The Corporate Affairs Commission (CAC) has announced its decision to remove 100,000 registered companies from its database due to their failure to file annual returns.

Alhaji Garba Abubakar, the Registrar-General and Chief Executive Officer of CAC, made this disclosure during a training session on the ‘Use of the beneficial ownership register’ in Lagos.

He emphasized that the enforcement action is in line with Section 692 of the CAMA, 2020, and that the affected companies will be notified before being struck off the register.

Abubakar clarified that these companies have the opportunity to be relisted after settling their outstanding debts and obtaining a court order, as stipulated by the law.

He urged companies to ensure timely payment of their annual returns to avoid being struck off.

The training also introduced Africa’s first Beneficial Ownership Register, developed by CAC with the support of the World Bank.

Abubakar highlighted its importance in combating corruption, money laundering, and terrorism financing.

Stakeholders, including investigating agencies, legal practitioners, journalists, and civil society organizations, were encouraged to utilize the register effectively in fulfilling their responsibilities.