The Corporate Affairs Commission (CAC) is set to delist about 100,000 firms for failure to file annual returns in the last 10 years.
The Registrar General of the commission, Alhaji Garba Abubakar, who spoke at a training workshop on the use of the Beneficial Ownership Register (BOR) in Lagos said that it is part of CAC’s enforcement drive.
A statement by Rasheed Mahe, head of the Commission’s media unit, said: “the commission would soon send notices of striking off to the affected companies before embarking on the action as enshrined in section 692 of the CAMA, 2020.”
According to him, firms are, however, entitled to be relisted upon payment of their outstanding debts and an order of a court, as provided by the law.
Abubakar was quoted as advising companies to ensure timely payment of their annual returns to avoid being struck off it’s record.
On Africa’s first Beneficial Ownership Register, built by the CAC with the support and assistance of the World Bank, the registrar general said that it would go a long way in curbing corruption, money laundering and terrorism financing.
He enjoined stakeholders, especially investigating agencies, legal practitioners, journalists and civil society organisations, to utilise the BOR in discharging their responsibilities.
The Chairman of the Nigerian Bar Association Section on Business Law (NBA-SBL), Dr. Adeyeye Adefulu, commended the CAC for introducing the beneficial ownership register which he said, would go a long way in enhancing company transparency.