100,000 registered companies to be delisted from CAC database

<p>The affected companies will be deleted from the commission’s database for failing to file annual returns for a period of 10 years.</p>, <span>The commission is ready to commence re-registration once the affected companies show evidence of payment of their outstanding debts IncomeBrain</span>, <h2>The Corporate Affairs Commission (CAC) has said it will strike off 100,000 registered businesses from their database for failing to file annual returns.</h2>, <p>This was disclosed by the Registrar-General and Chief Executive Officer, CAC, Garba Abubakar, during a training on 'Use of the beneficial ownership register', in Lagos.</p>, <p>"CAC steps up enforcement of 100,000 companies to go off its register for failure to file an annual return," Abubakar said.</p>, <p>The CAC CEO also added that the affected companies will be deleted from the commission’s database for being dormant and failing to file annual returns for a period of 10 years.</p>, <p>Registered companies are declared inactive when they fail to submit their audited financial returns or transactions or file their annual returns.</p>, <p>An annual return is a vital requirement that must be filed yearly by every registered enterprise or incorporated trustees. The return includes specified matters related to the organisation in accordance with the Companies and Allied Matters Act (CAMA) which must be delivered to the CAC.</p>, <p>Abubakar said notices would be sent to the affected companies before going ahead with the action as enshrined in section 692 of the CAMA, 2020.</p>, <p>He also added that even after the companies may have been delisted, the commission was ready to commence a re-registration once the affected companies showed evidence of payment of their outstanding debts with the provision of a court order as provided by the law.</p>, <p>The CAC boss also said owners whose companies have been declared inactive were free to approach the CAC to voluntarily lodge a request to deregister such companies even before the 10-year window.</p>, <p>He, therefor