The Corporate Affairs Commission (CAC) has announced the removal of companies from its register that have not submitted their annual reports for a decade.

On July 25, 2024, CAC indicated its intention to delist companies that have remained inactive for ten years, providing them with a 90-day grace period to rectify their status.

Following the conclusion of this grace period, CAC has confirmed the removal of those companies that did not comply with the requirement to update their annual reports.

Recently, the CAC issued a statement emphasizing that the general public should be aware of the Commission’s plan to delist the names of companies it reasonably considers to be inactive or dormant, as a result of not filing Annual Returns for a period of 10 years.

NOTICE OF STRIKING OFF COMPANIES FROM THE REGISTER

The General public may recall that the Commission issued Notice of Intention to strike off names of companies which the Commission has reasonable cause to believe are not carrying out business or are otherwise dormant by reason of not filing Annual Returns for a period of 10 years.

Statutory Period of 90 days was given to such companies to file the requisite Annual Returns and send activation email to activation@cac.gov.ng.

Companies that have complied with the advisory have been removed from the list. The Commission pursuant to its powers granted in Section 692 (4) of the companies and Allied Matters Act No. 3 of 2020 has stricken-off the names of the companies that have failed or refused to update the Annual returns.

Companies stricken-off the register are deemed to have been dissolved from the date of publication. It is illegal to enter into any transaction or deal with a company that has been dissolved.

Click HERE to see detailed CAC list.