The Corporate Affairs Commission (CAC) has warned that companies that fail to comply with regulations risk being removed from its register by December 1st, 2023.
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In a video statement on Friday, CAC Registrar-General Hussaini Ishaq Magaji SAN said license holders like travel agents, miners, and bureau de change operators face losing their licenses if delisted.
Magaji said companies found wanting in CAC data verification exercises would have their names struck off. This would invalidate internal and external operating licenses tied to CAC registration.
The registrar-general encouraged defaulting entities to urgently meet CAC guidelines to avoid being delisted and losing their licenses by the December 1st deadline.
The mass delisting threat comes as the CAC continues a comprehensive cleanup of its database to enhance transparency and compliance. Recent verification identified over 500,000 firms operating with incomplete profiles.
According to Magaji, enhancing integrity of the companies register is crucial to the ease of doing business mandate of the commission under his leadership.
The CAC helmsman thanked the majority of companies who have complied with requests for updated information so far. He reiterated that the commission remains committed to making it easy to carry out business in Nigeria.
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