CAC Delists Non-Performing Companies

The Corporate Affairs Commission (CAC), has announced the delisting of non-performing companies registered with the commission.
In a statement in Abuja on Monday, the Registrar-General of the CAC, Bello Mahmud, said that the commission has so far, delisted over 44,000 companies from its database while 1.5 million companies have been registered with the commission.
Mahmud said that the delisted companies breached the relevant provisions of the Companies and Allied Matters Act (CAMA) and other extant regulations of the commission, notably later and outright refusal to file returns.
He explained that the commission was still checking on company records to ensure an improvement and compliance for those who have not been filing their returns as required by the extant laws setting up the commission, adding that the law establishing the commission empowers it to delist from its database such defaulting companies.
He emphasised that if the commission discovers that necessary returns have not been filed, it writes the companies first, second and third letters and if without replies, the commission then deems it that such companies in breaches are not going to comply, the commission then goes ahead to delist such companies from its database.
Mahmud added that, so far the first batch the commission has delisted were 9000 companies, in second batch about 35,000 delisted now totalling 44,000 firms delisted from CAC database.