About 100,000 companies risk being struck off Nigeria’s corporate register after the Corporate Affairs Commission (CAC) launched another nationwide enforcement exercise targeting firms that have failed to meet statutory filing obligations.
The affected companies have been given 90 days to regularise their records by filing outstanding annual returns and submitting information on their Persons with Significant Control (PSC), commonly referred to as beneficial ownership information, or face removal from the register.
The commission announced the exercise in a public notice issued on Thursday, saying the enforcement is being carried out under Sections 692(3) and 692(4) of the Companies and Allied Matters Act (CAMA), 2020.
According to the CAC, the names of the affected companies have already been published on its official website, while businesses that comply within the stipulated period are required to forward evidence of compliance through the commission’s designated email address.
The commission warned that companies that ignore the directive will be struck off the register without further notice.
“The affected companies are hereby advised to take steps to file all outstanding Annual Returns (and, by extension, Persons with Significant Control/Beneficial Ownership information) and regularise their records within ninety (90) days of this notice,” the commission said.
It added that failure to comply within the deadline would result in the companies being removed from the register.
The latest exercise marks another phase of the CAC’s effort to clean up Nigeria’s corporate register by eliminating dormant and persistently non-compliant companies.
Annual returns are a statutory requirement under CAMA and enable the commission to determine whether registered companies remain active and compliant with corporate governance obligations. The beneficial ownership requirement, introduced under the 2020 Act, is aimed at improving transparency by identifying the individuals who ultimately own or control corporate entities.
A company struck off the register loses its legal status as a registered entity, making it unable to lawfully conduct business, enter into contracts or access certain financial and regulatory services until its status is restored in accordance with the law.
The enforcement comes amid broader efforts by regulators to strengthen corporate governance, improve the integrity of Nigeria’s business registry and align the country’s corporate disclosure framework with international standards on anti-money laundering and beneficial ownership transparency.
