REGISTRAR-General of Corporate Affairs Commission CAC, Mr. Garba Abubakar, has said that the implementation of Companies and Allied Matters Act CAMA 2020 has revealed how alot of companies in Nigeria are inactive.

Abubakar who stated this during an interactive session with members of the Commerce and Industry Correspondents Association of Nigeria CICAN, at the weekend in Abuja, noted that any company that has not been filing its financial returns within a specified time is classified as inactive.

The CAC boss explained that they have ensured compliance with the new law.

According to him, “various initiatives been embarked upon to reposition the Commission to be a world class registry and in line with Ease of Doing Business of the federal government.

He said any company that has not been filing its financial returns within a specified time is classified as inactive.

He also noted that they have re-classified many companies as being inactive because they have not been filing their returns.”

On the implementation of Companies and Allied Matters Act (CAMA 2020), Abubakar said that many limited liability companies have been declared as inactive for their failure to submit their audited financial returns or transactions.

According to him, the implementation of CAMA 2020 has begun in earnest, adding that the Act was gazetted by the National Assembly in November 2020.

He however, noted that the total number of companies declared as inactive was not revealed, he pointed out that the status of such affected companies has been posted on the Commission’s website.

He said any company that has not been filing its financial returns within a specified time is classified as inactive.

He also noted that they have re-classified many companies as being inactive because they have not been filing their returns.”

You can’t delist until after 10 years. The only innovation in the new law is any company that has not carried out business or does not have existing obligation can approach CAC to be delisted,” he said.


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