CAC To Delist Over 38,000 Companies For Failure To File Annual Returns

The Corporate Affairs Commission (CAC) has disclosed that it has commenced the process of delisting 38,717 dormant or portfolio companies from its register.

The commission’s Director of Public Affairs, Mr Churchill Williams, who made this known this in an interview with the News Agency of Nigeria (NAN) on Tuesday in Abuja, said the affected companies were those that failed to file their annual returns to CAC as required by sections 370 to 378 of the Companies and Allied Matters Act (CAMA), and that the move became necessary after the companies also failed to respond to several notices of de-registration from the commission through various channels.

According to him, a comprehensive list of the affected companies has been  sent to all the state offices of the commission, newspaper publications, and has also been published on the commission’s website, to enable people check and then file their annual returns.

Churchill said that dormant companies impeded the efficiency of the commission to manage and provide better supervisory services in line with its mandate

According to him, an economy made up of largely dormant companies makes economic planning difficult.