CAC PLANS TO DELIST OVER 91,00O COMPANIES OVER INFRINGEMENTS

The Corporate Affairs Commission (CAC) has announced the delisting of 91,843 companies from its registry due to their failure to submit their annual returns. This figure represents a decrease of 2,738 companies compared to the initial list of 94,581 disclosed in August 2023.

This action underscores the CAC’s commitment to maintaining an accurate and compliant database. By removing inactive and non-compliant companies, the CAC aims to ensure transparency and reliability within the Nigerian business landscape.

The delisting process serves as a reminder to all registered businesses of the importance of adhering to legal and regulatory requirements. Failure to comply with annual return filing obligations can lead to serious consequences, including delisting, fines, and even criminal prosecution.

This move is expected to benefit various stakeholders, including:

• Investors: Accurate and updated company information facilitates informed investment decisions.
• Government: Reliable data enables effective policy formulation and enforcement.
• Businesses: A clean and compliant environment fosters fair competition and promotes economic growth.

The CAC has emphasized its continued commitment to supporting businesses and ensuring a thriving business environment in Nigeria. Companies are encouraged to comply with all regulatory requirements and maintain accurate and up-to-date records to avoid facing similar consequences in the future.