Daniel Otera
The Corporate Affairs Commission (CAC) has launched a new crackdown on companies failing to meet key requirements under the Companies and Allied Matters Act 2020.
In a public notice issued on Tuesday, the commission announced that a fresh list of defaulting companies has been published on its website. It warned that any firm which fails to file its Annual Returns and update its records on Beneficial Ownership and Persons with Significant Control within 90 days will be struck off the register.
“The Commission has commenced another round of striking off companies that have not complied with the provisions of the Companies and Allied Matters Act 2020,” the notice read.
It added, “The affected companies should note that any company that fails to comply with the provisions of the Act by filing its Annual Returns and Beneficial Ownership information within 90 days of this publication shall be struck off the Register.”
The CAC cautioned that any company removed from the register would immediately lose its legal status and all associated corporate rights. It cited Sections 692 (3) and (4) of CAMA 2020 as the legal basis for the enforcement.
“The General Public is advised that it shall be unlawful for any company struck off the Register to carry on business, having lost right over the entity,” the commission stated.
The commission urged stakeholders and members of the public to verify the list on its website and advised affected companies to take urgent corrective steps to avoid deregistration.