CAC to Delete Non-Compliant Companies from Register
The Corporate Affairs Commission (CAC), Nigeria's official corporate registry, has announced that it has started the process of deleting companies that have not complied with the provisions of the Companies and Allied Matters Act 2020 from the Register.
The CAC said in a statement published on its website that the names of the companies to be deleted have been published on the CAC’s website, adding that this is in accordance with the requirements of the Act.
According to the commission, companies and the public are advised to check the website for the lists of the affected companies.
It further warned that any company that fails to file its annual returns up to date within 90 days of publication on the website will be deleted from the Register. The CAC said this is pursuant to Section 692 (3) and (4) of the Act.
The corporate registry also advised that it will be unlawful for any deleted company to carry on business unless it is first restored to the Register by an order of the Federal High Court.
The government's agency said this notice is part of its efforts to ensure compliance with the Act and improve the ease of doing business in Nigeria.
For more information and resources, the CAC urged the public to download the list of the affected companies from its website.
What you need to know about the Corporate Affairs Commission (CAC)
Corporate Affairs Commission is a body of the Nigerian Government responsible for the regulation and management of companies in Nigeria.
Functions of the CAC
The functions of the Commission as set out in section 7 of the Companies and Allied Matters Act, includes the following:
To administer the Act, including the regulation and supervision of the formation, incorporation, management and winding up of companies.
To establish and maintain companies’ registry and offices in all the states of the Federation suitably and adequately equipped to discharge its functions under the Act or any law in respect of which it is charged with the responsibility.
Arrange and conduct an investigation into the affairs of any company where the interests of the shareholders and the public so demand.
To undertake such other activities as are necessary or expedient for giving full effect to the provisions of the Act.
The Commission also registers Business Names, and Incorporated Trustees as well as provides a wide range of ancillary services