The Corporate Affairs Commission (CAC) has begun a fresh crackdown on companies that have failed to comply with the provisions of the Companies and Allied Matters Act (CAMA), 2020.
In a public notice issued on Tuesday in Abuja, the Commission announced that it has published the names of affected companies on its official website, marking the start of the delisting process.
According to the CAC, any company that does not regularize its status within 90 days from the date of publication risks being struck off the register. Compliance requirements include the timely filing of Annual Returns and the disclosure of information on Persons with Significant Control or Beneficial Ownership.
“The affected companies should note that any company that fails to comply with the provisions of the Act by filing its Annual Returns within 90 days of this publication shall be struck off the Register,” the Commission stated.
It further stressed that failure to update records on beneficial ownership would also result in delisting.
The CAC warned that companies removed from the register would lose their legal status and the right to operate in Nigeria.
This enforcement action, according to the News Agency of Nigeria (NAN), is in line with Section 692 (3) and (4) of the Companies and Allied Matters Act, 2020.
The Commission urged members of the public to check its website for the list of affected companies and encouraged all registered entities to ensure full compliance to avoid deregistration.
