CAC TO DELIST 100000 REGISTERED COMPANIES FOR FAILURE TO FILE ANNUAL RETURN

The Corporate Affairs Commission is set to delist 100000 registered companies, business names and corporations from their register.

The Registrar-General/CEO of the CAC, Alhaji Garba Abubakar, revealed this in Lagos while speaking at a Training Workshop on the Use of the Beneficial Ownership Register (BOR).

CAC TO SEND NOTICE OF STRIKING OFF TO AFFECTED COMPANIES.

The Cac boss Garba Abubakar further stated that the commission will however inform the affected companies via a mail, they will send notices of striking off to the affected companies before embarking on the action as enshrined in section 692 of the CAMA,2020.

HOW DELISTED COMPANIES CAN BE RESTORED BY CAC

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. Garba Abubakar therefore advised companies to ensure timely payment of their annual return to avoid being struck off. A delisted company can be restored by the commission upon compliance with the full payment of her annual return, and obtaining a court order at the federal high court with a motion to restore the company on the register of registered entities in Nigeria, the motion must be filed with an affidavit and written address in support, with an evidence of such payment attached as exhibits.

BENEFICIAL OWNERSHIP REGISTER BY CAC–

Speaking on Africa’s first Beneficial Ownership Register, built by the CAC with the support and assistance of the World Bank, the Registrar General stressed that it would go a long way in curbing corruption, money laundering, and terrorism financing. Beneficial Ownership Register is a new platform the corporate affairs commission uses to showcase the general public persons who are owners of registered companies, and all their companies, this is to further promote transparency and accountability on the part of business owners in Nigeria.

He therefore enjoined stakeholders, especially investigating agencies, legal practitioners, journalists, and civil society organizations, to utilize the BOR in discharging their responsibilities.

SPEECH BY NBA-SBL RESOURCE PERSONS

In his remark, the Chairman of the Nigerian Bar Association Section on Business Law, NBA-SBL, Dr. Adeyeye Adefulu, commended the CAC for recording yet another important milestone in its history.

Adeyeye Adefulu therefore said that the NBA-SBL would sustain its existing cordial relationship with the Commission and charged members to make good use of the knowledge acquired at the training for the benefit of the Nigerian economy.

Also speaking, the President of the Association of Bureau De Change Operators of Nigeria (ABDCON) underscored the importance of the BOR in the fight against money laundering and terrorism financing.

Aminu Gwadabe, who highlighted some of the dangers associated with money laundering and terrorism financing, advised professionals to apply due diligence while dealing with their clients.

Presentations by SCUML,NFIU,SEC

Also During the workshop, there were presentations made by resource personnels from the Special Control Unit against Money Laundering (SCUML), the Nigeria Financial Intelligence Unit (NFIU), and the Securities and Exchange Commission (SEC) on Money laundering and Investment schemes in Nigeria.

The deadline is August 31st 2023 ,and the enforcement of this notice shall begin simultaneously.