CAC to Delist 100,000 Dormant Companies
The Corporate Affairs Commission (CAC) has announced plans to strike off approximately 100,000 inactive and non-compliant companies from its register. According to Section 692(3) and (4) of the Companies and Allied Matters Act 2020, these companies have failed to file annual returns and disclose beneficial ownership details for over 10 years.
The CAC has given affected companies a 90-day ultimatum to regularize their status by filing outstanding annual returns and submitting necessary documents. Companies must also send activation emails to activation@cac.gov.ng where applicable. Failure to comply will result in removal from the register, rendering them ineligible to conduct business.
Once delisted, these companies will be deemed dissolved, and engaging in business with them will be considered unlawful. Restoration to the register would require an order from the Federal High Court. The list of affected companies is available on the CAC website.
This move aims to sanitize Nigeria’s corporate registry, ensuring only active and compliant businesses operate within the formal economy. It also aligns with efforts to enhance transparency in company ownership and governance, in line with anti-money laundering standards. #CAC to Delist 100,000 Dormant Companies#
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