This news is for you: CAC strikes off companies from register. You need to know if your registered company is going to be affected.
Related: Dangote refineries commissioning: Lessons to learn
CAC strike off companies from register: What you need to know
Corporate Affairs Commission (CAC) in a public notice released on July 31st, 2023, announced to the public that it will be striking off a list of companies that has failed to meet the requirements specified in the Companies and Allied Matters Act (CAMA) 2020.
The list includes a total of 94,581 companies. The majority of these companies are Limited Liability Companies that were registered between 1976 and 1991.
These are companies that have failed to fulfill their statutory obligation of filing annual returns in the last decade.
Note: Gain access to qualify and bestselling self publishing resources today
Strike off List-Batch-001 July-2023
The process is called, the Strike off List-Batch-001 July-2023 by the Corporate Affairs Commission (CAC). You have the opportunity to check if your company is involved at the end of this post.
The CAC emphasized that companies failing to comply with the provisions of CAMA 2020, particularly those neglecting to file their annual returns within 90 days of publication on the Commission’s website, will be struck off the Register of Companies.
The affected companies have been listed on the Commission’s website, and the CAC urges both the companies in question and the general public to check the website to identify the names of the entities facing the striking off process.
What happens when a company is struck off
Once a company is struck off the CAC Register, such companies will be legally prohibited from conducting business activities until they obtain a formal restoration order from the Federal High Court.
The public notice from CAC serves as a reminder to all companies to fulfill their obligations as outlined in CAMA 2020 and adhere to the regulatory framework to maintain their active status with the Commission.
The CAC’s issuance of this notice is in accordance with section 692 (3) and (4) of CAMA 2020.
Companies listed for striking off are strongly advised to take prompt action to rectify their compliance status to avoid adverse consequences.
