The Registrar General of the Corporate Affairs Commission (CAC), Alhaji Garba Abubakar, has said the Companies and Allied Matters Act (CAMA 2020) empowers the commission to deregister companies that have been inactive for 10 years.
Speaking in Abuja recently, Alhaji Abubakar disclosed that many registered companies have been declared inactive for their failure to submit their audited financial returns or transactions.
He said CAC has provided the operational status of all registered companies, whether active or inactive, on its website and the inactive ones will be deregistered after 10 years.
The CAC boss said owners of inactive companies can also approach the CAC with the request to deregister such companies even before the 10-year window for CAC to delist them.
Though the total number of companies declared inactive was not revealed, he pointed out that the status of such affected companies has been posted on the commission’s website.
Although he said no company has been delisted by the commission, the registrar said the implementation of CAMA 2020 is already in place after it was gazetted by the National Assembly in November 2020.