CAC to delist 10,000 dormant business names, incorporated trustees

The Corporate Affairs Commission (CAC) has revealed plans to delist 10,000 dormant business names and incorporated trustees.

The Registrar General/CEO of CAC, Alhaji Garba Abubakar made this disclosure when he received a delegation of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN).

Alhaji Garba Abubakar, while responding to some concerns about the Commission’s striking off policy, maintained that the idea was not conceived to generate funds for the Commission but rather to engender compliance, strengthen its records in line with the Beneficial Ownership Register (BOR), and conform with international best practises.

The Registrar-General explained that companies that have already been earmarked for striking off were expected to comply within 90 days; failure to do so will lead to eventual delisting.

Garba Abubakar therefore revealed that about 100,000 business names and 10,000 incorporated trustees who have defaulted in the last 10 years would soon be published for striking off from the register in accordance with the provisions of Section 692 of the Companies and Allied Matters Act, CAMA 2020.

Speaking on behalf of the delegation of ICSAN, the ICSAN President, Funmi Ekundayo noted with delight that CAC’s reform initiatives led to improved service delivery.

Ekundayo stressed that ICSAN was at the commission to, among others, appreciate its achievements under the leadership of Alhaji Garba Abubakar.

She therefore said that, as a stakeholder, the Institute was ready to collaborate and partner with the commission on ways to further enhance service delivery for the benefit of the economy.