In a stunning move, the Corporate Affairs Commission (CAC) has issued a stern warning to 100,000 companies that have neglected to file their annual returns over the past decade.
The Registrar-General of the CAC, Alhaji Garba Abubakar, delivered this ultimatum during a Training Workshop on the Use of the Beneficial Ownership Register (BOR) held in Lagos.
According to Abubakar, the Commission will soon be dispatching notices of striking off to these companies, taking action as permitted under section 692 of the CAMA,2020.
However, he did offer a glimmer of hope, stating that these companies could potentially be reinstated if they settle their outstanding debts and obtain a court order, as stipulated by the law.
To avoid such drastic measures, Abubakar urged all companies to promptly make their annual return payments.
This step would ensure they remain in the Commission’s good books and retain their business status.
On another note, the BOR, a creation of the CAC with support from the World Bank, is set to play a crucial role in tackling corruption, money laundering, and terrorism financing.
Abubakar emphasized the importance of this register and called on various stakeholders, including investigative agencies, legal practitioners, journalists, and civil society organizations, to utilize it effectively in their respective roles.
The Chairman of the Nigerian Bar Association Section on Business Law (NBA-SBL), Dr. Adeyeye Adefulu, was quick to laud the CAC’s latest milestone.
The NBA-SBL has pledged to maintain its strong relationship with the Commission and encouraged members to capitalize on the knowledge gained from the training for the betterment of Nigeria’s economy.
Aminu Gwadabe, President of the Association of Bureau De Change Operators of Nigeria (ABDCON), echoed the sentiment, stressing the BOR’s significance in the ongoing fight against money laundering and terrorism financing.
Gwadabe urged professionals to exercise utmost due diligence when dealing with their clients.
The event also saw representatives from esteemed institutions like the Special Control Unit against Money Laundering (SCUML), the Nigeria Financial Intelligence Unit (NFIU), and the Securities and Exchange Commission (SEC) in attendance, underscoring the importance of the matter at hand.
