CAC to strike off 100,000 companies for failure to file annual returns

The Corporate Affairs Commission (CAC) has concluded plans to strike off one hundred thousand companies that have failed to file annual returns in the last ten years.

The Registrar-General of the CAC, Alhaji Garba Abubakar, disclosed this while speaking at a Training Workshop on the Use of the Beneficial Ownership Register (BOR) in Lagos. Abubakar, however, said that the Commission would soon send notices of striking off to the affected companies before embarking on the action as enshrined in section 692 of the CAMA,2020.

He explained that the companies were, however, entitled to be relisted upon payment of their outstanding debts and an order of a court, as provided by the law. He advised companies to ensure timely payment of their annual return to avoid being struck off.

On the BOR, he said it was built by CAC with the support and assistance of the World Bank.

The registrar-general stressed that the register would go a long way in curbing corruption, money laundering, and terrorism financing.

He, therefore, enjoined stakeholders, especially investigating agencies, legal practitioners, journalists, and civil society organisations, to utilize the BOR in discharging their responsibilities.