CAC removes 100,000 companies from its records.

Alhaji Garba Abubakar, CEO of the CAC, announced plans to eliminate 100,000 registered firms from its database. Businesses that have not submitted annual returns in the last ten years. The Commission said they will send notices of striking off before taking action.

Abubakar emphasized that companies are eligible for relisting after the discharge of outstanding debts and court rulings.

The CEO emphasized that Africa’s first Beneficial Ownership Register, created by the CAC with the backing and aid of the World Bank, would significantly reduce corruption, money laundering, and terrorism financing.

He clarified that the purpose of the platform, which was introduced in May 2023, was to facilitate information searches on Persons with Significant Control (PSC).

The BOR Portal is an automated platform for storing and accessing records of persons with Significant Control (PSC) from CAC. It offers search functions and information on persons with significant control, complies with BODS standards, and provides an Enterprise Service Bus (ESB) gateway for data exchange.

He urged every stakeholder to make use of the BOR in carrying out their duties, notably investigating agencies, attorneys, journalists, and civil society organizations.

Read also;

• Nigeria to champion fair, inclusive global financial system as it assumes G-24 leadership
• NSDC launches outgrower programme to boost local sugar production, rural incomes
• Artistic Pulse Festival to spotlight Nigeria’s creative industry, sustainable innovation
• NACCIMA pushes stronger Nigeria–China partnership for SME growth
• NSDC rolls out sugarcane support scheme for agripreneurs

However, CAC has published a list of companies that have failed to meet the standards of the Companies and Allied Matters Act (CAMA) 2020.

The overall number of firms on the list is 94,581, with the vast majority being Limited Liability firms formed between 1976 and 1991.

The full list of these corporations, termed “Strike off List-Batch-001 July-2023,” discloses businesses that have failed to meet their statutory responsibility of filing yearly returns in the previous decade.

The commission further noted that any company that fails to comply with the provisions of the Act by taking steps to file its annual returns on time within 90 days after publication on the Commission’s website will be stricken off the Register.

The commission informed the general public that it is illegal for any firm that has been struck off the Register to conduct business unless it has first been restored to the Register by an order of the Federal High Court.

click the link to DOWNLOAD the full list; https://www.cac.gov.ng/wp-content/uploads/2023/07/strikeoff-list-batch-001-July-2023.pdf