CAC plans to delist over 91,000 companies over infringements

The Corporate Affairs Commission has announced its decision to remove 91,843 companies from its registry as a consequence of their failure to submit their annual returns.

This list, published on the commission’s website, shows a reduction of 2,738 companies from the initial count of 94,581 disclosed back in August.

However, this figure is still part of the larger goal to delist 100,000 companies, a plan previously announced by the Registrar-General and Chief Executive Officer, Garba Abubakar, in July.

This move aims to maintain the accuracy and compliance of the CAC’s database, reflecting a commitment to ensure active and updated records of registered businesses.

He said, “CAC steps up enforcement of 100,000 companies to go off its register for failure to file an annual return.”

Abubakar stated that the commission would notify the affected companies before taking action, following the guidelines in Section 692 of CAMA, 2020.

In an update on December 5, CAC said, “Further to its earlier notice of the commencement of striking off the names of companies from the Register of Companies and published on August 2, 2023, the Commission hereby notifies the general public that the list of companies that have failed to comply with the provisions of the Companies and Allied Matters Act 2020 to file up-to-date annual returns is now ready for publication under the provisions of Section 692 of the Act.

“Companies who filed complete annual returns in response to the earlier publication are advised to confirm their removal from the list of companies to be struck off. The updated list for publication is available on the Commission’s website.”

Companies that have filed complete annual returns but find their name listed should email evidence of filing to compliance@cac.gov.ng within 30 days. It’s illegal for delisted companies to operate without a Federal High Court order restoring their name to the register.

It added, “The General Public should note further that the striking off of the name of a company from the Register of Companies is without prejudice to the powers of the Commission to enforce any liability arising under the Act against the directors of the struck-off company.”