The Corporate Affairs Commission (CAC) has issued a 90-day ultimatum to over 91,000 registered but dormant companies to file all their outstanding annual returns or be delisted from its database.
The affected companies have no annual returns for more than 10 years.
The commission disclosed this in a statement on its website on Wednesday, July 24, 2024.
In the statement tagged: Notice of Intention to Strike Off Companies From Register, CAC noted that all dormant companies in the last decade are due for delisting in line with Section 692(3)(4) of the Companies and Allied Matters Act of 2020.
According to the Act, Section 692 mandates the commission to remove a defunct company’s name from its register of companies.
The commission advised affected firms to file their annual returns to avoid delisting.
Checks reveal that over 91,000 companies have defaulted on the company’s Act.
The statement partly reads:
According to reports, the CAC said it is illegal to operate a business with the name of a delisted company as it deems the company dissolved.
TimesNow.com.ng previously reported that the CAC disclosed last year that it plans to delist about 100,000 firms from its database for not filing annual returns.
Similarly, the Commission extended the deadline for PoS operators to register their operations.
The Commission gave the operators until September 30, 2023, to regularise their operations with CAC or face sanctions.
TimesNow.com.ng earlier reported that CAC announced September 5, 2024, as the new deadline for Point of Sales agents, super agents, and sole agents registration to register their businesses or face the risk of losing their accounts.
The commission announced the new deadline in a statement signed by its management and posted on its X(formerly Twitter) page on Saturday, July 6, 2024.
The new deadline is a 60-day extension from the previous date of July 7, 2024.
Proofread by Kola Muhammed, journalist and copyeditor at TimesNow.com.ng
Source: TimesNow.com.ng
