The Corporate Affairs Commission (CAC) has announced its intention to delist companies that have been inactive for over a decade. In a statement released on Wednesday, the Commission revealed that it will strike off the names of defunct or dormant companies that have failed to file their annual reports for 10 years.
The move is aimed at cleaning up the register and ensuring that only active and compliant companies remain. The full list of affected companies is available on the CAC website, and the Commission has given them a 90-day ultimatum to file all outstanding annual returns.
Failure to comply will result in the company’s name being removed from the register, effectively dissolving the company. The CAC warned that it is illegal to continue doing business with a delisted company, emphasizing the importance of compliance.
This crackdown on dormant companies is part of the CAC’s efforts to maintain a accurate and up-to-date register of active businesses in Nigeria. The move is expected to promote transparency and accountability in the corporate sector.
