The Digest:
The Corporate Affairs Commission (CAC) has issued a 90-day ultimatum for over 100,000 inactive companies to regularize their status or face delisting. This measure targets businesses failing to comply with statutory requirements, including annual filings and disclosure obligations.
Key Points:
- Over 100,000 companies identified for non-compliance or inactivity for 10+ years
- Companies must file outstanding annual returns and disclose Persons with Significant Control (PSC)
- 90-day window is given for compliance, after which delisting will occur
- Non-compliant companies are deemed dissolved post delisting
- Affected companies must email [email protected] to prevent removal
- Delisted firms are prohibited from conducting business unless restored by a Federal High Court order
- CAC's efforts are aimed at improving corporate transparency and aligning with anti-money laundering standards
The CAC is cleaning up Nigeria’s corporate registry by delisting inactive companies. 90 days has been set for non-compliant businesses to update their records or face dissolution. Aiming for enhanced transparency and regulatory compliance.
Sources: Channels Television, CAC Official Notices
