The Corporate Affairs Commission (CAC) is poised to delist 91,843 companies from its records due to their failure to submit annual returns.
The commission recently published a list on its website, indicating the targeted companies for delisting. This figure is slightly lower than the initial 94,581 companies disclosed in August, reflecting a reduction of 2,738. Notably, this falls short of the earlier announcement, where CAC stated its intention to delist 100,000 companies.
In July, Garba Abubakar, the Registrar-General and Chief Executive Officer of CAC, warned of the impending removal of 100,000 registered companies from the commission’s database due to their non-compliance in filing annual returns.
He said, “CAC steps up enforcement of 100,000 companies to go off its register for failure to file an annual return.”
At the time, Abubakar announced that the commission would send notice of striking off to the affected companies before embarking on the action as enshrined in section 692 of the CAMA, 2020.
In an update on December 5, CAC said, “Further to its earlier notice of the commencement of striking off the names of Companies from the Register of Companies and published on August 2, 2023, the Commission hereby notifies the General Public that the list of Companies that have failed to comply with the provisions of the Companies and Allied Matters Act 2020, to file up to date annual returns is now ready for publication in accordance with the provisions of Section 692 of the Act.
“Companies who filed complete annual returns in response to the earlier publication are advised to confirm removal from the list of Companies to be struck off. The updated list for publication is available on the Commission’s website.”
It noted that any company that filed complete annual returns but still has its name on the list should send a mail with evidence of filing to compliance@cac.gov.ng not later within 30 days.
It further stated that it is unlawful for any company whose name has been struck off the register of companies to carry on business unless its name is first restored to the register by an order of the Federal High Court.
It added, “The General Public should note further that the striking off of the name of a Company from the Register of Companies is without prejudice to the powers of the Commission to enforce any liability arising under the Act against the directors of the struck off Company.”