The Corporate Affairs Commission (CAC) has announced its intention to remove 100,000 companies from its database due to their failure to file annual returns.....KINDLY READ THE FULL STORY HERE▶

The Registrar-General and Chief Executive Officer of the CAC, Alhaji Garba Abubakar, made this announcement during a training event in Lagos on the use of the beneficial ownership register.

Abubakar explained that these companies have not submitted their annual returns for the past decade. However, the CAC will send a notice to the affected companies before taking any action, following the requirements of section 692 of the Companies and Allied Matters Act (CAMA), 2020….CONTINUE READING

The Registrar-General further clarified that these companies could be reinstated after settling their outstanding debts and obtaining a court order, as prescribed by law.

He advised companies to prioritize timely payment of their annual returns to avoid being struck off from the register.

During the training, Abubakar highlighted the significance of the Beneficial Ownership Register, which the CAC developed with support from the World Bank. He believes it will serve as a crucial tool in combating corruption, money laundering, and terrorism financing.

Abubakar encouraged investigating agencies, legal practitioners, journalists, and civil society organizations to utilize the Beneficial Ownership Register in their efforts.

Various stakeholders, including Dr. Adeyeye Adefulu, Chairman of the Nigerian Bar Association Section on Business Law, and Aminu Gwadabe, President of the Association of Bureau De Change Operators of Nigeria, praised the CAC for this milestone and emphasized the importance of combating money laundering and terrorism financing in the country.