THE NEWSGHOST, NIGERIA – Nigeria’s Corporate Affairs Commission (CAC) has delisted 44,000 Nigerian companies from its register, a recent report reveals.
Bello Mahmud, the Registrar General of CAC, revealed this in an interview with journalists in Abuja.
Mahmud explained that the companies were delisted due to several breaches of the Company and Allied Matters Act (CAMA) and other extant regulations of the commission, particularly late and outright refusal to file returns.
‘If we discover you are not a going concern, the law establishing us gives us the power to delist from our database.
‘If we discover and write you first, second and third letter without reply, we now deem it that you are not a going concern and we delist you from our database.
‘So far, the first batch we delisted were about nine thousand (9000) And in the second batch about thirty-five (35,000) totalling 44,000 firms delisted from our database and is still ongoing.’
Mahmud described these companies as ‘briefcase companies’ because when you check the addresses they have given, you would not find them.
So far, about 1.5 million firms have been registered by the commission, Mahmud said.