CAC moves to strike off 100,000 companies over non-compliance

The Corporate Affairs Commission (CAC) has commenced the process of striking off 100,000 companies from its register over their failure to file outstanding annual returns and other statutory documents, giving affected firms 90 days to regularise their records or face deregistration.

The exercise, tagged Batch 6, is being carried out pursuant to Sections 692(3) and 692(4) of the Companies and Allied Matters Act (CAMA), 2020.

In a public notice issued by its management, the Commission said the names of the affected companies have been published on its official website for verification by business owners and members of the public.

According to the notice, the affected companies are required to file all outstanding annual returns, including information on Persons with Significant Control (PSC) or Beneficial Ownership, within 90 days of the publication.

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The Commission also directed affected companies to submit evidence of compliance to its designated email address, struckoffcompanies@cac.gov.ng, after completing the regularisation process.

It warned that companies which fail to comply within the stipulated period would be struck off the register without any further notice.

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

The CAC explained that the exercise forms part of efforts to ensure compliance with statutory obligations and maintain an accurate and up-to-date register of active companies operating in Nigeria.

The Commission reaffirmed its commitment to providing prompt and efficient services to customers while urging all affected companies to take advantage of the 90-day grace period to regularise their records and avoid losing their legal status.

Business owners have been advised to visit the CAC’s official website to confirm whether their companies are among those listed for possible deregistration and take immediate steps to comply with the Commission’s requirements.