The Corporate Affairs Commission (CAC) has announced its intention to delist 100,000 registered companies from its database due to their failure to file annual returns.

The Registrar-General and Chief Executive Officer of CAC, Alhaji Garba Abubakar, disclosed this during a training session on the 'Use of the beneficial ownership register' in Lagos.

Abubakar said that the commission is intensifying its enforcement efforts, and the affected companies that have not filed annual returns in the last decade will be struck off from the register. However, before taking action, the commission will send notices of striking off to the companies, as stipulated in section 692 of the CAMA, 2020.

He further clarified that the delisted companies have the opportunity to be relisted upon payment of their outstanding debts and an order from the court, as provided by the law. Abubakar urged companies to ensure timely payment of their annual returns to avoid being struck off from the CAC register.

During the same event, the CAC's Registrar-General highlighted the significance of Africa's first Beneficial Ownership Register (BOR), built with the support of the World Bank. He stressed that the BOR would play a crucial role in combating corruption, money laundering, and terrorism financing.

Various stakeholders, including investigating agencies, legal practitioners, journalists, and civil society organizations, were encouraged to utilize the BOR to fulfill their respective responsibilities.

The Nigerian Bar Association Section on Business Law (NBA-SBL) and the Association of Bureau De Change Operators of Nigeria also commended the CAC for this important milestone in its history and acknowledged the vital role of the BOR in the fight against financial crimes.