CAC issues 90-day ultimatum to 100,000 companies over non-compliance

The Corporate Affairs Commission, CAC, has issued a 90-day deadline to 100,000 companies to regularise their status or risk being delisted from its register.

The Commission said the affected companies have either remained inactive for at least ten years or failed to meet key regulatory obligations under the Companies and Allied Matters Act, CAMA, 2020.

CAC also in the notice to the affected companies said they failed to file their annual returns and in disclosure of Persons with Significant Control, PSC.

According to the commission, the move is part of efforts to clean up the corporate registry, improve compliance, and align with international standards on anti-money laundering and corporate transparency.

CAC further advised the affected companies to file all outstanding annual returns and, where necessary, send activation emails to to CAC website within the 90-day grace period.

CAC issues 90-day ultimatum to 100,000 companies over non-compliance