The Corporate Affairs Commission has issued a notice to more than 91,000 dormant companies, giving them a 90-day grace period to submit all outstanding annual returns or face potential delisting from its registry.
According to a statement released on Wednesday and published on the CAC’s website, these companies have failed to file annual returns for a period of ten years. The statement, titled “NOTICE OF INTENTION TO STRIKE OFF COMPANIES FROM THE REGISTER,” outlines the regulatory action being taken in accordance with Section 692 (3) (4) of the Companies and Allied Matters Act No. 3 of 2020.
Section 692 of CAMA empowers the CAC to strike off the names of defunct companies from its register due to prolonged non-compliance with filing obligations.
The CAC emphasized the importance for affected companies to promptly submit their annual returns to avoid being delisted. Annual returns, a mandatory requirement under CAMA, are due annually irrespective of a company’s operational status.
A check on the CAC’s website revealed over 91,000 companies in default of their filing obligations.
The statement issued by the CAC reads in part: “This is to inform the General Public that the Commission, pursuant to its powers contained in Section 692 (3) (4) of the Companies and Allied Matters Act No. 3 of 2020, intends to strike off from the Register names of defunct or dormant companies that have not filed Annual Returns for a period of 10 years. A full list is published on the Commission’s website www.cac.gov.ng.”
Companies listed are given a 90-day window from the publication date to submit all outstanding annual returns and notify the CAC via email at [email protected] to facilitate removal from the delisting roster.
The CAC cautioned stakeholders that conducting business with a delisted company is illegal, as such entities are deemed dissolved until reinstated by a court order.
For further inquiries or to contest inclusion on the delisting roster, affected companies were advised to contact [email protected] within the stipulated timeframe.
The CAC’s proactive measures underscore its commitment to enforcing regulatory compliance among registered entities and maintaining the integrity of Nigeria’s corporate governance framework.
