The Corporate Affairs Commission, CAC, has commenced the process of striking off 100,000 dormant and non-compliant companies from Nigeria’s corporate register as part of efforts to sanitise the nation’s business environment and strengthen corporate governance.
The Commission announced this in a public notice issued on Wednesday in Abuja.
It noted that the affected companies have failed to comply with the provisions of the Companies and Allied Matters Act, CAMA, 2020, particularly the filing of annual returns and disclosure of Persons with Significant Control, PSC, making them liable for removal from the register.
According to the CAC, the exercise forms the fifth batch of its ongoing enforcement programme aimed at ensuring that only active and compliant businesses remain on the corporate register.
The list of the affected 100,000 companies has been published on the Commission’s website for public scrutiny.
The Commission gave the affected companies 90 days to regularise their status by filing all outstanding annual returns and updating their beneficial ownership information.
It warned that any company that fails to comply within the stipulated period will be struck off the register in accordance with Section 692 of CAMA 2020.
CAC stressed that it is unlawful for any company whose name has been struck off the register to continue carrying on business, as such an entity would have lost its legal status.
The Commission added that any company wishing to resume operations after being delisted must first obtain restoration to the register in line with the provisions of the law.
The regulator explained that maintaining an accurate and credible corporate register is critical to promoting transparency, combating financial crimes, improving investor confidence and enhancing Nigeria’s ease of doing business.
