The Corporate Affairs Commission (CAC) has announced its intention to delist 91,843 companies from its database for failing to file their annual returns. This decision follows a previous announcement in August where the commission initially listed 94,581 companies for delisting, and it is a part of the CAC’s enforcement efforts to ensure compliance with the Companies and Allied Matters Act 2020 (CAMA).
In July, the Registrar-General and Chief Executive Officer of CAC, Garba Abubakar, had disclosed plans to remove 100,000 registered companies from the commission’s register due to non-compliance with the requirement to file annual returns. Section 692 of CAMA, 2020 empowers the CAC to take such action after issuing notice to the affected companies.
The recent update on December 5 indicates that the list of companies slated for delisting has been finalized and is available on the CAC’s website. The commission has also provided a window for companies that have filed complete annual returns in response to the earlier publication to confirm their removal from the delisting list. Any company still listed despite compliance is instructed to send evidence of filing to compliance@cac.gov.ng within 30 days.
The CAC emphasized the legal ramifications of being struck off its register, noting that it is unlawful for delisted companies to continue business activities unless their names are restored through an order of the Federal High Court. Additionally, the commission asserted its authority to enforce any liabilities arising under the law against the directors of the struck-off companies even after delisting.
