The Corporate Affairs Commission (CAC) has commenced a new phase of its cleanup exercise by initiating the striking off of company names that have failed to comply with the Companies and Allied Matters Act (CAMA) 2020.

In a statement issued by its management, the Commission confirmed the publication of a fresh list of non-compliant companies on its official website. The affected companies are required to update their annual returns and beneficial ownership information within 90 days or face permanent removal from the CAC register.

“Any company that fails to comply with the provisions of the Act within 90 days of this publication will be struck off the register,” the statement warned.

The Commission emphasized that once a company is delisted, it loses its legal identity and is no longer permitted to carry out lawful business activities.

This enforcement is in line with Section 692 (3) and (4) of the Companies and Allied Matters Act, 2020, which empowers the Commission to strike off defaulting entities from its register.

It will be recalled that on November 20, 2024, the CAC had earlier published a Notice of Intention to delist companies that had failed to file Annual Returns for 10 years, offering a 90-day grace period to regularize their status by contacting the Commission via activation@cac.gov.ng.

The Commission stated that companies that complied within the stipulated period were excluded from the current delisting list, while those that failed to act have now been formally removed in accordance with the law.

Reaffirming its commitment to a credible and up-to-date companies register, the CAC urged all business owners to prioritize compliance with CAMA to avoid disruptions in their business operations or legal sanctions.