The Corporate Affairs Commission (CAC) has announced that it will be striking off 100,000 companies that have failed to file annual returns over the past 10 years.
The Registrar-General of the Corporate Affairs Commission (CAC), Alhaji Garba Abubakar, made this announcement during a training workshop on the use of the Beneficial Ownership Register (BOR) in Lagos.
He explained that before the companies are struck off, they will receive a notice of striking off in accordance with section 692 of the Companies and Allied Matters Act, 2020.
Abubakar clarified that companies that are struck off may be relisted if they pay their outstanding debts and obtain a court order, as stipulated by the law.
He emphasized the importance of paying annual return fees on time in order to avoid being struck off.
Speaking about BOR, Abubakar stressed that the BOR, developed by the CAC in collaboration with the World Bank, would be beneficial in combating corruption, money laundering, and terrorism financing.
He therefore encouraged stakeholders, especially law enforcement agencies, lawyers, journalists, and civil society organisations, to make use of the BOR in carrying out their responsibilities. The BOR will provide accurate data on company owners, making it easier to access company records, and ultimately promoting transparency and accountability in the country.