CAC Removes 400,000 Non-compliant Firms in Nigeria

The Corporate Affairs Commission (CAC) of Nigeria has announced the removal of over 400,000 non-compliant firms from its official registry due to inactivity and non-compliance with disclosure requirements. Registrar General Hussaini Magaji made this disclosure during a celebratory walk in Abuja on Saturday.

This mass delisting is part of a deliberate effort to sanitize the commission's database and ensure that only active entities remain registered. The move aims to protect the credibility and reliability of Nigeria's corporate records and reflects the commission's commitment to strengthening corporate governance and maintaining accurate business information across the country.

The CAC has previously issued warnings to thousands of dormant companies regarding outstanding annual returns. Furthermore, the commission is transitioning to a fully digital registration platform, allowing businesses to register online from anywhere in the world without needing to visit CAC offices physically.

This digital overhaul is expected to improve transparency and increase investor confidence in Nigeria's corporate regulatory framework. Additionally, the CAC is working with the Small and Medium Enterprises Development Agency of Nigeria to facilitate free business registration for 250,000 entrepreneurs, promoting formal business operations within regulations.