CAC Commences Striking Off Companies Over Non-Compliance With CAMA 2020; Says It Can Only Be Restored Through Court Orders
The Corporate Affairs Commission (CAC) has officially begun the process of striking off companies that have failed to comply with the provisions of the Companies and Allied Matters Act (CAMA) 2020 from its register.
In a notice released to the public on July 31st, 2023, the Commission stated that it had commenced the striking off process for companies that did not meet the requirements set forth in CAMA 2020.
The notice further clarified that the list of affected companies has been published on the Commission’s website, urging both companies and the general public to check the website for the names of the affected entities.
The Commission emphasized that any company failing to comply with the provisions of CAMA 2020, particularly those failing to file their annual returns within 90 days of publication on the Commission’s website, would be struck off the Register.
Moreover, the notice also informed the public that companies struck off the Register would be prohibited from carrying on business until they are formally restored by an order from the Federal High Court. Compliance with the restoration process is necessary for any struck-off company to resume its business activities.
The notice serves as a reminder to companies to fulfill their obligations under CAMA 2020 and align with the regulatory framework to maintain their active status with the Commission.
The issuance of the notice by the CAC is in accordance with section 692 (3) and (4) of CAMA 2020.
