• Saturday, June 15, 2024
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Non-compliant firms beware: CAC to delist 100,000 companies

The Corporate Affairs Commission (CAC) will delist 100,000 registered companies from its database to enforce compliance. The revelation came during a training session on the ‘Use of the beneficial ownership register’ in Lagos, where Alhaji Garba Abubakar, the Registrar-General and Chief Executive Officer of CAC, addressed the audience.

“CAC steps up enforcement of 100,000 companies to go off its register for failure to file an annual return,” Abubakar declared, highlighting the seriousness of the commission’s stance. These companies had yet to submit their annual returns for the past decade, prompting the need for their removal from the CAC’s records.

However, Abubakar clarified that the CAC will notify affected companies before any action under section 692 of the CAMA, 2020.

Read also CAC seen as a barrier to ease of doing business

Abubakar strongly advised companies to ensure timely payment of their annual returns to avoid removal from the database.

An essential step towards combating corruption, money laundering, and terrorism financing in Africa, the Corporate Affairs Commission has taken a proactive approach by creating Africa’s first Beneficial Ownership Register (BOR). Developed with the support and assistance of the World Bank, this register will play a crucial role in promoting transparency and accountability.

Abubakar encouraged various stakeholders, including investigating agencies, legal practitioners, journalists, and civil society organizations, to utilize the BOR to carry out their responsibilities fully.