CAC Initiates Mass Deregistration of 100,000 Companies Over Unfiled Returns

The Corporate Affairs Commission (CAC) has launched a significant regulatory action, commencing the process to strike off 100,000 companies from its register. This decisive move targets firms that have failed to submit outstanding annual returns and other mandatory statutory documents, signalling a renewed emphasis on corporate compliance within Nigeria’s business landscape.

In a public notice issued by its management, the Commission detailed that this exercise, designated as Batch 6, is being executed in strict accordance with the provisions of Section 692 (3) and (4) of the Companies and Allied Matters Act (CAMA), 2020. This legislative framework empowers the CAC to remove companies from its registry for non-compliance with filing obligations. The full list of the 100,000 affected companies is accessible on the CAC’s official website, http://cac.gov.ng, providing a crucial resource for legal practitioners, compliance officers, and company directors to verify their status.

The notice serves as a critical alert to the business community, urging affected companies to rectify their non-compliance within a strict 90-day window from the date of the notice. Companies are advised to promptly file all outstanding Annual Returns, which implicitly includes the necessary Persons with Significant Control (PSC) and Beneficial Ownership information. This proactive step is essential for avoiding deregistration.

To facilitate the process and ensure accountability, companies that have regularised their records are directed to submit evidence of compliance to the designated email address: [email protected] The CAC has issued a stern warning that defaulting companies will not be granted a second opportunity. Those that fail to meet the stipulated 90-day deadline will be struck off the Register without further recourse.

This comprehensive deregistration drive underscores the CAC’s commitment to maintaining an accurate and compliant corporate register. For lawyers advising clients, compliance officers overseeing corporate governance, and executives responsible for statutory filings, this action highlights the imperative of diligent record-keeping and timely submission of all required documents. Investors and business leaders are also reminded of the importance of ensuring that their investee companies are in good standing with the CAC to avoid potential disruptions to their operations and investments. The Commission reiterated its dedication to providing efficient services to its valued customers, even as it enforces these critical regulatory requirements. Business owners can visit https://www.cac.gov.ng/news/6104 to confirm if their companies are included in the list.

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