CAC Removes 247 Companies From Nigeria's Business Register
- The Corporate Affairs Commission (CAC) has delisted 247 companies from its database for being improperly registered
- This move is part of a broader effort to remove around 100,000 inactive companies that have failed to meet filing obligations for over a decade
- Affected companies have 90 days to regularize their status or face automatic delisting and loss of legal business recognition
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
The Corporate Affairs Commission (CAC) has removed 247 companies from its database, declaring that they were never properly registered as limited liability companies.
Source: Getty Images
The Commission announced the move in a notice posted on its official X account on Friday, stating that the purported incorporation of the affected companies was invalid.
According to the CAC, the Registration Certificates (RC) numbers allegedly linked to the companies had never been assigned to any entity.
It urged the public to disregard any claims suggesting that the delisted companies are legal entities.
Check the full list here.
Legit.ng reported that the Corporate Affairs Commission (CAC) has announced that it will delist around 100,000 inactive and non-compliant companies from its register.
This unprecedented move targets businesses that have failed to file annual returns or disclose beneficial ownership information for more than a decade.
It forms part of the commission’s efforts to enhance transparency, sanitise Nigeria’s corporate space, and meet international anti-money laundering standards.
The delisting is backed by Section 692(3) and (4) of the Companies and Allied Matters Act (CAMA) 2020.
The law mandates that companies that have defaulted for more than 10 years in meeting their statutory filing obligations are subject to removal from the CAC register.
The CAC states that this measure is necessary to rid the corporate database of inactive entities and boost confidence in Nigeria’s business environment.
Affected companies have been given a 90-day ultimatum to regularize their status. This includes filing outstanding annual returns, submitting required documents, and sending an activation email to activation@cac.gov.ng where applicable.
Failure to comply within the stipulated timeframe will result in automatic delisting and loss of legal business recognition.
Once struck off, such companies will be considered dissolved and legally barred from operating or entering into business transactions.
Any transactions conducted under the name of a delisted entity will be regarded as unlawful and invalid. To reverse the dissolution, companies will need to seek a court order from the Federal High Court—a lengthy and expensive process.
Corporate Affairs Commission releases new service fees
Legit.ng reported that the Corporate Affairs Commission (CAC) has announced an increase in payable fees across all its services.
The Commission issued a notice across its social media handles to notify Nigerians of the changes and the effective date.
It explained that the fee review was necessary to enable the commission to build a fully digitized and customer-centric registry.
Source: Legit.ng
