CAC to remove 100,000 companies from its register

The Corporate Affairs Commission (CAC) has launched a new compliance exercise that could result in the removal of up to 100,000 companies from Nigeria's official register over their failure to meet statutory filing obligations.

In a public notice issued on Wednesday, the Commission said the affected companies had defaulted in filing annual returns and other mandatory corporate documents as required under the Companies and Allied Matters Act (CAMA), 2020.

The exercise, tagged Batch 6, is being carried out in accordance with Section 692(3) and (4) of the Companies and Allied Matters Act, 2020.

According to the CAC, the names of all affected companies have been published on its official website to enable affected entities and members of the public to verify the list.

"This is to notify the general public and our 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 Commission said.

The Commission disclosed that the list of the affected 100,000 companies is available on its website.

The CAC has given the affected companies a 90-day window to regularise their status by filing all outstanding annual returns and, where applicable, submitting information on Persons with Significant Control (PSC) or Beneficial Ownership.

"The affected companies are hereby advised to take steps to file all outstanding Annual Returns (and, by extension, Persons with Significant Control/Beneficial Ownership information) and regularise their records within ninety (90) days of this notice," the statement read.

Companies that comply with the directive have also been instructed to submit evidence of compliance via the Commission's designated email address.

The Commission warned that any company that fails to regularise its records within the stipulated period would be struck off the register without further notice.

It reiterated its commitment to delivering efficient and customer-focused services, assuring stakeholders of its continued dedication to improving service delivery.