The Corporate Affairs Commission (CAC) has announced plans to delist 100,000 dormant companies from its register over prolonged inactivity and failure to meet statutory obligations under the Companies and Allied Matters Act (CAMA) 2020.

In a public notice, the Commission explained that the move is part of efforts to sanitise Nigeria’s corporate registry and align with anti-money laundering regulations by enhancing transparency in company ownership and governance.

According to the notice, the affected companies have either failed to file annual returns for at least 10 years, are not actively engaged in business, or have not disclosed their Persons with Significant Control (PSC), as required by law.

The CAC has issued a 90-day ultimatum, effective from the date of publication, for these companies to regularise their compliance status. Companies must file all outstanding annual returns and send activation requests to activation@cac.gov.ng.

The Commission warned that any company struck off the register will be deemed dissolved and may not legally carry on business unless reinstated by a Federal High Court order.

This is not the first time such action has been taken. A similar notice was issued in July last year, resulting in mass delistings by November.

The CAC invoked its powers under Section 692(4) of CAMA 2020, stating that non-compliant companies will be deemed dissolved from the publication date. It also warned the public against engaging in business with any company that has been struck off.

“It is unlawful to conduct transactions with a company that has been delisted,” the Commission stressed, adding that the public should verify the legal status of companies before entering into business dealings.