Corporate Affairs Commission (CAC) has announced plans to delist approximately 100,000 companies from its register due to prolonged inactivity and failure to comply with statutory requirements as outlined in the Companies and Allied Matters Act (CAMA).
Gatekeepers News reports that the initiative is part of a larger strategy aimed at sanitising Nigeria’s corporate registry, ensuring that only active and compliant entities remain operational within the system. It also seeks to promote transparency in corporate ownership and governance, aligning with anti-money laundering standards.
According to a public notice released by the Commission, the companies targeted for delisting have been identified based on criteria such as not conducting business operations, being inactive for at least ten years, or failing to meet regulatory obligations, which include the annual filing of returns and disclosure of Persons with Significant Control (PSC).
The CAC has provided a 90-day period from the publication date for these companies to rectify their status. To avoid removal from the register, affected companies must file any outstanding annual returns promptly and, where applicable, send activation emails to activation@cac.gov.ng.
“It shall be unlawful for any company struck off the Register of Companies to continue carrying on business unless it is restored by an order of the Federal High Court,” the notice emphasised, reminding the public of a similar notice in July last year, where it delisted several companies in November.
The Commission emphasised that it invoked its powers under Section 692 (4) of CAMA 2020 to strike off companies that failed or refused to update their annual returns within the stipulated time frame. The delisted companies were deemed dissolved, effective from the date of publication.
“The General public may recall that the Commission issued a Notice of Intention to strike off the names of Companies which the Commission has reasonable cause to believe are not carrying out business or are otherwise dormant because of not filing Annual Returns for 10 years. Statutory Period of 90 days was given to such companies to file the requisite Annual Returns and send activation email to activation@cac.gov.ng,” the Commission stated at the time.
“Companies stricken off the register are deemed to have been dissolved from the date of publication. It is illegal to enter into any transaction or deal with a company that has been dissolved,” the statement added.
