Full list of 91,843 Nigerian Companies to Be Delisted by CAC Due to Defaulted Annual Returns.
In a significant development, the Corporate Affairs Commission (CAC) has sounded the alarm for 91,843 Nigerian companies at risk of being delisted from the Companies Register due to their failure to file annual returns and maintain updated records. The announcement, made on December 7, 2023, highlights the potential consequences for companies neglecting their statutory obligations.
The CAC, in accordance with Section 692 (3) of the Companies and Allied Matters Act 2020 (CAMA), wields the authority to strike off companies from the Register. Grounds for such action include the belief that a company is not conducting business, has been inactive for ten (10) years, or has violated CAMA provisions for a consecutive decade.
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The recently published list discloses the names, registration numbers (RC No.), and registration dates of the affected companies, all registered on varying dates. Nigerian companies are urged to check their status promptly using the link provided by the CAC: Strike-off List.
Nigerian Companies to Be Delisted by CAC
To check if your company is on the list of companies to be delisted. click here to download the list .
Maintaining the timely filing of mandatory annual returns emerges as a crucial means for companies to signal their operational status to the CAC. The consequences of neglecting this responsibility extend beyond delisting, as directors, managing officers, and members may still be held liable even after the company’s removal from the register.
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Moreover, the CAC emphasizes that companies erroneously included in the delisting list, despite evidence of timely annual return submissions, have a 30-day window from the publication date to appeal to the CAC for rectification.
Nigerian Companies to Be Delisted by CAC, what it means?Â
It is important for companies to recognize the gravity of non-compliance, as the impact extends to potential regulatory sanctions against directors and shareholders.
For those facing delisting, there is a possibility of relisting through a court order by submitting an application before the expiration of ten (10) years from the list’s publication date. Nigerian corporate entities are advised to take immediate action to rectify their compliance status and avoid severe repercussions in the business landscape.
