100,000 firms risk delisting as CAC enforces compliance
via Punch Nigeria10 min read
The Corporate Affairs Commission has initiated a new enforcement drive against non-compliant companies, potentially leading to the delisting of approximately 100,000 firms from Nigeria's companies register. These companies have failed to meet statutory filing obligations, including submitting annual returns and beneficial ownership information. The CAC announced this action via its official Facebook page, citing Sections 6923 and 4 of the Companies and Allied Matters Act, 2020. Affected companies have a 90-day window to regularize their records, with a warning that failure to comply will result in removal from the register without further notice. The names of these companies are available on the commission's website, and evidence of compliance must be sent to a designated email address. This initiative is part of the CAC's ongoing efforts to maintain an accurate and credible corporate register, enhance transparency, and combat illicit financial flows, following similar large-scale compliance exercises in previous years.
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