The Corporate Affairs Commission (CAC) has announced its intention to remove 100,000 companies from its register due to extended periods of inactivity and non-adherence to statutory requirements as outlined in the Companies and Allied Matters Act (CAMA).
As per a public notice released by the Commission, the companies identified as affected have been either inactive for a minimum of ten years, not conducting business, or have not fulfilled regulatory requirements, especially the annual return filings and the disclosure of Persons with Significant Control (PSC).
“It shall be unlawful for any company struck off the Register of Companies to continue carrying on business unless it is restored by an order of the Federal High Court,” the notice stressed.
To avoid being delisted, affected companies must promptly file all outstanding annual returns.
The CAC has provided 90 days from the publication date for these companies to rectify their status. Following a similar notification in July of the previous year, the Commission removed numerous companies in November 2024.
The CAC highlighted that it exercised its authority under Section 692 (4) of CAMA 2020 to remove companies that did not update their annual returns within the required timeframe.