Corporate Affairs Commission-CAC has threatened to delist one hundred thousand companies that have been inactive and failed to meet its statutory requirement.
The threat which was contained in a public notice by the CAC said the affected company were guilty of being dormant for at least ten years, not filing their annual returns, failure to disclose persons with significant Control and other regulatory requirements.
The CAC however granted the affected companies a ninety-day grace window to update and regularize their status to prevent delisting.
However, to avoid being struck off, affected companies must promptly file all outstanding annual returns and send activation emails to [email protected] where applicable.
“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 emphasised, reminding the public of a similar notice in July last year, where it delisted several companies in November.
According to the notice, the move is part of effort to sanitise Nigeria’s corporate registry and enhance transparency in company ownership and governance in line with anti-money laundering standards.
Culled from Channels
