- Nearly 92,000 Nigerian companies face delisting for failing to file annual returns with the Corporate Affairs Commission (CAC).
- This figure is down from the initial 94,581 and 100,000 previously announced.
- The updated list reflects companies that filed their returns after the initial warning.
CEM REPORT, BUSINESS | The Corporate Affairs Commission (CAC) has come down hard on non-compliant businesses, announcing the delisting of 91,843 companies from its register for failing to file annual returns.
This marks a significant reduction from the initial 100,000 delistings threatened in July, indicating a potential wave of compliance in response to the commission’s warnings.
“Further to our earlier notice… the list of Companies that have failed to comply… is now ready for publication,” stated the CAC in a recent update. This decisive action underscores the commission’s commitment to maintaining a clean and transparent business environment in Nigeria.
From 100,000 to 91,843: A Sign of Progress?
While the final number is lower than initially announced, it still represents a substantial cleanup effort. The initial threat of 100,000 delistings served as a wake-up call for many businesses, prompting them to take action and rectify their compliance issues. The revised figure of 91,843 suggests that many companies have heeded the commission’s warnings and filed their outstanding returns.
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CAC Warns: Non-Compliance Won’t Be Tolerated
The CAC has taken a firm stance on compliance, emphasizing the importance of businesses fulfilling their legal obligations. “Companies who filed complete annual returns in response to the earlier publication are advised to confirm removal from the list of Companies to be struck off,” the commission stated. This message is clear: non-compliance will not be tolerated, and businesses must take proactive steps to ensure their continued legal existence.
Looking Forward:
The ongoing delisting exercise serves as a reminder for all Nigerian businesses to prioritize compliance. Regularly filing annual returns is not only a legal requirement but also crucial for maintaining good standing within the business community. By ensuring transparency and accountability, compliant businesses can foster trust and attract opportunities.
