The Corporate Affairs Commission (CAC) has said it would soon delete a total of 100,000 registered companies from its database.
The CAC Registrar-General/CEO, Garba Abubakar, revealed this in Lagos while speaking at a Training Workshop on the use of the Beneficial Ownership Register (BOR).
According to him, the companies to be deleted have failed to file annual returns in the last ten years, hence due to be struck-off its register.
Abubakar said that 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.
He explained that the companies are, however, entitled to be relisted upon payment of their outstanding debts and an order of a court, as provided by the law. He, therefore, advised companies to ensure timely payment of their annual return to avoid being struck off.
Speaking on Africa’s first Beneficial Ownership Register, (BOR), built by the CAC with the support and assistance of the World Bank, the Registrar-General stressed that it would go a long way in curbing corruption, money laundering, and terrorism-financing.
He explained that the platform, launched in May this year, was to make it easy to search for information on Persons with Significant Control, (PSC).
