CAC Set to Strike Off 100,000 Firms for Failure to Submit Mandatory Reports

n n

The Corporate Affairs Commission has commenced moves to strike off 100,000 companies from its register.

n

The firms are affected over their failure to file outstanding annual returns and other statutory documents.

n

The Commission disclosed this in a public notice signed by its management on Wednesday.

n

It said the exercise, tagged Batch 6, was being carried out pursuant to Section 692 (3) and (4) of the Companies and Allied Matters Act, 2020.

n

According to the notice, the affected companies can find their names on the Commission’s website.

n

The notice read, “This is to notify the General Public and Esteemed Customers that the Corporate Affairs Commission has commenced another round of striking off names of companies from the Register pursuant to the provisions of Section 692 (3) and(4) of the Companies and Allied Matters Act, 2020.

n

“The list of the affected One Hundred Thousand (100,000) companies can be accessed at the Commission’s Website http://cac.gov.ng”

n

The Commission urged the companies to regularise their records within 90 days of the notice.

n

It said, “The affected companies are hereby advised to take steps to file alloutstanding Annual Returns (and by extension Persons with Significant Control/Beneficial Ownership information) and regularize their records within ninety (90) daysof this notice.”

n

It directed the companies to forward evidence of compliance to a designated email address.

n

“Evidence of compliance should be sent to the designated [email protected],” the notice read.n

n

The Commission warned that defaulting companies would not get a second chance.

n

It stated, “Please note that companies that fail to comply within the stipulated timeline shall be struck off the Register without further notice.”

n

The Commission added that it remained committed to serving its customers efficiently.

n

It said, “The Commission remains committed to providing prompt and efficient services to the satisfaction of our valued customers.”

n n