The Corporate Affairs Commission (CAC) has started the process of removing 100,000 companies from its register for failing to file their annual returns.
In a public notice signed by its management on Wednesday, the Commission said the affected companies did not submit outstanding annual returns and other required statutory documents.
The notice said the action is being taken under Sections 692 (3) and (4) of the Companies and Allied Matters Act (CAMA), 2020.
It also informed affected companies that the full list is available on the Commission’s website and gave them 90 days to update their records.
“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 Commission also asked the affected companies to send proof of compliance to the designated email address. It warned that any company that fails to meet the deadline would not be given another opportunity.
The agency added that it remains committed to providing efficient services to its customers.
The CAC had earlier given companies a 90-day deadline to regularise their records or face removal from its register.
