The Corporate Affairs Commission (CAC) has begun the process of removing about 100,000 companies from Nigeria’s corporate register for failing to comply with statutory filing requirements.
The planned delisting forms part of the Commission’s ongoing efforts to sanitise the corporate registry and ensure compliance with the provisions of the Companies and Allied Matters Act (CAMA), 2020.
In a public notice issued on Wednesday, the CAC said the affected companies had failed to file annual returns and other mandatory corporate documents as required by law.
According to the Commission, the exercise is being conducted under Section 692 (3) and (4) of CAMA 2020, which empowers it to strike off companies that are no longer carrying on business or have persistently defaulted in meeting regulatory obligations.
The CAC disclosed that the names of the affected firms have been published on its official website and urged company directors and stakeholders to verify their status.
It gave the affected entities a 90-day window to regularise their records by filing all outstanding annual returns and updating information relating to persons with significant control and beneficial ownership.
The Commission stated that companies that meet the compliance requirements within the stipulated period would avoid being removed from the register.
To facilitate the process, affected firms have been directed to submit evidence of compliance through a dedicated email channel established by the Commission.
The CAC warned that companies that fail to take corrective action within the specified timeframe would be struck off the register permanently without any further notification.
The latest move represents the sixth batch of companies targeted under the Commission’s compliance and enforcement drive, which is aimed at maintaining an accurate and credible database of active business entities in the country.
Industry observers say the exercise is expected to improve corporate transparency, strengthen regulatory oversight and ensure that only compliant businesses remain on the official register.
The Commission reiterated its commitment to delivering efficient services and promoting adherence to corporate governance requirements, stressing that companies must fulfil their statutory obligations to retain their legal status.
With the countdown now underway, affected firms have three months to regularise their records or risk losing their registration and legal recognition under Nigerian law.