100,000 Companies Risk Delisting As CAC Issues 90-Day Ultimatum
The Corporate Affairs Commission (CAC) has issued a 90-day ultimatum to about 100,000 companies to regularise their statutory filings or risk being struck off the companies register.
The Commission announced the move in a public notice on Tuesday, saying the exercise is being carried out pursuant to Sections 692(3) and 692(4) of the Companies and Allied Matters Act (CAMA), 2020.
According to the notice, the affected companies have been published on the Commission’s website and are required to file all outstanding Annual Returns, including Persons with Significant Control (PSC)/Beneficial Ownership information, within 90 days of the notice.
“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 Commission stated.
It added that evidence of compliance should be forwarded to its designated email address for struck-off companies.
The CAC warned that any company that fails to comply within the stipulated period would be struck off the Register without further notice.
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The exercise is the sixth batch of the Commission’s ongoing efforts to sanitise the corporate register by removing inactive and non-compliant companies.
The Commission reiterated its commitment to delivering prompt and efficient services to its customers while ensuring compliance with Nigeria’s corporate regulatory framework.