The Corporate Affairs Commission (CAC) says it has begun the process of deregistering 94,581 companies from its official register.
In a statement on Monday, CAC said the deregistration followed the noncompliance of the companies with the provisions of the Companies and Allied Matters Act of 2020.
According to CAC, about 94,581 firms are being prepared for removal, as contained in a public notice on the list of affected organisations obtained from the commission’s website.
“The commission has commenced the process of striking off companies that have not complied with the provisions of the Companies and Allied Matters Act 2020 from the register in accordance with the requirements of the Act,” the statement reads.
“Names of the companies to be struck off have been published on the commission’s website. Companies and the general public are advised to check the website for the lists of the affected companies.
“The affected companies should note that any company that fails to comply with the provisions of the Act by taking steps to update its annual returns up to date within 30 days of publication on the commission’s website shall be struck off the register.”
The commission added that for a company to return to business after it has been struck out of the register, it must “first be restored to the register by an order of the federal high court”.
The commission said it would be “unlawful for any company struck off the register to carry on business”.
“This notice is pursuant to section 692 (3) and (4) of the Companies and Allied Matters Act 2020,” it added.
A check on the list of the affected companies by TechnocratMedia showed that the companies were registered between 1976 to 1991.