CAC delists over 40,000 dormant companies

More than 40,000 names of registered companies have been delisted from the nation’s registration records in the last two years by the Corporate Affairs Commission(CAC) for non-performance and dormancy.

This was disclosed by the Acting Registrar-General of CAC, Lady Azuka Azinge yesterday, in Abuja, while briefing journalists on the performance of the Commission in the last two years.

Why the companies were delisted: The exercise was carried out to make sure that only relevant companies remain in the database of the CAC. The commission added that previously delisted companies could still reapply.

We have succeeded in cleaning up our registration records by delisting at least 40,000 registered companies from our system between October 2017 and October 2019. The exercise is aimed at ensuring that only names of performing companies remain in our database, companies involved could as well re-apply subsequently if they so desire,” the commission said.

CAC, Lady Azuka Azinge

Reeling out their performances, Azinge stated that the commission paid N1 billion outstanding salary arrears due to a 9% increment in 2013. It also paid over N400 million pension arrears which had lingered for over two years, according to the Acting Registrar-General.

She said, “The management has successfully implemented the Business Incentive Strategy (BIS) under which cost of registration of business was reduced by 50 per cent to enable Micro, Small and Medium Enterprises (MSMEs) formalise their business. As we speak today, a total of 244,428 business names have been registered in the last two years.”

Azinge noted that the Commission had completely decentralized its operations in all the states of the federation, to assist customers to pick up certificates of incorporation at any location of their choice.

We have full closure of manual registration nationwide and deployment of online real time pre-registration services to all state offices through the company registration portal (CRP), to enable reorganisation of departments and state offices for efficient service delivery.”

She also said the Commission was committed to ensuring the quick passage of the Companies and Allied Matters Acts (CAMA) Amendment Bill 2019 by the National Assembly, adding that the bill is presently awaiting the assent of the President

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