National Economy
Sunday, July 6, 2025
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
Read News
National Economy
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
National Economy
No Result
View All Result
Home Business

CAC To Delete 100,000 Companies Over Failure to File Annual Returns  

by Kingsley Okoh
2 years ago
in Business, News
Reading Time: 2 mins read
CAC
Share on FacebookShare on TwitterShare on Telegram

The Corporate Affairs Commission (CAC) has announced plans to strike off 100,000 companies that have failed to file their annual returns in the last decade.

The registrar-general/CEO of the CAC, Alhaji Garba Abubakar, made this revelation during a Training Workshop on the Use of the Beneficial Ownership Register(BOR) in Lagos.

According to Garba Abubakar, the affected companies will receive notices of striking off before the commission takes action, as stipulated in section 692 of the CAMA, 2020.

However, he said, these companies have the opportunity to be relisted upon payment of their outstanding debts and an order from the court, as provided by the law. He urged companies to ensure timely payment of their annual returns to avoid being struck out.

You May Like

ECS: NSITF Compensates 2 Beneficiaries With N23m

Tinubu Seeks Visa Waiver Deal With OECS Countries

Speaking about Africa’s first Beneficial Ownership Register, which was built by the CAC with the assistance of the World Bank, the registrar-general emphasised its potential to curb corruption, money laundering, and terrorism financing.

He called on stakeholders, including investigating agencies, legal practitioners, journalists, and civil society organisations, to utilise the BOR effectively in fulfilling their responsibilities.

The chairman of the Nigerian Bar Association(NBA) section on Business Law, Dr. Adeyeye Adefulu, applauded CAC for achieving another significant milestone and pledged the NBA-SBL’s continued support and collaboration with the commission. He urged members to utilise the knowledge gained during the training to benefit the Nigerian economy.

While highlighting the importance of the BOR in combating money laundering and terrorism financing, the president of the Association of Bureau De Change Operators of Nigeria (ABDCON), Aminu Gwadabe, emphasised the need for professionals to exercise due diligence when dealing with clients.

The workshop featured presentations from the Special Control Unit against Money Laundering (SCUML), the Nigeria Financial Intelligence Unit (NFIU), and the Securities and Exchange Commission (SEC), providing valuable insights into the fight against financial crimes and illicit activities.

As CAC takes decisive steps to enforce compliance and promote financial transparency, stakeholders are called upon to play their part in ensuring the integrityof Nigeria’s business landscape.

 

Tags: CACCAC To Delete 100000 Companies Over Failure to File Annual Returns
ShareTweetShare
Previous Post

Shareholders’ Fund of LASACO Assurance Hits N13bn

Next Post

Firm Reaffirms Commitment To Small Businesses

ANOTHER GOOD READ

ECS: NSITF Compensates 2 Beneficiaries With N23m
News

ECS: NSITF Compensates 2 Beneficiaries With N23m

5 days ago
Labour Institute’s DG Hails Tinubu On Rights Protection, Nigeria First Policy
News

Tinubu Seeks Visa Waiver Deal With OECS Countries

5 days ago
Senator Jibrin Barau @66: Footprints Of A Political Powerhouse And Philanthropist
News

Senator Jibrin Barau @66: Footprints Of A Political Powerhouse And Philanthropist

6 days ago
Obasa: Chronicling A Decade Of Commanding Legislative Tour De Force   
News

Obasa: Chronicling A Decade Of Commanding Legislative Tour De Force  

6 days ago
KEDCO To Commission  N1.1bn Dawanau Network Expansion Project
News

KEDCO To Commission N1.1bn Dawanau Network Expansion Project

7 days ago
Oil Prices Uncertainty Frustrates Nigeria’s $5bn Loan Deal With Saudi Arabia
News

Oil Prices Uncertainty Frustrates Nigeria’s $5bn Loan Deal With Saudi Arabia

7 days ago
Next Post
Firm Reaffirms Commitment To Small Businesses

Firm Reaffirms Commitment To Small Businesses

Most Recent

ECS: NSITF Compensates 2 Beneficiaries With N23m

ECS: NSITF Compensates 2 Beneficiaries With N23m

July 1, 2025
Labour Institute’s DG Hails Tinubu On Rights Protection, Nigeria First Policy

Tinubu Seeks Visa Waiver Deal With OECS Countries

July 1, 2025
Senator Jibrin Barau @66: Footprints Of A Political Powerhouse And Philanthropist

Senator Jibrin Barau @66: Footprints Of A Political Powerhouse And Philanthropist

June 30, 2025
Obasa: Chronicling A Decade Of Commanding Legislative Tour De Force   

Obasa: Chronicling A Decade Of Commanding Legislative Tour De Force  

June 30, 2025
17 States Confirm Plans To Host Olympic Day

17 States Confirm Plans To Host Olympic Day

June 30, 2025
NSC Commends Akeredolu For Driving Nigeria’s Flag Football Success

NSC Commends Akeredolu For Driving Nigeria’s Flag Football Success

June 30, 2025
We Are Ready To Host CAA U18/U20 Championships – LOC

We Are Ready To Host CAA U18/U20 Championships – LOC

June 30, 2025
PFL  Event: Ukah Eyes Thrilling Debut Against South African Ceileigh

PFL Event: Ukah Eyes Thrilling Debut Against South African Ceileigh

June 30, 2025
Advertise with us

© 2024 | National Economy

No Result
View All Result
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy

© 2024 | National Economy