The Corporate Affairs Commission (CAC) has given a 90-day Ultimatum to over 91,000 dormant companies to file all their outstanding annual returns or risk being delisted from its register.
This was made known in a statement shared by the corporation on their official website on Wednesday.
According to the statement, the affected companies are those that have not filed annual returns for a period of ten years.
The statement was tagged “NOTICE OF INTENTION TO STRIKE OFF COMPANIES FROM THE REGISTER.”
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 statement partly reads: “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.
