The Corporate Affairs Commission (CAC) has taken decisive action by removing over 80,000 dormant companies from its register, including notable names like Innoson “Vinod” International Limited and Dantama Biscuits Factory Ltd. This sweeping move comes after the affected companies failed to file their annual returns for a decade, despite repeated warnings and a 90-day compliance grace period.
In a statement released on Wednesday, the CAC confirmed that it had enforced its powers under Section 692(4) of the Companies and Allied Matters Act (CAMA) 2020 to delist companies that failed to update their records. “The general public may recall that the Commission issued a Notice of Intention to strike off names of companies which the Commission has reasonable cause to believe are not carrying out business or are otherwise dormant by reason of not filing Annual Returns for a period of 10 years,” the statement read.
The CAC revealed that of the initial 100,000 companies listed for deregistration, 80,429 were ultimately dissolved. This figure includes 80,423 inactive entities, five active ones, and one company that failed to provide updates.
A detailed list of the affected companies has been published on the CAC’s website, www.cac.gov.ng, providing transparency and access to stakeholders. The commission also issued a stern warning regarding transactions with dissolved companies, stating, “It is illegal to enter into any transaction or deal with a company that has been dissolved.”
Among the delisted entities are prominent businesses such as Alfa Royal Ltd, Jolly Food Industries Ltd, Honeycrown Manufacturing Company Limited, and Havila Gold Nigeria Limited.
This decisive action underscores the CAC’s commitment to ensuring compliance with corporate governance standards and maintaining a robust business environment in Nigeria. Businesses are urged to prioritize timely filing of their annual returns to avoid future delistings and potential legal implications.
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