44,000 Companies Dissolved by CAC - Registrar General
Tue Aug 15, 2017 11:18:am Business
3.2K By Abdulkerimu Oare
- 44,000 companies delisted from CAC database.
- Most of these companies failed to file returns even after several notification letters from CAC.
The Corporate Affairs Commission (CAC) has recently delisted at least 44,000 companies from its database for various reasons most especially failure to file in annual returns.
The agency has also registered around 1.5 million companies.
These disclosures were recently made known by the Registrar General of the CAC, Bello Mahmud through a chat with Journalists.
Mahmud said "So far there is an improvement and a current ratio of 45 per cent. We are still checking on company records, especially in terms of compliance for those who have not been filing.
"If we discover you are not a going concern, the law establishing us gives us the power to delist from our database.
"If we discover and write you first, second and third letter without reply, we now deem it that you are not a going concern and we delist you from our database.
"So far, the first batch we delisted were about nine thousand (9000) And in the second batch about thirty-five (35,000) totalling 44,000 firms delisted from our database and is still ongoing", he said
- Most of these companies failed to file returns even after several notification letters from CAC.
The Corporate Affairs Commission (CAC) has recently delisted at least 44,000 companies from its database for various reasons most especially failure to file in annual returns.
The agency has also registered around 1.5 million companies.
These disclosures were recently made known by the Registrar General of the CAC, Bello Mahmud through a chat with Journalists.
Mahmud said "So far there is an improvement and a current ratio of 45 per cent. We are still checking on company records, especially in terms of compliance for those who have not been filing.
"If we discover you are not a going concern, the law establishing us gives us the power to delist from our database.
"If we discover and write you first, second and third letter without reply, we now deem it that you are not a going concern and we delist you from our database.
"So far, the first batch we delisted were about nine thousand (9000) And in the second batch about thirty-five (35,000) totalling 44,000 firms delisted from our database and is still ongoing", he said
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