CAC Issues 90-Day Deadline to 91,000 Dormant Firms to Submit Annual Returns

Corporate Affairs Commission (CAC) has notified over 91,000 dormant companies of a 90-day grace period to submit their outstanding annual returns or face potential delisting from its registry.

The notice, published on the CAC’s website, targets companies that have failed to file annual returns for a decade.

Titled “NOTICE OF INTENTION TO STRIKE OFF COMPANIES FROM THE REGISTER,” the statement outlines the CAC’s enforcement action in accordance with Section 692 (3) (4) of the Companies and Allied Matters Act No. 3 of 2020 (CAMA).

This section grants the CAC authority to remove defunct companies from its register due to prolonged non-compliance with filing obligations.

The CAC stressed the urgency for affected companies to promptly comply by submitting their annual returns to avoid being delisted. Under CAMA, annual returns are a mandatory requirement, due every year regardless of a company’s operational status.

A review of the CAC’s website revealed that over 91,000 companies are currently in default of their filing obligations.

The CAC’s statement read, in part: “This is to inform the General Public that the Commission, pursuant to its powers contained in Section 692 (3) (4) of the Companies and Allied Matters Act No. 3 of 2020, intends to strike off from the Register names of defunct or dormant companies that have not filed Annual Returns for a period of 10 years.

Affected companies have a 90-day window from the publication date to submit all outstanding annual returns and must notify the CAC via email at activation@cac.gov.ng to facilitate removal from the delisting roster.

The CAC also cautioned stakeholders that conducting business with a delisted company is illegal, as such entities are deemed dissolved until reinstated by a court order.

This proactive measure by the CAC underscores its commitment to enforcing regulatory compliance among registered entities and maintaining the integrity of Nigeria’s corporate governance framework.