CAC To Strike Off 100,000 Companies For Failure To File Annual Returns
The Corporate Affairs Commission (CAC) has declared its intention to deregister 100,000 companies for failing to submit yearly returns during the previous ten years.
Alhaji Garba Abubakar, the Registrar-General of the CAC, said this while addressing during a training workshop on the use of the BOR in Lagos.
Abubakar, however, stated that before taking the measure stipulated in section 692 of the CAMA,2020, the Commission will soon send letters of striking off to the affected enterprises.
He explained that the companies were, however, entitled to be relisted upon payment of their outstanding debts and an order of a court, as provided by the law.
He advised companies to ensure timely payment of their annual return to avoid being struck off.
On the BOR, he said it was built by CAC with the support and assistance of the World Bank.
The registrar-general stressed that the register would go a long way in curbing corruption, money laundering, and terrorism financing.
He, therefore, enjoined stakeholders, especially investigating agencies, legal practitioners, journalists, and civil society organisations, to utilize the BOR in discharging their responsibilities.