The Corporate Affairs Commission (CAC) has announced that it plans to remove companies that have failed to submit their annual reports for ten years.
In a press release on Wednesday, the Commission mentioned that its website contains the complete roster of inactive companies.
“This is to inform the general public that the commission, pursuant to its powers contained in Section 692 (3) (4) of the Companies and Allied Matters Act No. 3 of 2020, intends to strike off from the Register, names of defunct or dormant companies that have not filed Annual Returns for a period of 10 years,” the statement read.
Naija News reports that CAC gave the companies a grace window of 90 days from the date of the publication to file all outstanding annual returns so as to remove their names from the list.
“It is to be noted that it is illegal to carry on business with the name of a company that has been delisted from the register as such company is deemed to be dissolved,” the statement added.
CAC Threatens To Cancel Certificates Of BDCs With Revoked Licences
Naija News reports that the Corporate Affairs Commission (CAC), some weeks ago, declared its plan to revoke the incorporation certificates of some Bureaux De Change (BDCs) following the revocation of their licenses by the Central Bank of Nigeria (CBN).
In a statement on its website, CAC stated that it would revoke the certificates of these companies’ incorporation within a span of three months if they fail to alter the names and purposes of these entities.
“The general public is hereby informed that following the revocation of the operational licenses of 4,173 Bureau De Change companies by the Central Bank of Nigeria vide a Federal Republic of Nigeria Official Gazette (Vol. 111) No. 37 of February 27, 2024 for noncompliance with Regulatory Standards, the Corporate Affairs Commission in the exercise of its powers under section 8(1)(e ) of the Companies and Allied Matters Act, 2020 advises these companies to within three months from the date of this publication, change the names and objects of such companies.
“Failure to change the names and objects within the stipulated time frame shall result in cancellation of certificate of incorporation and dissolution. It is to be noted that it is unlawful for a company whose certificate has been deemed dissolved to carry on business,” the CAC notice read.
Naija News recalls that in February 2024, the CBN cancelled the licenses of 4,173 Bureau De Change operators due to their non-compliance with regulatory requirements.
The announcement was made in a statement by the acting Director of Corporate Communications, Sidi Hakama.
The violations of regulatory provisions cited in the statement include failure to pay all required fees within the specified timeframe.
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