CAC set to delist thousands of companies over failure to file annual returns

• This is still less than the initial 100,000 companies that CAC said it would remove in an earlier announcement
  

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The Corporate Affairs Commission (CAC) plans to remove 91,843 companies from its records due to their failure to submit annual returns.

The commission in a list published on its website, listed 91,843 companies for delisting (2,738 less than the 94,581 it initially published in August).

This is still less than the initial 100,000 companies that CAC said it would remove in an earlier announcement.

In July, the Registrar-General and Chief Executive Officer, CAC, Garba Abubakar, revealed that the commission would delete 100,000 registered companies from its database for failing to file an annual return.

“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,” CAC said in an update on December 5.

It noted that companies that have submitted complete annual returns but find their names on the list are advised to email evidence of filing to compliance@cac.gov.ng 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.

“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,” it added.