CAC Grants 90-Day Grace Period to Over 91,000 Dormant Companies to File Annual Returns

The Corporate Affairs Commission (CAC) has granted over 91,000 dormant companies a 90-day grace period to file all outstanding annual returns or face delisting from its register.

The affected companies are those that have not filed annual returns for a period of ten years.

This announcement was made by the CAC in a statement published on its website on Wednesday.

The statement was tagged “NOTICE OF INTENTION TO STRIKE OFF COMPANIES FROM THE REGISTER.” Annual Returns from Dormant Companies 

According to the statement, all dormant companies in the last ten years are due for delisting in line with Section 692 (3) (4) of the Companies and Allied Matters Act No. 3 of 2020.

Section 692 of the Companies and Allied Matters Act, 2020 (CAMA) mandates the CAC to strike off the name of a defunct company from the Register of Companies. 

The CAC, however, advised affected companies to file their annual returns to avoid being delisted.  An annual return is a yearly payment every registered company or Non-Governmental Organization (NGO) is required to make to the CAC irrespective of the state of its business transactions. 

The statement partly reads: 

“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. These companies are given a period of 90 days from the date of this publication to file all outstanding Annual Returns and send an email of this fact to activation@cac.gov.ng so as to remove their names from the list.”  

Source: Nairametrics