Categories: News

BREAKING: CAC Deletes 100,000 Companies From Database

CAC has announced plans to delete 100,000 companies from its database.

 

CityNews Nigeria reports that the Corporate Affairs Commission (CAC) has said it would soon delete a total of 100,000 registered companies from its database.  

Advertisement

This Nigeria News platform understands that the Registrar-General/CEO of the CAC, Alhaji Garba Abubakar, revealed this in Lagos while speaking at a Training Workshop on the Use of the Beneficial Ownership Register (BOR).

Advertisement

 

Advertisement

According to him, the companies to be deleted have failed to file annual returns in the last ten years, hence due to be struck off its register. 

 

Advertisement

Abubakar said that the Commission would soon send notices of striking off to the affected companies before embarking on the action as enshrined in section 692 of the CAMA, 2020.

 

Advertisement

He explained that the companies are, however, entitled to be relisted upon payment of their outstanding debts and an order of a court, as provided by the law.  

 

Advertisement

He, therefore, advised companies to ensure timely payment of their annual return to avoid being struck off. 

BOR as an anti-corruption tool

Speaking on Africa’s first Beneficial Ownership Register, built by the CAC with the support and assistance of the World Bank, the Registrar General stressed that it would go a long way in curbing corruption, money laundering, and terrorism financing. 

Advertisement

He explained that the platform, launched in May this year, was to make it easy to search for information on Persons with Significant Control, PSC. 

  • “The portal as an automated platform is where records of PSC collated by CAC are stored and accessible both to the general public and for government use. This platform offers a search function and information on persons with significant control by the international standard of beneficiary ownership data standards (BODS) under the guidance of the World Bank.
  • “It also provides an Enterprise Service Bus, ESB, gateway for data exchange by BODS in the required format. “The BOR Portal will enable users to find the Person with Significant Control, PSC, of any entity when a search is initiated with either of the following parameters: entity’s name, entity’s number, PSC first name, and PSC surname,” he said.

He enjoined stakeholders, especially investigating agencies, legal practitioners, journalists, and civil society organizations, to utilize the BOR in discharging their responsibilities. 

In his remark at the event, the Chairman of the Nigerian Bar Association Section on Business Law, NBA-SBL, Dr. Adeyeye Adefulu, commended the CAC for recording yet another important milestone in its history.

Advertisement

 

Adefulu said that the NBA-SBL would sustain its existing cordial relationship with the Commission and charged members to make good use of the knowledge acquired at the training for the benefit of the Nigerian economy. 

Advertisement

 

Also speaking, the President of the Association of Bureau De Change Operators of Nigeria (ABDCON)Aminu Gwadabeunderscored the importance of the BOR in the fight against money laundering and terrorism financing.

Advertisement

While highlighting some of the dangers associated with money laundering and terrorism financing, Gwadabe advised professionals to apply due diligence while dealing with their clients. 

Advertisement
citynews

Recent Posts

Digital Transformation: Maida, Kekere-Ekun Speak At NCC’s Annual Workshop for Judges in Lagos

Welcome Address Delivered at the 2024 Edition of the Judges Workshop at Sheraton Hotel Ikeja,…

1 hour ago

Breaking: House Of Reps Finance Committee Visits FIRS

The House of Representatives Finance Committee has paid a working visit to the headquarters of…

3 hours ago

BREAKING: Tinubu govt drops treason charges against EndBadGovernance protesters

  The Federal High Court in Abuja has dismissed the treason charges brought against the…

7 hours ago

#USRoadToWhiteHouse2024: Trump-Harris polls remain tied in battleground states…

What to know about the end of the #USElection2024 campaign The most recent polling analysis…

7 hours ago

#USElection2024 Live Updates: Trump Vs Harris…Latest Results…Latest Polls

#US election 2024 Live Updates:  What you need to know about USelection2024 latest polls •…

7 hours ago

Prince Harry and Meghan Markle pursue separate projects

A royal commentator suggests that Prince Harry and Meghan Markle are taking separate paths in…

9 hours ago