By Modupe Gbadeyanka
A 90-day grace period has been given to about 91,000 inactive companies in the country to file all their outstanding annual returns or risk being deleted from the database of the Corporate Affairs Commission (CAC).
A notice issued on Wednesday by the agency said the delisting threat applies to organisations that have not submitted the statutory annual documents for the past 10 years.
The CAC cautioned that companies operating after being removed from its register were violating the laws of the land and could be prosecuted, noting that they may remain in business if they obtain a court order to do so.
It, therefore, advised the affected firms to use the three-month window to file all outstanding annual returns and notify the CAC via email at [email protected] to facilitate removal from the delisting roster.
It added that companies on the delisting log could contest their inclusion within the grace period through an email at [email protected].
“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. A full list is published on the commission’s website, www.cac.gov.ng,” the statement said.