CAC commences process to deregister 100,000 companies over annual tax returns regulations

The Corporate Affairs Commission (CAC) has commenced the process of deregistering 100,000 companies over non-compliance with annual returns requirements.

In a notice posted on the commission’s X handle, the CAC said, “This is to notify the general public and esteemed customers that the Corporate Affairs Commission has commenced another round of striking off the names of companies from the register pursuant to the provisions of Sections 692(3) and (4) of the Companies and Allied Matters Act, 2020.

“The list of the affected one hundred thousand (100,000) companies can be accessed on the Commission’s website, cac.gov.ng. 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.

“Evidence of compliance should be sent to the designated email address: [email protected].

“Please note that companies that fail to comply within the stipulated timeline shall be struck off the register without further notice.

“The Commission remains committed to providing prompt and efficient services to the satisfaction of our valued customers,” the notice reaffirmed.