45, 000 companies risk CAC harmer

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By  Busolami Idowu

The Nigerian Corporate Affairs Commission (CAC) has concluded plan to deregsiter names of about 45,000 companies from its registers for failing to file returns since their incorporation.

As part of ongoing measures to upgrade its processes, the CAC said in a statement that the companies refused to file annual reports, which is a gross violation of the Companies and Allied Matters Act (CAMA 1990).

Registrar General of the CAC, Alhaji Bello Mahmud said “about 45,000 companies that defaulted would soon be struck off from the register”.

He also explained that the commission will give the companies another opportunity which may be the last to update their records by publishing their names.

The regulatory body also introduced the Companies Regulation, 2012, which according to Alhaji Mahmud, required every director and subscriber of companies under Part ‘A’ and Trustees of Association under Part ‘C’ to submit recognised forms of identification.

The new requirement, which includes national identity card and drivers’ licence, would help to check cases of underage directorship, fake identification and fulfil national and international obligations under different anti-money laundering and counter terrorism legislation.

The Corporate Affairs Commission (CAC) of Nigeria is an autonomous body charged with the responsibility to regulate the formation and management of companies in Nigeria, it was established in 1990.

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