Home Random CAC set to delist 94,581 firms from database

CAC set to delist 94,581 firms from database

CAC set to delist 94,581 firms from database

The Corporate Affairs Commission (CAC) said it has commenced the process of striking off companies that did not comply with the provisions of the Companies and Allied Matters Act 2020 from its register in accordance with the requirements of the account.

A statement by the commission published on its verified Twitter page on Monday said the names of the companies to be struck off have been published on the commission’s website.

About 94,581 firms are being prepared for striking off, according to a public notice on the list of affected companies published on its website on Monday.

According to the commission, companies and the general public are advised to check the website for the list of the affected companies.

“The affected companies should note that any company that fails to comply with the provisions of the Act by taking steps to file its annual returns up to date within 90 days of publication on the commission’s website shall be struck off the register,” it said.

Once struck off, a company will be legally prohibited from carrying on business unless it obtains a formal restoration order from the federal high court.

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“The general public is advised that it shall be unlawful for any company struck off the register to carry on business unless it is first restored to the register by an order of the Federal High Court.

“This notice is pursuant to Section 692 (3) and (4) of the Companies and Allied Matters Act 2020,” the commission said.

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