The Corporate Affairs Commission (CAC) says it will remove about 100,000 companies from its register due to prolonged inactivity and failure to comply with statutory obligations under the Companies and Allied Matters Act (CAMA).
In a public notice, the Commission said the targeted firms have either been dormant for at least a decade, are no longer conducting business, or have failed to fulfill key regulatory duties, particularly the submission of annual returns and disclosure of Persons with Significant Control (PSC).
“It shall be unlawful for any company struck off the Register of Companies to continue operating unless restored by an order of the Federal High Court,” the notice warned.
The Commission stated that the exercise is part of its wider initiative to sanitise Nigeria’s corporate registry, ensure only active and compliant entities remain, and promote transparency in line with anti-money laundering standards.
The CAC maintained that a similar exercise was carried out last year when several non-compliant companies were delisted after a public warning was issued in July.
The notice reiterated that once a company is delisted, it is deemed dissolved from the date of publication, making it illegal for such entities to carry out business transactions
RN
