100,000 firms to be removed from the CAC database – See Why

by Amos Kalu
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100,000 registered firms will soon be deleted from the Corporate Affairs Commission’s database, according to the organization.

The Registrar-General and Chief Executive Officer of CAC, Alhaji Garba Abubakar, announced the commission’s intention to remove 100,000 registered firms from its database during a training on “Use of the Beneficial Ownership Register” in Lagos.

“CAC steps up enforcement of going off its register of 100,000 companies for failure to file an annual return,” Abubakar added.

CAC

He claimed that the Corporate Affairs Commission was scheduled to revoke the status of 100,000 businesses that had missed their deadline to submit yearly reports over the previous ten years.

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Despite this, Abubakar stated that the commission would notify the impacted enterprises prior to taking the action specified in section 692 of the CAMA, 2020.

He clarified that, in accordance with the legislation, the companies were allowed to be relisted following the discharge of their outstanding obligations and a court ruling.

Abubakar warned businesses to pay their annual returns on time to avoid being shut down.

The registrar general discussed Africa’s first Beneficial Ownership Register, which the CAC created with the help of the World Bank. He said that it would significantly reduce corruption, money laundering, and terrorism financing.

He urged all parties to use the BOR in doing out their duties, particularly investigating agencies, attorneys, journalists, and civil society organizations.

In his remarks, Dr. Adeyeye Adefulu, Chairman of the Nigerian Bar Association Section on Business Law, NBA-SBL, praised the CAC for reaching yet another significant turning point in its history.

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NBA-SBL will maintain its current friendly relationship with the commission, according to Adefulu. He urged participants to put their newfound knowledge to good use for the growth of the Nigerian economy.

Aminu Gwadabe, president of the Nigerian Association of Bureau De Change Operators, also spoke and emphasized the significance of the BOR in the battle against money laundering and terrorism financing.

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Gwadabe recommended professionals to exercise caution while working with their clients after highlighting some of the risks connected to money laundering and terrorism financing.

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