The Corporate Affairs Commission has given a 90-day ultimatum to companies that have been dormant or defunct for over 10 years to file their outstanding annual reports or risk being struck off the register.
The commission in a public notice on Wednesday, identified a list of companies that have failed to file their annual returns for a decade and has published it on its website, www.cac.gov.ng.
An annual return is a yearly payment every registered company or Non-Governmental Organization (NGO) is required to make to the CAC irrespective of the state of its business transactions.
The notice, which is in line with Section 692 (3) (4) of the Companies and Allied Matters Act No. 3 of 2020, gives these companies a window of 90 days from the date of publication to rectify the situation.
The Commission urged affected companies to file all outstanding annual returns and send an email to activation@cac.gov.ng to remove their names from the list.
Failure to comply with this directive will result in the commission striking off these companies from the register, effectively dissolving them.
The statement read: “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.
A full list is published on the Commission’s website www.cac.gov.ng.
“These companies are given a period of 90 days from the date of this publication to file all outstanding Annual Returns and send email of this fact to activation@cac.gov.ng 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.”
