CAC To Delist Defaulting Companies Not For Revenue Generation, Says Registrar-General

The Corporate Affairs Commission (CAC) clarified that its plan to delist registered companies that have failed to file their tax returns is not aimed at generating funds for the corporation.

According to Alhaji Garba Abubakar, CAC’s Registrar-General/Chief Executive Officer, approximately 100,000 business names and 10,000 incorporated trustees that have defaulted in the last decade will soon be published for striking off from the companies register.

This initiative is in line with the provisions of the Companies and Allied Matters Act (2020). Abubakar, speaking in Abuja on Monday, mentioned that companies marked for striking off the register are expected to comply within 90 days; otherwise, they will be delisted.

He further explained that the move is also intended to promote compliance and enhance CAC’s records, aligning with the Beneficial Ownership Register and international best practices.

During a courtesy visit, Mrs. Funmi Ekundayo, President of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), expressed the institute’s readiness to collaborate with CAC for improved service delivery. Ekundayo commended CAC’s reform initiatives, acknowledging the advancements achieved under Alhaji Abubakar’s leadership.

“We appreciate the achievements already recorded under the leadership of Alhaji Abubakar. As a stakeholder, the institute is ready to collaborate and partner with the CAC on ways to further enhance service delivery for the benefit of the economy,” she stated.