The Corporate Affairs Commission (CAC) has issued a 90-day ultimatum to 100,000 companies to regularise their operations or face removal from its official register.

 

According to the commission, these companies have either been inactive for over ten years or failed to comply with key regulatory requirements under the Companies and Allied Matters Act (CAMA) 2020, including the filing of annual returns and the disclosure of Persons with Significant Control (PSC).

 

The CAC explained that this clean-up exercise is aimed at enhancing corporate transparency, curbing financial crimes, and aligning Nigeria with global anti-money laundering standards.

 

Affected companies are advised to file all outstanding annual returns and, if needed, send activation emails through the CAC website within the 90-day window.