CAC To Delist Companies Dormant For 10 Years

The Corporate Affairs Commission (CAC) has announced plans to delist companies that have not filed their annual reports for a decade.

In a statement released on Wednesday, the Commission stated that it will strike off the names of defunct or dormant companies from its register, citing powers granted by Section 692 (3) (4) of the Companies and Allied Matters Act No. 3 of 2020.

The affected companies have been given a 90-day ultimatum to file all outstanding annual returns to avoid being delisted.

The full list of dormant companies is available on the Commission’s website.

The Commission warned that it is illegal to continue doing business with delisted a company,as it isonsidered dissolved.

Affected companies are urged to take immediate action to avoid being struck off the register.