CAC threatens to delist 100,000 firms over non-compliance
The Corporate Affairs Commission (CAC) has started a new enforcement drive targeting companies that have not met statutory filing requirements. Around 100,000 firms could be removed from Nigeria’s companies register for failing to file annual returns and beneficial ownership information. The CAC published the names of affected companies on its website and is urging them to regularise their records within 90 days. Companies that do not comply risk being struck off the register without further notice.
TLDR
- The CAC is enforcing compliance by threatening to delist about 100,000 non-compliant companies.
- Affected firms must file outstanding annual returns and submit beneficial ownership information within 90 days.
- Names of the companies at risk have been published on the CAC website.
- Evidence of compliance should be sent to the commission’s designated email address.
- Companies that fail to comply will be removed from the register without any further communication.
