The Corporate Affairs Commission on Tuesday said it had de-registered the names of over 38,000 companies from its register for failing to file annual returns to the commission.
The Registrar-General, CAC, Mr Bello Mahmud, stated this while speaking during a chat with journalists in Abuja.
He said that the delisting of the companies have been gazetted by the commission, adding that only the court can give an order for the companies to be readmitted into the register of the commission.
By delisting of these companies by the CAC, it implies that such companies are no longer registered entities in Nigeria and as such not recognised by law.
Bello said that some of the companies that were delisted may have not been liquidated, adding that based on the provisions of the law, the companies have up to 20 years to reapply for re-registration.
He said, “The laws says that if the commission has reasonable cause that the company is not carrying on business while in operation, then it has to enquire from that company and if no response is received within three months, the commission can proceed to strike off the name of the registered company.
“We have just gazetted a little above 38,000 companies and those companies have been struck off from the register.
“But by striking off, it doesnt mean the companies have been dissolved. The companies have been more or less suspended and they cannot go back to business unless they obtain an order of court to re-list. The law gives them a window of 20 years within which they can apply for re-list.”