Unfiled returns: CAC begins moves to deregister 100,000 companies

The Corporate Affairs Commission, CAC, has begun moves to strike off 100,000 companies from its register over unfiled returns.

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

According to the public notice, the exercise is pursuant to sections 692 (3) and (4) of the Companies and Allied Matters Act, CAMA, 2020.

The public notice notified affected companies can find their names on the Commission’s website.

The agency called on the companies to regularise their records within 90 days of the notice.

“This is to notify the General Public and Esteemed Customers that the Corporate Affairs Commission has commenced another round of striking off names of companies from the Register pursuant to the provisions of Section 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 at the Commission’s Website http://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 regularize their records within ninety (90) days of this notice,” the public notice read.

The agency directed the companies to forward evidence of compliance to a designated email address, warning that defaulting companies would not get a second chance.

The Commission added that it remained committed to serving its customers efficiently.

Recall that the agency had earlier issued a 90-day deadline to companies to regularise their status or risk being delisted from its register.