The Corporate Affairs Commission (CAC) has announced plans to delist one hundred thousand companies from its register over non-compliance issues.

According to the government agency, the compiled list includes companies that have failed to file annual returns for the last ten years.

The announcement on its website, says that in addition to not filing returns, the companies have not complied with several other provisions of the Companies and Allied Matters Act (CAMA), for a consecutive 10-year period.

90-day period to reactivate status

The statement further stated that those who wish to continue operations have 90 days to reactivate their status with the commission.

It reads in part; "The affected companies are advised to activate their status by filing the requisite annual returns with details of Persons with Significant Control and sending activation emails to activation@cac.gov.ng (where applicable) within 90 days of this publication to avoid being struck off."

The inactive companies must also cease all corporate transactions until their status is reactivated and restored to the CAC register by a Federal High Court order.

CAC Mandates POS Operators to Register

In related news, Legit.ng reported that the CAC was set to take action against Point of Sale (PoS) operators who refused to register their businesses.

This move came after the expiration of the earlier announced registration deadline - September 6, 2024.

CAC said in its statement that businesses that failed to formalise their dealings with the agency would be regarded as perpetrating unwholesome practices and warned all operators to comply. It added that the commission was working with law enforcement agencies to enforce registrations.