100,000 companies dey affected as CAC begin strike off names from register - wetin businesses fit do

Nigeria regulatory agency in-charge of company regulation, Corporate Affairs Commission (CAC) don list 100,000 companies wey dem go comot dia names from dia register.

CAC say dem go strike off di name of all di affected companies, as part of dia efforts to clean dia register and comot ineligible companies.

According to dia statement, CAC say dem dey act under di provisions of Section 692 (3) and(4) of di Companies and Allied Matters Act, 2020.

"Dis na to notify di general public and esteemed customers say di Corporate Affairs Commission don begin anoda round of striking off names of companies from di Register.

Striking off na administrative action wey di CAC dey use remove company name from dia register. And any affected company go lose dia legal right to kontinue to dey do business, enta into contracts or even pose to be a registered company.

According to Companies and Allied Matters Act, 2020, CAC get di right by law to strike of names of companies from dia register wen dem find say di company dey ova ten years.

Dem go come publish di name of di companies wit 90 days ultimatum for di companies to respond, if CAC no receive any response, dem go finally proceed to strike off dose companies.

Wat next for di affected companies

CAC say dem don publish names of 100,000 affected companies wey dem go strike off from dia register.

Based on di statement by CAC, e point to di fact say annual return issues dey among di reasons why di commission wan strike off dis companies from dia register.

Di commission give di affected companies 90 days to file all dia outstanding annual returns and update dia records including information of dose wey dey control di company.

"Di affected companies dey hereby advised to take steps to file all outstanding Annual Returns and regularize dia records within ninety (90) days of dis notice."

Afta di filling of outstanding returns, di companies go come forward all evidence say dem comply to CAC.

CAC say 'companies wey fail to comply within di stipulated timeline go see dia name struck off di Register without further notice.'

CAC get power to deregister companies?

Di Corporate Affairs Commission (CAC) na Nigeria official body wey dey in-charged of registering, regulating, and maintaining records of companies, limited liability partnerships, business names, limited partnerships, and incorporated trustees.

By di act wey set dem up, to register business wit di CAC go give pesin full legal recognition under Nigerian law and you go fit open corporate bank accounts, sign official contracts, and access govment or financial services.

By nature, registration under CAC dey help build trust as partners, clients ad customers go fit verify your information.

Since law dey wey dey back di creation of CAC, evritin wey gatz do wit registration of companies and businesses for Nigeria, dey under dia control.

Dia work include to 'register and incorporate new businesses and organizations, maintain public registry of all registered entities and oversee compliance, annual returns, corporate governance and record-keeping.'

Wit dis power, CAC dey regulate all companies for di kontri, and dis July 2026, dem dey clear names of companies wey no comply wit dia regulations and dose wey no get updated records.