In response to the Companies and Allied Matters Act 2020, the Corporate Affairs Commission (CAC) has recently taken action to strike off companies that have failed to meet the Act’s provisions. This decision comes as the CAC faces the challenge of dealing with non-compliant entities amid a regulatory push for greater transparency and adherence to legal requirements.
The CAC has made public its intent to strike off the names of non-compliant companies from the Register, with the list of affected companies being made available on the Commission’s official website. To avoid being struck off the Register, companies are urgently advised to review the website and ensure that they are in compliance with the Act’s provisions.
In particular, the affected companies have been given a critical deadline of 90 days from the publication date on the Commission’s website to update and file their annual returns. Failure to do so within this timeframe will result in their names being formally struck off the Register.
It is essential for the general public and businesses to be aware that any company struck off the Register will be prohibited from conducting any business activities until it has been officially restored to the Register through an order from the Federal High Court.
This notice is in accordance with the guidelines set forth in Section 692 (3) and (4) of the Companies and Allied Matters Act 2020. The CAC emphasizes that compliance with these regulations is of utmost importance to maintain a fair and accountable business environment.
Companies and the general public are urged to take immediate action and review the CAC’s website to ensure their compliance and avoid potential repercussions. Stay tuned for further updates as the situation unfolds.
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