“CAC’s Delisting of Defaulting Companies Not for Revenue Generation, Says Registrar-General
The Corporate Affairs Commission (CAC) has clarified that its decision to delist registered companies for failure to file tax returns is not intended to generate revenue for the organization.
Alhaji Garba Abubakar, the Registrar-General/Chief Executive Officer of CAC, announced that around 100,000 business names and 10,000 incorporated trustees that have not complied with tax return filings in the past decade will soon be published for striking off from the companies register.
This move is in accordance with the provisions of the Companies and Allied Matters Act (2020). Abubakar mentioned that companies targeted for striking off have a 90-day window to comply; otherwise, they will face delisting.
Abubakar further explained that the initiative aims to encourage compliance and improve CAC’s records. It is aligned with the Beneficial Ownership Register and international best practices.
During a courtesy visit, Mrs. Funmi Ekundayo, President of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), expressed the institute’s readiness to collaborate with CAC to enhance service delivery. Ekundayo praised CAC’s reform efforts and acknowledged the progress achieved under Alhaji Abubakar’s leadership.
“We appreciate the achievements already recorded under the leadership of Alhaji Abubakar. As a stakeholder, the institute is ready to collaborate and partner with the CAC on ways to further enhance service delivery for the benefit of the economy,” she stated.”
