In a move by the Corporate Affairs Commission (CAC), 91,843 companies face delisting due to non-compliance with annual return filings, a reduction from the earlier anticipated number.
The CAC unveiled a list on its website, lower than the initially projected figure of 100,000 companies announced by the former Registrar-General, Garba Abubakar, in July.
Join our WhatsApp ChannelThe commission emphasized its commitment to strictly adhering to Section 692 of the CAMA, 2020, as it moves forward with the removal process.
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In an update released on December 5, the CAC addressed the delisting issue, stating, “The updated list for publication is available on the Commission’s website. Companies who filed complete annual returns in response to the earlier publication are advised to confirm removal from the list of Companies to be struck off.”
Moreover, the CAC provided a 30-day window for companies wrongfully included in the delisting list to rectify their status. Such entities were urged to reach out via email to [email protected] with verifiable evidence of their annual return filings.
It’s essential to note that any company removed from the register of companies faces a bar on conducting business activities unless a Federal High Court orders their reinstatement.
The CAC’s decision highlights the significance of regulatory compliance in the business sphere and underlines the strict enforcement measures to ensure corporate adherence to statutory obligations.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
