The Corporate Affairs Commission (CAC) has issued a stern warning to over 100,000 companies listed in its corporate registry, threatening to strike off their names for prolonged inactivity and persistent non-compliance with statutory obligations under the Companies and Allied Matters Act (CAMA) 2020.
Naijaonpoint reports that the Commission made this known in a public notice released over the weekend, stating that the planned delisting is part of its efforts to sanitise Nigeria’s corporate environment, ensure regulatory compliance, and align with anti-money laundering standards.
According to the CAC, the affected companies were identified as dormant for at least 10 years, not carrying on business, or failing to fulfil regulatory requirements, particularly the filing of annual returns and disclosure of Persons with Significant Control (PSC).
“Companies stricken off the register are deemed to have been dissolved from the date of publication. It is illegal to enter into any transaction or deal with a company that has been dissolved,” the notice warned.
90-day Ultimatum
The Commission has provided a 90-day window from the date of publication for the affected companies to regularise their records, including the filing of all outstanding annual returns.
Naijaonpoint understands that companies are also required to send activation emails to [email protected] where applicable, in order to retain their active status in the register.
“It shall be unlawful for any company struck off the Register of Companies to continue carrying on business unless it is restored by an order of the Federal High Court,” the CAC stated.
The CAC clarified that its latest enforcement action is backed by Section 692 (4) of CAMA 2020, which empowers the Commission to strike off companies that fail to meet basic compliance obligations.
“The General Public may recall that the Commission issued a Notice of Intention to strike off the names of companies which the Commission has reasonable cause to believe are not carrying out business or are otherwise dormant because of not filing Annual Returns for 10 years,” the notice recalled.
A similar exercise in July 2023 led to the delisting of several non-compliant companies in November 2023, after the expiration of a statutory grace period.
The CAC said the delisting drive is in line with global best practices and part of broader reforms aimed at enhancing transparency in company ownership, reducing financial crime, and strengthening public trust in Nigeria’s corporate regulatory framework.
Stakeholders and the general public have been advised to verify the status of any company before conducting business, as engaging with dissolved entities is illegal and void under Nigerian law.
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