Corporate Affairs Commission set to delist 94,581 firms from database

The Corporate Affairs Commission (CAC) has declared to delist 94,581 firms from database over failure to comply with the provisions of the Companies and Allied Matters Act 2020 from its register in accordance with the requirements of the account.

Penpushing reports that the commission in a published statement on its verified Twitter page on Monday said the names of the companies to be struck off have been published on the commission’s website

The statement added that the commission will commenced the process of striking off such companies with the names already published on the commission’s website, on Monday numbering about 94,581 firms

Penpushing further reports that the statement said the commission, advised companies and the general public to check the website for the list of the affected companies, stressing that any affected firm the announcement covers 90 days to do the needful.

‘The affected companies should note that any company that fails to comply with the provisions of the Act by taking steps to file its annual returns up to date within 90 days of publication on the commission’s website shall be struck off the register,” it said.

Penpushing also reports that the commission warned that once struck off, a company will be legally prohibited from carrying on business unless it obtains a formal restoration order from the federal high court.

‘The general public is advised that it shall be unlawful for any company struck off the register to carry on business unless it is first restored to the register by an order of the Federal High Court. This notice is pursuant to Section 692 (3) and (4) of the Companies and Allied Matters Act 2020,” the commission said.

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