CAC Demands Annual Returns to Avoid Deregistration

The Corporate Affairs Commission (CAC) has initiated a new round of removing companies that have not adhered to the requirements of the Companies and Allied Matters Act (CAMA), 2020. 

In a public announcement made on Tuesday, the commission stated that the names of the affected companies have been published on its official website.

It noted that companies identified as non-compliant must correct their records within 90 days from the date of publication, or they will risk being removed from the register.

CAC highlighted that compliance involves submitting annual returns and providing information about individuals with significant control or beneficial ownership.

"The companies affected should be aware that any company that does not comply with the act's requirements by submitting its annual returns within 90 days of this announcement will be removed from the register," the statement read.

It also mentioned that updating information regarding Persons with Significant Control or Beneficial Ownership is compulsory within the same timeframe to prevent delisting.

The CAC cautioned that any company removed from the register would forfeit its legal status and would not be allowed to operate in Nigeria.

This action is being executed in line with Section 692 (3) and (4) of the Companies and Allied Matters Act, 2020.

The commission encouraged the public to check its website to see the list of affected companies and urged all businesses to ensure full compliance to avoid deregistration.

CAC Demands Annual Returns to Avoid Deregistration

The Corporate Affairs Commission (CAC) has initiated a new round of removing companies that have not adhered to the requirements of the Companies and Allied Matters Act (CAMA), 2020.

In a public announcement made on Tuesday, the commission stated that the names of the affected companies have been published on its official website.

It noted that companies identified as non-compliant must correct their records within 90 days from the date of publication, or they will risk being removed from the register.

CAC highlighted that compliance involves submitting annual returns and providing information about individuals with significant control or beneficial ownership.

"The companies affected should be aware that any company that does not comply with the act's requirements by submitting its annual returns within 90 days of this announcement will be removed from the register," the statement read.

It also mentioned that updating information regarding Persons with Significant Control or Beneficial Ownership is compulsory within the same timeframe to prevent delisting.

The CAC cautioned that any company removed from the register would forfeit its legal status and would not be allowed to operate in Nigeria.

This action is being executed in line with Section 692 (3) and (4) of the Companies and Allied Matters Act, 2020.

The commission encouraged the public to check its website to see the list of affected companies and urged all businesses to ensure full compliance to avoid deregistration.