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The Corporate Affairs Commission (CAC) has delisted companies inactive for a decade after a 90-day grace period to update annual reports. Over 10 years of non-compliance led to their removal from the register, rendering these companies dissolved. The CAC warns against transactions with these entities and highlights improved corporate governance.

The Corporate Affairs Commission (CAC) has officially delisted companies deemed dormant for failing to file annual reports for a decade. This move follows a 90-day grace period announced on July 25, where companies were urged to regularize their status to avoid dissolution.

In a statement released on Wednesday, the CAC confirmed it had exercised its powers under Section 692 (4) of the Companies and Allied Matters Act (CAMA) 2020 to remove these companies from its register. "The Commission has stricken off the names of companies that failed or refused to update their annual returns," the statement read. A detailed list of the delisted companies is available on the commission's website.

Companies that fail to meet the requirements are considered dissolved as of the date of publication. The CAC also issued a warning against conducting transactions with dissolved entities, labeling such actions as illegal.

This crackdown aims to ensure a transparent corporate environment and strengthen regulatory compliance within Nigeria's business ecosystem.

List of Some Delisted Companies:
  • Alfa Royal Ltd
  • Jolly Food Ind. Ltd
  • Dantama Biscuits Factory Ltd
  • Honeycrown Manufacturing Company Limited
  • Havila Gold Nigeria Limited
  • Mitsubishi Shoji Kaisha Limited
The delisting highlights the importance of compliance in maintaining operational legitimacy in Nigeria's business sector. While the CAC’s action has sparked a mix of reactions from stakeholders, many see it as a necessary step toward improving the nation’s corporate governance standards.

For the complete list of affected companies, visit the CAC’s website.