularise their records.

It added that evidence of compliance should be forwarded to its designated email address for struck-off companies within the 90-day grace period.

The commission warned that companies that fail to comply with the directive within the stipulated period would be struck off the register without any further notice.

“The affected companies are hereby advised to take steps to file all outstanding Annual Returns (and by extension Persons with Significant Control/Beneficial Ownership information) and regularise their records within ninety (90) days of this notice,” the commission stated.

It noted that the exercise forms part of its statutory responsibility to maintain an accurate and up-to-date companies register while promoting regulatory compliance among registered businesses in Nigeria.

The CAC reiterated its commitment to delivering prompt and efficient registration and regulatory services, assuring customers of continued efforts to strengthen corporate governance and ensure the integrity of the nation’s corporate database.