Corporate Affairs Commission To Delist About 100,000 Companies, Gives Reason

The Corporate Affairs Commission (CAC) has disclosed that it is set to delist about 100,000 companies.

The CAC Director of Compliance, Justine Nidia made the disclosure on Sunday while speaking with newsmen.

According to him, the companies are set to be delisted when the January 2024 deadline elapses because they are perceived as dormant having failed to file their annual returns.

Nidia explained that the CAC had earlier published the list of companies to be delisted and gave them a 90-day grace period during which about 5,000 of them responded. He stated that after that, an additional grace period of one month was given again.

The CAC official therefore submitted that those who fail to comply despite the warnings would be delisted by January 2024.

“We published an initial list of about 100,000 companies to be delisted. We gave an initial period of 90 days, which has elapsed, to those who think they will still be in business to file annual returns for them not to be delisted.

“After the initial publication, about 5,000 companies responded to file their annual returns, with the remaining approximately 95,000 to be delisted.

“What we have done recently is to issue another publication, requesting companies that have filed their returns, and their names are still on the list to get back to us with evidence.

“So we do not delist a company that already filed its return. So we have given an additional period of one month, after which we will gazette the final list,” Nidia said.