Nigeria’s Corporate Affairs Commission (CAC), in a public notice released on July 31, 2023, announced that it has initiated the striking off process for a list of companies that did not meet the requirements specified in the Companies and Allied Matters Act (CAMA) 2020.
The comprehensive list titled “Strike off List-Batch-001 July-2023,” includes a total of 94,581 companies, with the majority being Limited Liability Companies registered between 1976 and 1991. These companies have failed to fulfill their statutory obligation of filing annual returns in the last decade.
CAC emphasized that companies failing to comply with the provisions of CAMA 2020, particularly those neglecting to file their annual returns within 90 days of publication on the Commission’s website, will be struck off the Register of Companies.
The affected companies have been listed on the Commission’s website, and the CAC urges both the companies in question and the general public to check the website to identify the names of the entities facing the striking off process.
Once struck off the Register, companies will be legally prohibited from conducting business activities until they obtain a formal restoration order from the Federal High Court.
Compliance with the restoration process is crucial for any struck-off company seeking to resume its business operations.
This notice serves as a reminder to all companies to fulfill their obligations as outlined in CAMA 2020 and adhere to the regulatory framework to maintain their active status with the Commission.
The CAC’s issuance of this notice is in accordance with section 692 (3) and (4) of CAMA 2020.
Companies listed for striking off are strongly advised to take prompt action to rectify their compliance status to avoid adverse consequences.