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🇳🇬 Nigeria /Economy & Trade

CAC to deregister 100,000 companies over unfiled returns

From The Punch · () English

Summarized and contextualized by DistantNews.

At a glance

News Official statement New plan
  • The Corporate Affairs Commission (CAC) is initiating a process to deregister 100,000 companies for failing to file annual returns and other statutory documents.
  • This action, part of 'Batch 6,' is being carried out under the Companies and Allied Matters Act, 2020.
  • Affected companies have a 90-day window to regularize their records, with failure to comply resulting in removal from the register without further notice.

The Corporate Affairs Commission (CAC) has begun a significant move to strike off 100,000 companies from its register due to their failure to submit outstanding annual returns and other required statutory documents. This action is being conducted under the provisions of Section 692 (3) and (4) of the Companies and Allied Matters Act, 2020.

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.

— Corporate Affairs Commission ManagementOfficial notification regarding the commencement of striking off company names from the register.

The commission disclosed this in a public notice, identifying the exercise as 'Batch 6.' The list of the affected companies is accessible on the CAC's official website, http://cac.gov.ng. This move underscores the CAC's commitment to maintaining an accurate and compliant corporate registry.

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.

— Corporate Affairs Commission ManagementInstruction to affected companies on how to rectify their status.

Companies that find their names on the list are strongly advised to rectify their records within 90 days of the notice. They must file all outstanding annual returns, including Persons with Significant Control or Beneficial Ownership information. Evidence of compliance should be submitted to a designated email address: [email protected].

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

— Corporate Affairs Commission ManagementWarning about the consequences of non-compliance.

The CAC has issued a stern warning that companies failing to meet this deadline will be removed from the register without any further notification. The commission emphasized its dedication to providing prompt and efficient services to its customers, while also ensuring regulatory compliance across the board.

The Commission remains committed to providing prompt and efficient services to the satisfaction of our valued customers.

— Corporate Affairs Commission ManagementReiteration of the commission's commitment to customer service.
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Originally published by The Punch. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.

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