One hundred thousand registered companies would be deleted from the federal government’s database, according to plans.
This information was recently made public by Garba Abubakar, the Corporate Affairs Commission’s Register General, at a workshop on the “Use of the Beneficial Owners Register” in Lagos.
He said that because the companies hadn’t submitted yearly returns in the previous ten years, they will be delisted.
However, he stated that the firms and Allied Matters Act of 2020’s requirements will be followed and the firms would be relisted following settlement of their outstanding obligations and a court ruling.
“CAC steps up enforcement of 100,000 companies to go off its register for failure to file an annual return,” he said.
He clarified that, in accordance with the legislation, the companies were allowed to be relisted following the discharge of their outstanding obligations and a court ruling.
Abubakar warned businesses to make sure they paid their annual returns on time to avoid being expelled.
The registrar general discussed Africa’s first Beneficial Ownership Register, which the CAC created with the help of the World Bank. He said that it would significantly reduce corruption, money laundering, and terrorism financing.
He urged all parties to use the BOR in doing out their duties, particularly investigating agencies, attorneys, journalists, and civil society organizations.
In his remarks, Dr. Adeyeye Adefulu, Chairman of the Nigerian Bar Association Section on Business Law, NBA-SBL, praised the CAC for reaching yet another significant turning point in its history.
NBA-SBL will maintain its current friendly relationship with the commission, according to Adefulu. He urged participants to put their newfound knowledge to good use for the growth of the Nigerian economy.
Aminu Gwadabe, president of the Nigerian Association of Bureau De Change Operators, also spoke and emphasized the significance of the BOR in the battle against money laundering and terrorism financing.
Gwadabe recommended professionals to exercise caution while working with their clients after highlighting some of the risks connected to money laundering and terrorism financing.