100,000 companies risk removal from CAC register

The Corporate Affairs Commission (CAC) has launched a fresh compliance exercise that could see as many as 100,000 companies removed from Nigeria’s official register for failing to meet statutory filing obligations.

In a public notice issued on Wednesday and signed by its management, the Commission said the affected companies had defaulted in filing annual returns and other mandatory corporate documents required under the law.

The exercise, designated Batch 6, is being undertaken in line with Section 692 (3) and (4) of the Companies and Allied Matters Act (CAMA), 2020.

According to the Commission, the names of all affected companies have been published on its official website for public access.

The notice stated: “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 CAC has given the affected firms a 90-day grace period to bring their records up to date by filing all outstanding annual returns and submitting information on Persons with Significant Control or Beneficial Ownership where applicable.

The notice said: “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.”

Companies that complete the required filings have also been directed to submit proof of compliance.

“Evidence of compliance should be sent to the designated [email protected],” the notice read.

The Commission stressed that failure to act within the stipulated period would result in the companies being removed from the register without any further notification.

It stated: “Please note that companies that fail to comply within the stipulated timeline shall be struck off the Register without further notice.”

Reaffirming its commitment to efficient service delivery, the Commission added: “The Commission remains committed to providing prompt and efficient services to the satisfaction of our valued customers.”