100,000 Companies Face Deregistration as CAC Cracks Down on Non-Compliance

The Corporate Affairs Commission (CAC) has begun the process of removing 100,000 companies from its register for failing to file annual returns and other required statutory documents.

The commission announced the move in a public notice issued on Wednesday, stating that the exercise is being carried out under the provisions of the Companies and Allied Matters Act (CAMA) 2020.

According to the CAC, the affected companies have been listed on its official website and are required to regularise their records within 90 days of the notice.

This includes filing all outstanding annual returns and providing information on persons with significant control or beneficial ownership.

The commission directed affected firms to submit proof of compliance through a designated email address after updating their records.

CAC warned that companies that fail to meet the deadline will be struck off the register without further notice.

It added that the exercise is aimed at ensuring compliance with corporate regulations and maintaining an accurate company database.

The commission reaffirmed its commitment to providing efficient services while encouraging businesses to comply with all statutory requirements to avoid deregistration.

Join us on our WhatsApp Platform @KOIKIMEDIA NEWS YOUR PAGE

Koikimedia Bringing the World 🌎 Closer to Your Doorstep