14
Aug
2017
Posted by: In: Legal0comments

The Economic Confidential has reported that an upward of  44,000 companies have so far been delisted from the database of the Corporate Affairs Commission, CAC, while 1.5 million companies have been registered.

The Registrar General of the CAC, Bello Mahmud, disclosed this in an interview with the Economic Confidential in Abuja.

He said the development owed to several breaches of the Companies and other Matters Act, CAMA, and other extant regulations of the commission, most importantly, late and outright refusal of the affected companies to file returns.

“So far there is an improvement and a current ratio of 45 percent. We are still checking on company records especially in terms of compliance for those who have not been filing. If we discovered that you are dormant, the law establishing us gives us the power to delist you from our database,” he said.”

“If we, also, discovered and write you the first, second and third letters without replies, we reserve a right to delist you from our database– since you are out of communication. So far, the first batch of companies we delisted were about nine thousand (9000), and in the second batch, about thirty-five (35,000); totalling 44,000 firms were delisted from our database. This process continues relentlessly,” Mahmoud said.

Mahmud expressed his disappointment on the fact that many of these affected companies are only “brief case” companies — they do not have credible and traceable offices, hence fraudulent in nature. This process is likely to end-up in the delisting of several other companies who have not been functioning, and have also fallen-out of communication with the CAC. The next batch of delisted companies shall confirm the figure.

In other news, 1.5 million companies have been registered by the commission, so far. More so, since technology has crept into all the relevant sectors of the business community now, the CAC has also jumped on the bandwagon of change, by going digital with her moves.

In the light of this,  If you want to register your company now, Mahmud said “ you can do it yourself — just go to our portal and create an account for yourself.  If you cannot do it on your own, then contact a lawyer, chartered Secretary or an Accountant, so any of these people could file documents on your behalf.”

 

All these landmark achievements are borne-out of genuine national development and integration goals, thus any person(s) or business(es) that refuse(s) to comply will definitely bear the brunt of non-conformity.

 

 

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