CAC Begins Process to Remove 100,000 Companies Over Missing Records

(CAC. Photo Credit: Daily Post)

The Corporate Affairs Commission, CAC, has begun the process of striking off 100,000 companies from its register over unfiled returns.

In a public notice signed by its management on Wednesday, the CAC explained that the affected firms had failed to file outstanding annual returns and other statutory documents.

The exercise, according to the notice, is being carried out under Sections 692(3) and (4) of the Companies and Allied Matters Act, CAMA, 2020.

The Commission said affected companies can find their names listed on its website and urged them to regularise their records within 90 days of the notice.

It explained that the exercise represents another round of striking off company names pursuant to the relevant CAMA provisions, and that the list of the 100,000 affected companies is available on its official website.

The notice further advised affected companies to take immediate steps to file all outstanding annual returns, along with information on persons with significant control or beneficial ownership, and to regularise their records within the given 90-day window.

The Commission directed companies to send evidence of compliance to a designated email address, warning that defaulters would not be given a second opportunity to comply.

It reaffirmed its commitment to serving its customers efficiently.

This latest move follows an earlier 90-day ultimatum the agency had issued to the same set of companies, warning them to regularise their status or risk being delisted from the register.