STRIKING OFF OF COMPANIES FROM THE REGISTER BY THE CORPORATE AFFAIRS COMMISSION
On the 31st of July 2023, the Corporate Affairs Commission (CAC) issued a public notice on the striking-off of companies non-compliant with the provisions of the Companies and Allied Matters Act 2020 from the register of companies. The power of the CAC to strike off companies from the register is derived from Section 692 of the Companies and Allied Matters Act 2020 and can be exercised without any formal request from the defunct companies.
The Commission had published names of companies to be struck off on its website and a majority of these companies were incorporated between 1976-1991.
It is important to note that the restoration of a company to the register of companies shall be by an order of the Federal High Court.
The affected companies are advised to file up-to-date annual returns within 90 days from the date of publication on the Commission’s website, following which the striking-off process would commence.