CAC to strike off companies dormant for over 10 years

The Corporate Affairs Commission has said it will take out names of dormant companies that have not filed their annual reports in 10 years from its register.

“This is to inform the General Public that the Commission pursuant to its powers contained in Section 692 (3) (4) of the Companies and Allied Matters Act No. 3 of 2020, intends to strike off from the Register, names of defunct or dormant companies that have not filed Annual Returns for a period of 10 years,” it said in a statement posted on its X account.

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It said a full list of the companies published on the Commission’s website www.cac.gov.ng.

“ These companies are given a period of 90 days from the date of this publication to file all outstanding annual returns and send an email of this fact to [email protected]. so as to remove their names from the list,” it said.

It noted that it is illegal to carry on business with the name of a company that has been delisted from the register as such company is deemed to be dissolved.

Eniola Olatunji

Eniola Olatunji is an experienced journalist at BusinessDay, where she has specialized in reporting on personal and business finance since March 2022. She focuses on creating engaging and precise news stories, with a keen emphasis on the fixed-income market, banking, personal finance, cost of living, and the Nigerian economy. Her work also encompasses extensive market research and economic trend analysis. Eniola is passionate about empowering individuals to make informed financial decisions and is dedicated to shedding light on the intricate workings of the economy. She holds a Bachelor of Science degree in Pure & Applied Chemistry from the University of Lagos. Eniola Olatunji was shortlisted for The Future Awards Africa Prize for Journalism..