CAC to Deregister 100,000 Companies for Tax Non-Compliance

The Corporate Affairs Commission (CAC) has commenced the process to deregister 100,000 companies in Nigeria that have failed to comply with annual return requirements. This action follows a notice issued by the commission, which is mandated to handle such deregistrations under the provisions of Section 692 (3) and (4) of the Companies and Allied Matters Act 2020.

Affected companies can find their names listed on the CAC website. The commission has advised these companies to file their outstanding annual returns and provide information on significant control and beneficial ownership within a 90-day notice period.

Failure to comply within this stipulated timeline will result in the companies being struck off the register without further notice. The CAC reaffirmed its commitment to providing prompt and efficient services to its customers.