The Corporate Affairs Commission (CAC) has issued a 90-day ultimatum for dormant companies to submit their overdue annual returns or face delisting from its registry.
In a statement released in Abuja, the commission revealed that thousands of companies have failed to file their annual returns for the past decade.
The CAC emphasized the importance of compliance with this directive to avoid being struck off the registry.
Companies that do not meet the deadline will be subject to legal and administrative actions, including delisting from the official records.
The notice, titled “Notice of Intention to Strike Off Companies from the Register,” stated that this regulatory move is based on Section 692 (3) (4) of the Companies and Allied Matters Act No. 3 of 2020.
The commission clarified, “We inform the general public that under Section 692 (3) (4) of the Companies and Allied Matters Act No. 3 of 2020, we intend to strike off the register the names of companies that have been inactive and have failed to file annual returns for 10 years.”
“These companies are granted a 90-day period from the publication date to submit all outstanding annual returns and notify the agency via email to avoid being delisted.”
