CAC to Delist 100,000 Non-Compliant Companies

The Corporate Affairs Commission (CAC) has commenced the fifth batch of its nationwide compliance exercise, targeting the removal of 100,000 companies from Nigeria’s register of companies for failing to meet statutory obligations under the Companies and Allied Matters Act (CAMA), 2020.

In a public notice, the Commission said the affected companies failed to file up-to-date annual returns and disclose Persons with Significant Control (PSC)/Beneficial Ownership information as required by law.

The CAC directed all affected companies to regularise their compliance within 90 days of the publication of the notice or risk being struck off the register in accordance with Section 692 (3) and (4) of CAMA 2020.

According to the Commission, companies that are struck off will lose their legal status and will no longer be permitted to carry on business unless restored to the register through the appropriate legal process.

The Commission advised business owners and members of the public to check the published list of affected companies on its official website and take the necessary steps to avoid sanctions.

The latest exercise forms part of the CAC’s ongoing efforts to strengthen corporate governance, improve regulatory compliance and maintain an accurate and credible register of companies operating in Nigeria.