The Corporate Affairs Commission (CAC) has started a nationwide exercise to enforce compliance. This exercise may lead to the deregistration of 100,000 companies from Nigeria’s corporate register. They have 90 days to regularise their filings.
The Commission said this exercise is based on Sections 692(3) and (4) of the Companies and Allied Matters Act (CAMA) 2020. The goal is to keep active and compliant companies on the nation’s corporate register. The CAC described this as a chance for affected companies to fulfil their statutory obligations.
The affected companies are those that have not filed their Annual Returns and submitted information on Persons with Significant Control (PSC). The CAC has published the names of these companies on its website. It urged directors and company representatives to verify their status and comply with the law.
Companies that complete all filings within 90 days must send evidence of compliance to the CAC’s designated email address. The Commission warned that companies that miss the deadline will be removed from the register. They will lose their status to operate in Nigeria.
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The CAC wants to maintain an accurate and transparent companies register. It aims to promote compliance with statutory obligations. This exercise is part of its mandate to provide registration and regulatory services.
The CAC had earlier announced plans to delist another batch of companies. In 2025, it removed over 400,000 companies from the register. Regulatory experts say an up-to-date corporate register boosts investor confidence and improves oversight.
Under the Companies and Allied Matters Act (CAMA) 2020, every registered company must file Returns with the CAC. This confirms that they are active and compliant with laws. Failure to comply attracts penalties. May result in the company being struck off the register.
The disclosure of Persons with Significant Control is also crucial. It reveals the beneficial owners of companies and strengthens corporate governance. This aligns Nigeria with standards on beneficial ownership transparency.
The CAC is doing this to sanitise Nigeria’s registry. It wants to eliminate entities and enhance the credibility of corporate records. This ensures that the register accurately reflects genuinely operational businesses.
