CAC to strike off companies for want of annual returns.

The Corporate Affairs Commission (CAC) says it will strike off one hundred thousand companies that have failed to file annual returns in the last ten years.

In a statement, the Registrar-General of the CAC, Alhaji Garba Abubakar, said this while speaking at a Training Workshop on the Use of the Beneficial Ownership Register (BOR) in Lagos.

Abubakar, however, said that the Commission would soon send notices of striking off to the affected companies before embarking on the action as enshrined in section 692 of the CAMA,2020.

He explained that the companies were entitled to be relisted upon payment of their outstanding debts and an order of a court, as provided by the law. Abubakar advised companies to ensure the timely cost of their annual return to avoid being struck off.

On the BOR, he said it was built by CAC with the support and assistance of the World Bank. The registrar-general stressed that the register would go a long way in curbing corruption, money laundering, and terrorism financing.

He, therefore, enjoined stakeholders, especially investigating agencies, legal practitioners, journalists, and civil society organisations, to utilise the BOR in discharging their responsibilities.

The Nigerian Bar Association Section on Business Law Chairman (NBA-SBL), Dr Adeyeye Adefulu, commended the CAC for recording another critical milestone in its history.

Adefulu, thus said that the NBA-SBL would sustain its existing cordial relationship with the Commission and charged members to make good use of the knowledge acquired at the training foto benefit the Nigerian economy.

Also, the President of the Association of Bureau De Change Operators of Nigeria (ABDCON),  Aminu Gwadabe, underscored the importance of the BOR in the fight against money laundering and terrorism financing.

Gwadabe advised professionals to apply due diligence while dealing with their clients.

Representatives from the Special Control Unit against Money Laundering (SCUML), the Nigeria Financial Intelligence Unit (NFIU), and the Securities and Exchange Commission (SEC) attended the event.

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