CAC set to delist thousands of companies, issues final warning

The Corporate Affairs Commission (CAC) has announced a 90-day ultimatum for dormant companies to submit their overdue annual returns or risk being delisted from its registry.

In a statement issued in Abuja, the commission disclosed that thousands of companies have not filed their annual returns for the past decade.

The notice, titled “Notice of Intention to Strike Off Companies from the Register,” stated that this regulatory move is based on Section 692 (3) (4) of the Companies and Allied Matters Act No. 3 of 2020.

The commission clarified, “We inform the general public that under Section 692 (3) (4) of the Companies and Allied Matters Act No. 3 of 2020, we intend to strike off the register the names of companies that have been inactive and have failed to file annual returns for 10 years.

“These companies are granted a 90-day period from the publication date to submit all outstanding annual returns and notify the agency via email to avoid being delisted.”