CAC sets out to delist 100,000 companies from database

CAC sets out to delist 100,000 companies from database

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CAC sets out to delist 100,000 companies from database

The Corporate Affairs Commission

CAC sets out to delist 100,000 companies from database. The Corporate Affairs Commission has stated that it will erase 100,000 registered companies from its database within the next few weeks.

The Registrar-General and Chief Executive Officer, CAC, Alhaji Garba Abubakar, revealed the commission’s intention to erase 100,000 registered firms from its database at a workshop on ‘Use of the Beneficial Ownership Register’ in Lagos.

“CAC steps up enforcement against 100,000 companies that fail to file an annual return,” Abubakar added.

According to him, 100,000 companies that failed to file annual returns in the last 10 years were due to be struck off by the Corporate Affairs Commission.

Abubakar, on the other hand, stated that the commission would issue notice of striking off to the impacted companies before taking the measure outlined in Section 692 of the CAMA, 2020.

He noted that the companies have the legal right to be relisted after paying their outstanding obligations and receiving a court judgment.

To avoid being struck off, Abubakar recommended businesses to pay their yearly returns on time.

The registrar general stated that Africa’s first Beneficial Ownership Register, developed by the CAC with the backing and assistance of the World Bank, would go a long way toward combating corruption, money laundering, and terrorism financing.

He asked stakeholders, particularly investigative agencies, legal practitioners, journalists, and civil society organizations, to use the BOR in carrying out their duties.

Dr Adeyeye Adefulu, Chairman of the Nigerian Bar Association Section on Business Law, NBA-SBL, congratulated the CAC on another significant milestone in its history.

Adefulu stated that the NBA-SBL would maintain its current amicable relationship with the commission. He charged members to put their training skills to good use for the sake of the Nigerian economy.

Aminu Gwadabe, President of the Association of Bureau De Change Operators of Nigeria, also spoke, emphasizing the importance of the BOR in combating money laundering and terrorism financing.

Gwadabe, who emphasized some of the risks involved with money laundering and terrorism financing, recommended professionals to exercise caution while interacting with customers.

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