CAC Warns 100,000 Firms of Potential Delisting in Nigeria

The Corporate Affairs Commission (CAC) of Nigeria has initiated enforcement actions against non-compliant companies, warning that 100,000 firms risk being struck off the national company register. This action is in accordance with provisions of sections 692(3) and (4) of the Companies and Allied Matters Act 2020.

Companies are given a 90-day period to regularize their records by filing outstanding annual returns and submitting information regarding persons with significant control and beneficial ownership. The CAC has published a notice on its official website and social media, advising affected firms to provide evidence of compliance via a designated email address.

Failure to comply within the stipulated timeline will result in removal from the register without further notice. This enforcement exercise is part of the CAC's broader efforts to maintain an accurate and credible corporate register, improve transparency, and strengthen investor confidence in Nigeria's corporate environment.