By Zainab Bakare
The Corporate Affairs Commission (CAC) has begun the process of striking 100,000 companies off its register for failing to comply with statutory filing requirements.
In a public notice issued on Wednesday, the Commission said the affected companies failed to file outstanding annual returns and other mandatory documents as required under the Companies and Allied Matters Act (CAMA), 2020.
The exercise, tagged Batch 6, is being carried out under Section 692 (3) and (4) of CAMA.
According to the Commission, the names of the affected companies have been published on its official website for public access.
The CAC directed all affected companies to regularise their records by filing outstanding annual returns and submitting Persons with Significant Control (PSC)/Beneficial Ownership information within 90 days of the notice.
The Commission warned that any company that fails to comply within the stipulated period will be removed from the register without further notice.
It added that the exercise is part of ongoing efforts to maintain an accurate and up-to-date companies register while improving regulatory compliance.
