About 44,000 companies have so far been delisted from the database of the Corporate Affairs Commission, CAC, while 1.5 million companies have been registered, the Economic Confidential has reported.
The Registrar General of the CAC, Bello Mahmud disclosed at an interview with the Economic Confidential in Abuja that:
- The development was sequel to several breaches of the Companies and other Matters Act, CAMA, and other extant regulations of the commission, notably, late and outright refusal to file returns.
- So far, there is an improvement and a current ratio of 45 percent.
- On discovering that a company is not a going concern, the law establishing it gives CAC the power to delist it from its database.
- Usually, a first, second and third letter is written to these companies, if there’s no reply, they are delisted from CAC’s database.
- So far, the first batch of delisted companies are about nine thousand (9,000).
- The second batch would be about thirty-five (35,000), totalling 44,000 delisted firms.
- Some of these companies are “briefcase” companies with no given addresses.
- List compilation is still ongoing and before the end of this year, there would be more delisted companies.
On ease of company registration, Mahmud said:
- The clampdown on touts and illegal use of business names has been completely eliminated as people do not even need to hire a lawyer.
- You can now register your company by yourself by visiting the and creating an account for yourself.
- For those who would rather have other people register it for them, they contact a lawyer, chartered Secretary or an Accountant. And these people can file documents on their behalf.
- As part of efforts by the government in instituting the Ease of Doing Business, the commission has reduced filing fees to make it easier for people.
- For anyone registering a company of one million to half a million, fees have been reduced by fifty per cent. And from five million to any amount, fees have been reduced by 25 per cent to encourage Ease of Doing Business.
- Nigerians in the diaspora can register in both United States and United Kingdom without necessarily coming to Nigeria.
- On request, an online Certified True Copy(CTC) can be made available to you.
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