100,000 Companies Face Deregistration Over Unfiled Returns

The Corporate Affairs Commission (CAC) has started the process of deregistering 100,000 companies due to their failure to file outstanding annual returns and other statutory documents. The exercise, tagged Batch 6, was announced in a public notice signed by the Commission's management on Wednesday.

The notice read, 'This is to notify the General Public and Esteemed Customers that the Corporate Affairs Commission has commenced another round of striking off names of companies from the Register pursuant to the provisions of Section 692 (3) and(4) of the Companies and Allied Matters Act, 2020. The list of the affected One Hundred Thousand (100,000) companies can be accessed at the Commission's Website http://cac.gov.ng.'

According to the notice, the affected companies are advised to regularise their records within 90 days of the notice. The Commission directed the companies to forward evidence of compliance to a designated email address. 'Evidence of compliance should be sent to the designated [email protected],' the notice read.

The Commission warned that defaulting companies would not get a second chance. 'Please note that companies that fail to comply within the stipulated timeline shall be struck off the Register without further notice,' the notice stated.

The Commission remains committed to providing prompt and efficient services to the satisfaction of its valued customers. Business owners can visit https://www.cac.gov.ng/news/6104 to confirm if their companies are on the list.

The Companies and Allied Matters Act, 2020, mandates all companies to file their annual returns and other statutory documents within a specified time frame. Failure to do so can lead to deregistration and all the consequences that follow.

The move by the CAC is a clear indication of its commitment to enforcing the rules and regulations guiding the businesses in Nigeria. The exercise is expected to clean up the business space and ensure that only reputable companies remain on the register.

The CAC was established to regulate the formation, management, and dissolution of companies in Nigeria. The Commission's primary goal is to promote the growth and development of businesses in the country.

The Commission's commitment to serving its customers efficiently is a welcome development. The move will not only boost investor confidence but also promote transparency and accountability in the business sector.