“Why We Will Delist 100,000 Registered Companies From Our Database” – CAC Shares
The Registrar-General and Chief Executive Officer of Corporate Affairs Commission, Alhaji Garba Abubakar during a training on ‘Use of the beneficial ownership register’, in Lagos, revealed that the commission is set to remove 100,000 registered companies from its database.
According to Alhaji Garba Abubakar, their
decision is hinged on inability of some registered companies to file an annual return in the last 10 years.
He stated that the commission will notify all affected companies before taking any action as stated in section 692 of the CAMA, 2020 and also companies that were able to pay their outstanding debts will be listed again in the commission database.
He went further urge registered companies to try to meet up with their annual returns to avoid being delisted from the commission database.