CAC to Delist 100,000 Dormant Companies, Gives 90-day Ultimatum
The Corporate Affairs Commission (CAC) has initiated action to delist 100,000 companies from its register over prolonged inactivity and non-compliance with statutory requirements under the Companies and Allied Matters Act (CAMA).
In a public notice issued on Tuesday, the Commission announced the commencement of the fifth phase of its deregistration exercise, targeting companies that have failed to file annual returns and disclose beneficial ownership information for an uninterrupted period of ten years.
According to the CAC, these companies are presumed to be inactive or no longer operational. “The Commission has compiled, for striking off, a list of 100,000 companies which it has reasonable cause to believe are not carrying on business or have not been in operation for 10 years or have not complied with the provisions of the Companies and Allied Matters Act for a consecutive period of 10 years,” the statement said.
The Commission disclosed that the list of affected companies has been published on its official website and urged concerned entities to verify their status and take immediate corrective action.
Companies in default have been given a 90-day grace period to regularize their filings, including the submission of annual returns and disclosures of Persons with Significant Control (PSC). Where applicable, affected businesses must also send activation requests via email to: activation@cac.gov.ng.
The CAC warned that any company delisted from its register would cease to exist as a legal entity and would be barred from conducting business unless reinstated by an order of the Federal High Court. “It shall be unlawful for any company struck off the Register of Companies to carry on business unless it is first restored,” the notice stressed.
This enforcement effort, in line with Section 692 (3) and (4) of CAMA 2020, forms part of the Commission’s broader initiative to clean up Nigeria’s corporate space and ensure that only active, transparent, and law-abiding businesses remain in operation.
