CAC moves to strike off 100,000 companies over failure to file annual returns

The Corporate Affairs Commission (CAC) has begun the process of removing 100,000 companies from its register over their failure to file annual returns and other statutory documents as required by law.

The Commission made the announcement in a public notice signed by its management on Wednesday, warning the affected companies to regularise their records within 90 days or risk being struck off the register.

According to the CAC, the companies are expected to file all outstanding annual returns, including information on Persons with Significant Control (PSC) or Beneficial Ownership, within the stipulated period.

The Commission also directed affected companies to send proof of compliance to its designated email address, struckoffcompanies@cac.gov.ng, for verification.

The CAC warned that companies that fail to comply within the 90-day deadline would be removed from the register without further notice, stressing that defaulters would not be given another opportunity to regularise their status.