The Corporate Affairs Commission (CAC) in Nigeria has announced plans to de-register companies that have not filed their annual reports for the past ten years.
In a statement on Wednesday, July 24, 2024 the CAC emphasized the need for compliance with Section 692 (3) (4) of the Companies and Allied Matters Act No. 3 of 2020.
The Commission has provided a full list of these dormant companies on its website. 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.”
Companies have been given a 90-day grace period to file all outstanding annual returns and 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,” CAC Warned.
