CAC to Delist 100,000 Companies for Failure to File Annual Returns

Corporate Affairs Commission (CAC) says it has concluded plans to strike off one hundred thousand companies that have failed to file annual returns in the last ten years.

Alhaji Garba Abubakar, registrar-general of the CAC, disclosed this while speaking at a Training Workshop on the Use of the Beneficial Ownership Register (BOR) in Lagos.

Abubakar, also hinted that the Commission would soon send notices of striking off to the affected companies before embarking on the action as enshrined in section 692 of the CAMA,2020.

The registrar-general pointed out that the companies were, however, entitled to be relisted upon payment of their outstanding debts and an order of a court, as provided by the law.

He advised companies to ensure timely payment of their annual return to avoid being struck off.

Commenting on the BOR, he said it was built by CAC with the support and assistance of the World Bank.

He stated further that the register would go a long way in curbing corruption, money laundering, and terrorism financing.

He, therefore, charged stakeholders, especially investigating agencies, legal practitioners, journalists, and civil society organisations, to utilize the BOR in discharging their responsibilities.