The Corporate Affairs Commission (CAC) has officially removed over 80,000 companies from its register for failing to file annual returns for more than a decade. This decision follows a July 25 announcement that gave non-compliant businesses a 90-day grace period to rectify their status.
In a statement issued on Wednesday, the CAC confirmed the delisting of inactive companies, citing legal authority under the Companies and Allied Matters Act (CAMA) of 2020. The commission stated that transactions involving these dissolved entities are now considered illegal.
Over 100,000 companies were initially flagged for non-compliance. Despite repeated warnings and opportunities to submit the necessary updates, 80,429 businesses were ultimately dissolved. Only a fraction of the initially listed entities remain active.
The affected companies include several well-known names, such as:
Alfa Royal Ltd
Jolly Food Ind. Ltd
Honeycrown Manufacturing Company Limited
Eko Foods Limited
Dunlop Nigeria Industries Sales Limited
Marina Investment Limited
The CAC explained that the delisted companies had ample time to provide documentation and activate their status. The move is intended to ensure compliance and maintain a credible and active register of businesses in Nigeria.
Businesses are encouraged to remain vigilant with their statutory obligations to avoid such actions in the future.
See full lists below;
https://www.cac.gov.ng/wp-content/uploads/2024/11/ANNUAL_RETURNS-Complied-Defaulters.xlsx
