The Corporate Affairs Commission (CAC) has announced that it has removed the names of companies that have not submitted their annual reports for a decade from its official register. This action reflects the commission’s commitment to maintaining accurate records of active businesses.
In its statement, the CAC highlighted that it had deleted the names of companies that failed to keep their annual reports updated. This decision comes after a period of warning given to the affected companies, signaling the impending consequences of their inaction.
The commission’s announcement follows more than three months after it initially alerted companies about the potential removal of their names from the register. This extended notice was intended to give businesses ample time to comply with the filing requirements.
According to the CAC, the general public may remember that the commission had issued a Notice of Intention to strike off the names of companies that it reasonably believed were either inactive or dormant. This determination was based on their failure to file annual returns for a continuous period of ten years.
The CAC granted these companies a statutory period of 90 days to submit the necessary Annual Returns. Additionally, companies that complied with the advisory were instructed to send an email to activation@cac.gov.ng, confirming their compliance.
Following this grace period, the CAC exercised its authority under Section 692 (4) of the Companies and Allied Matters Act No. 3 of 2020. Consequently, it has officially removed the names of companies that did not fulfill their obligation to update their Annual Returns.
A detailed list of the companies that have been stricken from the register has been made available on the commission’s website, www.cac.gov.ng. This transparency allows the public to verify which companies have been dissolved.
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The CAC clarified that companies removed from the register are considered dissolved as of the date of the publication of this information. This means that these companies no longer exist as legal entities.
Furthermore, the commission emphasized the legal implications of dealing with dissolved companies, stating that it is illegal to engage in any transactions or agreements with them. This serves as a warning to potential investors and partners.
According to reports from TheCable, a total of 80,429 companies have been deemed dissolved, comprising five active companies, one without updates, and 80,423 classified as inactive. This marks a significant reduction from the previously listed 100,000 companies.
