CAC Delists Over 40,000 Companies

The Corporate Affairs Commission (CAC) has delisted 40,000 companies from its registration records between October 2017 and October 2019 for non-performance and dormancy.

This was disclosed on Wednesday by the commission’s acting registrar-general, Azuka Azinge,  while briefing journalists on the activities of the commission in the last two years.

“We have succeeded to clean up our registration records by delisting at least 40,000 registered companies from our system between October 2017 and October 2019.

Azinge further explained that the commission needed to ensure that only relevant companies remained in their database, noting that companies involved could re-apply subsequently.

He the commission had  implemented the Business Incentive Strategy (BIS) under which cost of registration of business was reduced by 50 %  to help Micro, Small and Medium Enterprises (MSMEs) formalise their businesses, adding that a total of 244,428 business names had been registered in the last two year

She also disclosed that the CAC has decentralized its operations in all the states of the federation, to assist customers pick up certificates of incorporation at any location of their choice.

“We have full closure of manual registration nationwide and deployment of online real-time pre-registration services to all state offices through the company registration portal (CRP), to enable reorganisation of departments and state offices for efficient service delivery.”