VAM News Update

THE federal government has revealed plans to remove 100,000 registered companies from its database.

The Register General of the Corporate Affairs Commission, Garba Abubakar disclosed this recently during a training on the ‘Use of the Beneficial Owners Register’ in Lagos.

He explained that the companies would be delisted due to failure to file annual returns in the last ten years.

He, however, said the companies would be relisted after payment of their outstanding debts and order of a court as required by the Companies and Allied Matters Act, 2020.

“CAC steps up enforcement of 100,000 companies to go off its register for failure to file an annual return,” he stated.