CAC Set To Strike Off 100,000 Companies in Nigeria

The Corporate Affairs Commission (CAC) has announced plans to strike off 100,000 companies that have failed to file their annual returns in the last decade.

The registrar-general/CEO of the CAC, Alhaji Garba Abubakar, made this revelation during a Training Workshop on the Use of the Beneficial Ownership Register(BOR) in Lagos.

According to Garba Abubakar, the affected companies will receive notices of striking off before the commission takes action, as stipulated in section 692 of the CAMA, 2020.

However, he said, these companies have the opportunity to be relisted upon payment of their outstanding debts and an order from the court, as provided by the law. He urged companies to ensure timely payment of their annual returns to avoid being struck out.

Speaking about Africa’s first Beneficial Ownership Register, which was built by the CAC with the assistance of the World Bank, the registrar-general emphasised its potential to curb corruption, money laundering, and terrorism financing.

Source: Leadership.

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