The Corporate Affairs Commission (CAC) has commenced a new phase of striking off companies that have failed to comply with the provisions of the Companies and Allied Matters Act (CAMA), 2020.

The commission, in a public notice on Tuesday, said the names of affected companies have been published on its official website.

It said companies found to be non-compliant must rectify their records within 90 days from the date of publication or risk being delisted.

CAC emphasised that compliance includes filing annual returns and disclosing information on persons with significant control or beneficial ownership.

“The affected companies should note that any company that fails to comply with the provisions of the act by filing its annual returns within 90 days of this publication shall be struck off the register,” the notice stated.

It added that updating information on Persons with Significant Control or Beneficial Ownership was also mandatory within the same period to avoid delisting.

The CAC warned that any company removed from the register would lose its legal status and would no longer be permitted to operate in Nigeria.

The action is being carried out in accordance with Section 692 (3) and (4) of the Companies and Allied Matters Act, 2020.

The commission urged the public to visit its website to view the list of affected entities and encouraged all companies to ensure full compliance to avoid deregistration. 

(NAN)