CAC to Delist 100,000 Companies Dormant for 10 Years 

CAC to Delist 100,000 Companies Dormant for 10 Years 
The Corporate Affairs Commission has announced plans to commence the striking off of a fresh batch of companies from its register.

In a notice on its Instagram page on Tuesday, the Commission said the affected companies had failed to comply with the law.

Late last year, CAC issued a notice to strike off the names of dormant companies that have not filed annual returns for 10 years.

In the Excel sheet attached to the fresh notice on its website, about 100,000 companies were listed, and they have been inactive for about 10 years, with their incorporation dates spanning between 2002 and 2006. This was listed as the fifth batch.

“The General Public is hereby informed that the Corporate Affairs Commission has commenced another round of striking off companies that have not complied with the provisions of the Companies and Allied Matters Act 2020 from the Register in accordance with the requirements of the Act. The companies whose names are to be struck off have been published on the Commission’s website. Companies and the general public are advised to check the website for the list of the affected companies.

“The affected companies should note that any company that fails to comply with the provisions of the Act by taking steps to file its Annual Returns (and by extension Persons with Significant Control/Beneficial Ownership information) up to date within 90 days of this publication shall be struck off the Register,” read part of the notice.

CAC maintained that it was unlawful for any company struck off the Register to carry on business, having lost the right over the entity.

The government agency recently launched the Intelligent Company Registration Portal, an AI-driven system to boost the company registration process.

Source: EconomicConfidential | Read More