The Corporate Affairs Commission (CAC) has given over 91,000 dormant companies a 90-day ultimatum to file all outstanding annual returns or face deregistration. This announcement was made in a statement released on CAC’s official website on Wednesday.
According to the statement, the CAC intends to exercise its authority under Section 692 (3) (4) of the Companies and Allied Matters Act No. 3 of 2020 to remove defunct or dormant companies that have not filed annual returns for 10 years from its register.
“These companies are given 90 days from the date of this publication to file all outstanding annual returns and send an email of this fact to activation@cac.gov.ng to remove their names from the list,” the statement read.
The CAC emphasized that it is illegal to conduct business under the name of a company that has been delisted from the register, as such a company is considered dissolved.
Last December, the CAC announced its intention to deregister 91,843 companies for failing to file their annual returns, a move aimed at maintaining an up-to-date and accurate register of active companies.
