The Corporate Affairs Commission (CAC) has begun a fresh compliance exercise that could lead to the removal of up to 100,000 companies from Nigeria’s official register over failure to meet statutory filing requirements.
In a public notice issued on Wednesday, the Commission said the affected companies had failed to file their annual returns and other mandatory corporate documents as required by law.
The exercise, tagged Batch 6, is being carried out under Section 692 (3) and (4) of the Companies and Allied Matters Act (CAMA), 2020.
According to the CAC, the names of the affected companies have been published on its official website for public access.
“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,” the notice stated.
The Commission gave the affected firms 90 days to regularise their records by filing all outstanding annual returns and providing information on Persons with Significant Control or Beneficial Ownership where applicable.
“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 CAC said.
It also directed companies that comply with the requirements to forward evidence of compliance to its designated email address.
The Commission warned that companies that fail to meet the deadline would be struck off the register without further notice.
“Please note that companies that fail to comply within the stipulated timeline shall be struck off the Register without further notice,” it added.
The CAC reaffirmed its commitment to delivering efficient and timely services to the public.
