91,000 Nigerian firms ordered to file annual returns in 90 days

The Corporate Affairs Commission, CAC, has given over 91,000 dormant companies a 90-day ultimatum to file all their outstanding annual returns or risk being deregistered.

CAC disclosed this in a statement released on its official website on Wednesday.

According to the statement: “This is to inform the general public that the Commission, under its powers contained in Section 692 (3) (4) of the Companies and Allied Matters Act No. 3 of 2020, intends to strike off from the register names of defunct or dormant companies that have not filed annual returns for 10 years.

“These companies are given 90 days from the date of this publication to file all outstanding annual returns and send an email of this fact to [email protected] to remove their names from the list.”

CAC urged stakeholders to note that it is illegal to carry on business with the name of a company that has been delisted from the register, as such a company is deemed to be dissolved.

DAILY POST recalls that last December, CAC announced its intention to deregister 91,843 companies over failure to file their annual returns.