The Corporate Affairs Commission, CAC has revealed its plans to remove 100,000 registered companies from its database due to their failure to file annual returns.
The Registrar-General, Alhaji Garba Abubakar, announced this on Tuesday, during a training in Lagos.
According to the commission, it will notify the affected companies before taking action, as per the CAMA, 2020.
It further said that these companies can be relisted after settling their outstanding debts and following a court order, adding that timely payment of annual returns is essential to avoid being struck off.
In the same vein, the commission has also introduced Africa’s first Beneficial Ownership Register (BOR), built with World Bank support, to combat corruption, money laundering, and terrorism financing.
Stakeholders, including investigating agencies, legal practitioners, journalists, and civil society organizations, were therefore encouraged to use the BOR to fulfill their responsibilities.
The Nigerian Bar Association Section on Business Law and the Association of Bureau De Change Operators of Nigeria praised the CAC’s efforts and emphasized the BOR’s significance in the fight against money laundering and terrorism financing.
Professionals were also urged to exercise due diligence when dealing with their clients to mitigate associated risks.