CAC set to deregister inactive firms after 10 years

Alhaji Garba Abubakar, registrar general of the Corporate Affairs Commission (CAC), has disclosed that the Companies and Allied Matters Act (CAMA 2020) empowers the commission to deregister companies that have been inactive for 10 years.

Abubakar disclosed this while speaking in Abuja recently, adding that many registered companies have been declared inactive for their failure to submit their audited financial returns or transactions.

The CAC boss hinted that CAC has provided the operational status of all registered companies, whether active or inactive, on its website and the inactive ones will be deregistered after 10 years.

He stressed that owners of inactive companies can also approach the CAC with the request to deregister such companies even before the 10-year window for CAC to delist them.

He pointed out that the status of such affected companies has been posted on the commission’s website, but did not revealed the total number of companies declared inactive.

The registrar said the implementation of CAMA 2020 is already in place after it was gazetted by the National Assembly in November 2020, but he said no company has been delisted by the commission.