No fewer than 100,000 registered firms in Nigeria will soon be deleted from the Corporate Affairs Commission’s database, according to CAC.
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.
According to Abubakar, “CAC ramps up enforcement of 100,000 companies to be removed from its register for failure to file an annual return.”
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.
Abubakar, however, stated that in accordance with section 692 of the Act, the commission will notify the affected companies before taking any action.
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.
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Abubakar warned businesses to make sure they paid their annual returns on time to avoid being expelled.
The registrar general discussed Africa’s first Beneficial Ownership Record, 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 carrying out their duties, particularly investigating agencies, solicitors, journalists, and civil society organisations.
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.
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 emphasised the significance of the BOR in the fight against money laundering and terrorism financing.
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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