CAC Removes 247 Companies From Nigeria's Business Register

The Corporate Affairs Commission (CAC) in Nigeria has removed 247 companies from its business register for being improperly registered as limited liability companies. The Commission declared that the purported incorporation of these companies was invalid as the Registration Certificates (RC) numbers allegedly linked to them were never assigned to these entities.

This unprecedented move aims to target businesses that have failed to file annual returns or disclose beneficial ownership information for over a decade. The delisting is in line with Section 692(3) and (4) of the Companies and Allied Matters Act (CAMA) 2020, which mandates the removal of companies that have not met statutory filing obligations for 10 years.

The CAC stated that this measure is necessary to rid the corporate database of inactive entities and boost confidence in Nigeria's business environment. The affected companies have been given an ultimatum to regularize their status by filing outstanding annual returns and submitting required documents.

Failure to comply within the stipulated timeframe will result in automatic delisting and loss.