The Corporate Affairs Commission (CAC) has commenced another nationwide exercise to strike off 100,000 companies from its register for failing to comply with statutory filing requirements under the Companies and Allied Matters Act (CAMA), 2020.
In a public notice, the Commission announced its intention to remove the affected companies from the register in what it described as “Batch 6” of the ongoing enforcement exercise.
According to the notice, the action is being taken pursuant to the provisions of Section 692 (3) and (4) of the Companies and Allied Matters Act, 2020, which empowers the Commission to remove companies that have failed to meet their statutory obligations.
The CAC stated that the names of the affected 100,000 companies have been published on its website for public access and verification.
The Commission directed all affected companies to immediately file their outstanding annual returns and update information relating to Persons with Significant Control (PSC), also known as beneficial ownership information, within 90 days of the publication of the notice.
It added that companies must also regularise their records and submit evidence of compliance to the designated CAC email address before the expiration of the grace period.
The Commission warned that any company that fails to comply within the stipulated timeframe would be struck off the register without further notice.
The latest enforcement exercise forms part of CAC’s ongoing efforts to ensure that only active and compliant companies remain on Nigeria’s corporate register, while improving transparency, accountability and the integrity of the country’s business environment.
Annual returns are a statutory requirement for registered companies and serve as evidence that a company remains operational and compliant with regulatory obligations. Similarly, the disclosure of beneficial ownership information has become a key requirement aimed at promoting transparency and combating financial crimes, including money laundering and illicit financial flows.
The Commission reaffirmed its commitment to providing prompt and efficient registration and regulatory services to businesses, while urging affected companies to take advantage of the 90-day window to regularise their status.
