CAC To Delist 100,000 Companies From Database

The Corporate Affairs Commission has said it will remove 100,000 registered companies from its database soon.

The Register General of the Corporate Affairs Commission, Garba Abubakar disclosed this recently during a training on the ‘Use of the Beneficial Owners Register’ in Lagos.

He explained that the companies would be delisted due to failure to file annual returns in the last ten years.

He, however, said the companies would be relisted after payment of their outstanding debts and order of a court as required by the Companies and Allied Matters Act, 2020.

“CAC steps up enforcement of 100,000 companies to go off its register for failure to file an annual return,” he stated.

Abubakar, however, said 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.

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