CAC Begins Process to Deregister 100,000 Companies

The Corporate Affairs Commission (CAC) has announced plans to deregister about 100,000 companies that have failed to comply with statutory requirements on the filing of annual returns.

The commission said the affected companies risk being removed from the register of incorporated entities if they fail to regularise their records within the stipulated period.

According to the CAC, the move is part of efforts to clean up the corporate register, improve regulatory compliance and ensure that only active and compliant businesses remain registered in Nigeria.

The commission explained that companies are required under the law to file annual returns as evidence of their continued operation and compliance with corporate regulations.

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It noted that many companies have remained inactive on paper while failing to meet their obligations, creating inaccuracies in the country’s corporate database.

The CAC urged affected businesses to take advantage of the 90-day window provided to update their records, file outstanding annual returns and avoid deregistration.

The commission warned that companies that fail to comply within the given period would be removed from the register in line with the provisions of the Companies and Allied Matters Act (CAMA).

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The regulatory body advised business owners and directors to verify their company status through the CAC portal and complete all outstanding filings before the deadline.

The CAC said the exercise would enhance transparency in Nigeria’s business environment, improve access to reliable corporate information and strengthen confidence among investors.

It added that maintaining an accurate register would help distinguish genuine operating businesses from dormant or non-existent entities.

The commission has repeatedly encouraged companies to embrace digital compliance processes and use its online platforms to file returns and update corporate information.

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The planned deregistration follows previous efforts by the CAC to remove inactive companies from its database and ensure that registered entities comply with legal obligations.

The commission therefore urged directors, shareholders and company representatives affected by the exercise to act promptly to prevent the loss of their corporate status.

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