Again, the Corporate Affairs Commission (CAC) has threatened to permanently delete the names of companies and businesses that have not filed annual returns in the last 10 years.
CAC, which is mandated by law to register businesses in Nigeria, maintains a register that contains the comprehensive record of registered businesses in the country.
What is it?
According to the Companies and Allied Matters Act (CAMA) 2020, businesses must annually file a statutory document to CAC that the company is carrying out legitimate activities in Nigeria. Every company operating in Nigeria must file their returns within a timeframe, usually at the end of a financial year. Failure to do so attracts a penalty.
In a tweet, the agency threatened to “strike off from the Register, names of defunct or dormant companies that have not filed Annual Returns for 10 years.”
It says names of the defaulted companies had been published on its site at
cac.gov.ng, saying they only have a period of 90-day to comply “from the date of this publication to file all outstanding Annual Returns,” and send an email of this fact to activation @ cac.gov.ng “so as to remove their names from the list.”
A company whose name has been removed from the CAC register is believed, in the face of the law (CAMA, 2020), that it has been dissolved.
The agency had in the past threatened to delist companies that failed to comply with their annual filing returns.