The Corporate Affairs Commission (CAC) has announced the deregistration of over 300,000 dormant companies within the past year as part of efforts to sanitize Nigeria’s corporate registration system.
This was disclosed by the Registrar General of the CAC, Hussaini Ishaq Magaji, SAN, in an exclusive interview with The Nation in Abuja.
“From October 16, 2023, when I assumed office, to date, we have witnessed an extraordinary level of deregistration. In December 2023 alone, we deregistered over 100,000 companies. By February 2024, another 100,000 companies were removed, and recently, we deregistered an additional 100,000,” Magaji revealed.
According to him, the affected companies had remained inactive for over a decade, failing to file annual returns, and many posed risks to the economy by potentially serving as fronts for fraudulent activities.
“Our system is integrated with critical agencies, such as the Federal Inland Revenue Service (FIRS), security agencies, embassies, and banks. Once a company is marked as inactive on our portal, it cannot access banking services, process embassy documents, or engage in other operations,” Magaji added.
