The Corporate Affairs Commission, CAC, has revealed plan to remove 100,000 registered companies from its database soon.
The Chief executive Office of CAC said 100,000 companies that failed to file annual returns in the last 10 years were due to be delisted by the Corporate Affairs Commission.
Alhaji Garba Abubakar, the Registrar-General, disclosed the commission’s intention to delete 100,000 registered companies from its database on Friday in Lagos.
He said: “CAC steps up enforcement of 100,000 companies to go off its register for failure to file an annual return.”
Abubakar noted that the commission would send notice to affected companies before taking the action as enshrined in section 692 of the CAMA, 2020.
He explained that the companies could register again after paying their outstanding debts and order of a court, as provided by the law.
The CAC chief advised companies to ensure they pay their annual returns on time to avoid delisting.
Abubakar said: “The portal as an automated platform is where records of PSC collated by CAC are stored and accessible to the general public and for government use. This platform offers a search function and information on persons with significant control by the international standard of beneficiary ownership data standards (BODS) under the guidance of the World Bank. “It also provides an Enterprise Service Bus, ESB, gateway for data exchange by BODS in the required format.
BOR Portal will enable users to find the Person with Significant Control, PSC, of any entity when a search is initiated with either of the following parameters: entity’s name, entity’s number, PSC first name, and PSC surname.”
