The Corporate Affairs Commission (CAC) has announced its intention to strike off one hundred thousand companies that have neglected to file annual returns over the past decade. The Registrar-General of the CAC, Alhaji Garba Abubakar, made this statement during a Training Workshop on the Use of the Beneficial Ownership Register (BOR) in Lagos.
Abubakar clarified that the Commission will first issue notices of striking off to the affected companies, in accordance with Section 692 of the CAMA, 2020, before taking action. Under the law, companies have the chance to regain their status on the list by paying off their debts and obtaining a court order. He urged companies to ensure timely payment of their annual returns to avoid being struck off.
Regarding the BOR, Abubakar highlighted that CAC developed it with the support and assistance of the World Bank. He emphasized that this register will play a crucial role in combating corruption, money laundering, and terrorism financing. As a result, he encouraged stakeholders, including investigating agencies, legal practitioners, journalists, and civil society organizations, to utilize the BOR in fulfilling their responsibilities.
Dr. Adeyeye Adefulu, Chairman of the Nigerian Bar Association Section on Business Law (NBA-SBL), praised CAC for reaching an important milestone in its history and assured the NBA-SBL’s continued cooperation with the Commission. He urged members to apply the knowledge gained at the training for the benefit of the Nigerian economy.
Aminu Gwadabe, President of the Association of Bureau De Change Operators of Nigeria (ABDCON), emphasized the significance of the BOR in the fight against money laundering and terrorism financing. He advised professionals to exercise due diligence while dealing with their clients.
Representatives from the Special Control Unit against Money Laundering (SCUML), the Nigeria Financial Intelligence Unit (NFIU), and the Securities and Exchange Commission (SEC) attended the event, according to a report by the News Agency of Nigeria (NAN).