The Corporate Affairs Commission (CAC) has commenced a new nationwide compliance exercise that could lead to the removal of up to 100,000 companies from Nigeria’s official register over failure to meet statutory filing requirements.

The exercise, identified as Batch 6, is being conducted under the provisions of Section 692 (3) and (4) of the Companies and Allied Matters Act (CAMA), 2020.

In a public notice issued on Wednesday and signed by its management, the Commission disclosed that the affected companies had failed to file annual returns and other mandatory corporate documents required by law.

According to the CAC, the complete list of the affected companies has been published on its official website for public access.

The notice stated: “This is to notify the General Public and Esteemed Customers that the Corporate Affairs Commission has commenced another round of striking off names of companies from the Register pursuant to the provisions of Section 692 (3) and(4) of the Companies and Allied Matters Act, 2020.

“The list of the affected One Hundred Thousand (100,000) companies can be accessed at the Commission’s Website http://cac.gov.ng.”

The Commission has granted the affected companies a 90-day window to regularise their status by filing all outstanding annual returns and submitting details relating to Persons with Significant Control (PSC) or Beneficial Ownership, where applicable.

The notice said: “The affected companies are hereby advised to take steps to file all outstanding Annual Returns (and by extension Persons with Significant Control/Beneficial Ownership information) and regularize their records within ninety (90) days of this notice.”

Companies that comply with the filing requirements have also been instructed to forward evidence of compliance to the Commission.

The notice said: “Evidence of compliance should be sent to the designated struckoffcompanies@cac. gov.ng,”

The CAC warned that companies that fail to comply within the stipulated period would be removed from the register without any further notification.

It stated: “Please note that companies that fail to comply within the stipulated timeline shall be struck off the Register without further notice.”

Reaffirming its commitment to quality service delivery, the Commission added: “The Commission remains committed to providing prompt and efficient services to the satisfaction of our valued customers.”

Source: PM News