100,000 FIRMS RISK DELISTING AS CAC ENFORCES COMPLIANCE

The Corporate Affairs Commission (CAC) has warned that over 100,000 companies risk being delisted from the register for failing to comply with statutory filing requirements.

The CAC Director General, Mr. Garba Abubakar, issued the warning on Friday during a stakeholders’ meeting in Abuja. He said the commission is intensifying its enforcement drive to ensure that all registered companies meet their annual filing obligations and maintain accurate records.

“Over 100,000 companies are at risk of being struck off the register for non-compliance. We urge them to regularise their status before the deadline to avoid losing their legal status,” Abubakar stated.

The CAC has given defaulting companies until the end of August to file their annual returns and other required documents. The commission said it will publish the list of companies to be delisted in national newspapers and on its website after the deadline.

Business leaders and professional bodies have urged affected companies to take immediate action to avoid the consequences of delisting, which include loss of legal personality and inability to operate lawfully. They also called on the CAC to provide support and extension where necessary to genuine businesses facing challenges.

The enforcement drive is part of the CAC’s broader reforms to improve the ease of doing business and ensure the integrity of the corporate register. The commission has introduced online filing systems and sensitisation programmes to help companies meet their obligations.

Stakeholders have welcomed the move, noting that a clean and accurate corporate register is essential for attracting investment and maintaining public confidence in the business environment. The CAC has assured that it will continue to engage with businesses and provide necessary assistance to ensure compliance.