The Corporate Affairs Commission (CAC) has announced plans to strike off 100,000 inactive companies from its register due to prolonged inactivity and failure to comply with statutory obligations under the Companies and Allied Matters Act (CAMA).
This action is part of a broader initiative to cleanse the corporate registry, ensuring that only legitimate and operational businesses remain listed. It also aligns with Nigeria’s commitment to promoting transparency in corporate governance and ownership, particularly in line with anti-money laundering regulations.
In a public notice, the CAC disclosed that the affected companies were flagged for either ceasing business operations, being inactive for a minimum of 10 years, or failing to fulfil essential regulatory obligations — such as filing annual returns or declaring Persons with Significant Control (PSC).
The Commission has given the affected entities a 90-day grace period from the date of publication to regularise their status. To avoid removal, companies must file all overdue annual returns and, where applicable, send activation emails to **[[email protected]](mailto:[email protected])**.
“It is unlawful for any company removed from the register to continue operations unless restored by an order of the Federal High Court,” the notice warned. The CAC also reminded the public of a similar directive issued last year, which led to the delisting of several companies in November.
Invoking its powers under Section 692(4) of CAMA 2020, the Commission clarified that any company failing to comply within the 90-day period would be deemed dissolved effective from the date of publication.
The CAC cautioned the public against conducting any business with dissolved companies, stressing that such transactions are illegal.
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