The Corporate Affairs Commission (CAC) has announced plans to delist one hundred thousand companies from its register over non-compliance issues.
According to the government agency, the compiled list includes companies that have failed to file annual returns for the last ten years.
The announcement on its website, says that in addition to not filing returns, the companies have not complied with several other provisions of the Companies and Allied Matters Act (CAMA), for a consecutive 10-year period.
Similar to the last time CAC released a list of 91,000 names, the dormant companies have a three month period to file returns and show activity, in order to avoid delisting.
The statement further stated that those who wish to continue operations have 90 days to reactivate their status with the commission.
It reads in part;
The inactive companies must also cease all corporate transactions until their status is reactivated and restored to the CAC register by a Federal High Court order.
Click here to see the full list.
In related news, TimesNow.com.ng recently reported that the CAC struck out the names of almost 100,000 companies over non-compliance.
This move came after the expiration of the 90-day grace period extended to the companies to file their annual returns as proof that they are still in business.
The commission also issued a warning to the public not to do business with the said companies as they are no longer legally recognised in Nigeria.
Source: TimesNow.com.ng
