The Corporate Affairs Commission (CAC) has struck off the names of more than 1,000 companies from its register for failing to file their annual returns. In a public notice dated November 20, 2024, the CAC announced that these companies are now deemed to be dissolved.
The affected companies were issued a notice of intention to strike off their names earlier this year, as the CAC had reasonable cause to believe they were no longer carrying out business or were dormant. The companies were given a statutory period of 90 days to file their missing annual returns and reactivate their status.
While some companies complied with the advisory and were removed from the strike-off list, over 1,000 companies failed to take action and update their records. Pursuant to its powers under Section 692 (4) of the Companies and Allied Matters Act No. 3 of 2020, the CAC has now officially struck these defaulting entities off the companies register.
The Commission emphasized that it is illegal to enter into any transactions or dealings with a company that has been dissolved. The detailed list of affected companies has been published on the CAC’s official website, www.cac.gov.ng.
“Striking off dormant companies helps clean up our database and provides an accurate picture of active businesses in Nigeria,” said Garba Abubakar, Registrar-General of the Corporate Affairs Commission. “We urge all registered companies to ensure timely compliance with their statutory obligations, including filing annual returns.”
Companies that have been struck off but wish to resume business are required to apply for re-registration with the CAC. Penalties may apply for late filing of returns and restoration of company names to the register.