Corporate Affairs Commission (CAC) is set to strike off one hundred thousand companies that have neglected to file their annual returns over the past ten years.
The Registrar-General/CEO of the CAC, Alhaji Garba Abubakar, revealed this in Lagos while speaking at a Training Workshop on the Use of the Beneficial Ownership Register (BOR).
Garba Abubakar said the Commission would shortly issue notifications of the striking off to the companies in question, following the procedures outlined in section 692 of the CAMA, 2020, before taking any further action.
He clarified that these companies, however, have the option to be reinstated if they settle their outstanding debts and obtain a court order, as mandated by the law and therefore advised companies to make sure they promptly pay their annual returns to prevent the possibility of being struck off.
Speaking on Africa’s first Beneficial Ownership Register, built by the CAC with the support and assistance of the World Bank, the Registrar General stressed that it would go a long way in curbing corruption, money laundering, and terrorism financing.
He enjoined stakeholders, especially investigating agencies, legal practitioners, journalists, and civil society organizations, to utilize the BOR in discharging their responsibilities.
In a remark, the Chairman of the Nigerian Bar Association Section on Business Law, NBA-SBL, Dr. Adeyeye Adefulu, commended the CAC for recording yet another important milestone in its history.
Adeyeye Adefulu said the NBA-SBL would sustain its existing cordial relationship with the Commission and charged members to make good use of the knowledge acquired at the training for the benefit of the Nigerian economy.
Also speaking, the President of the Association of Bureau De Change Operators of Nigeria (ABDCON) Alhaji Amin Gwadabe underscored the importance of the BOR in the fight against money laundering and terrorism financing.
Aminu Gwadabe, who highlighted some of the dangers associated with money laundering and terrorism financing, advised professionals to apply due diligence while dealing with their clients.
During the workshop, various presentations were made by the Special Control Unit against Money Laundering (SCUML), the Nigeria Financial Intelligence Unit (NFIU), and the Securities and Exchange Commission (SEC).
AUWALU MUHAMMED
