BREAKING: CAC to begin delisting of over 100,000 inactive Companies from the register.

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The Corporate Affairs Commission (CAC) is set to strike off a new batch of companies from its register due to non-compliance with the law. According to the Commission, the affected companies have failed to file annual returns for 10 years.

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According to the notice, “The general public is hereby informed that the Corporate Affairs Commission has commenced another round of striking off companies that have not complied with the provisions of the Companies and Allied Matters Act 2020 from the register in accordance with the requirements of the Act.”

The Commission has published a list of approximately 100,000 companies on its website that are slated for striking off. These companies have been inactive for about 10 years, with incorporation dates spanning between 2002 and 2006.

The CAC warned that “any company that fails to comply with the provisions of the Act by taking steps to file its Annual Returns (and by extension Persons with Significant Control/Beneficial Ownership information) up to date within 90 days of this publication shall be struck off the Register.”

The Commission emphasised that it is unlawful for any company struck off the Register to carry on business, having lost the right over the entity. This move is part of the CAC’s efforts to enforce compliance with the law and maintain the integrity of the register.

The CAC has recently launched an Intelligent Company Registration Portal, an AI-driven system designed to boost the company registration process. This development aims to improve efficiency and streamline the registration process for companies.

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