The Corporate Affairs Commission (CAC) has announced that it has removed from its register the names of companies that failed to file their annual reports for the last 10 years.
The action comes more than three months after the Commission first issued warnings to the affected companies.
In a statement issued on Wednesday, the CAC confirmed that it had removed companies that had not updated their annual returns despite being given a grace period of 90 days to comply.
“The general public would recall that the Commission had issued a notice of intention to strike off the names of companies about which the Commission has reasonable cause to believe that they are not carrying on business or otherwise from the annual returns for a period of 10 years Inactive due to non-filing. ,” the statement read.
Such companies were given a statutory period of 90 days to file the requisite annual returns and send an email to activation@cac.gov.ng. Companies that have complied with the advisory have been removed from the list.
The CAC further clarified that, under the powers conferred by Section 692(4) of the Companies and Allied Matters Act No. 3, 2020, it has officially struck off the names of companies that failed to update their annual returns .
The detailed list of these companies is published on the Commission's website www.cac.gov.ng.
According to the commission's latest update, a total of 80,429 companies were considered broken, compared to the previous list of 100,000 companies. This includes 80,423 inactive companies, five active companies and one company with no updates.
The Commission also stressed the legal implications of dealing with dissolved companies. “It is illegal to enter into any transaction or deal with a company that has been dissolved,” the statement warned.
The companies struck off the register include well-known names like Alpha Royal Limited, Jolly Food Industries Limited, Dantama Biscuit Factory Limited, Honeycrown Manufacturing Company Limited, Havilah Gold Nigeria Limited and Innoson “Vinod” International Limited.
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