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The Company Affairs Fee, CAC not too long ago introduced plans to delist 100,000 registered firms from its database.
Talking throughout a coaching on ‘Use of the useful possession register’, in Lagos, the Registrar-Common and Chief Government Officer, CAC, Alhaji Garba Abubakar stated, “CAC steps up enforcement of 100,000 firms to go off its register for failure to file an annual return.”
In line with him, 100,000 firms that didn’t file annual returns within the final 10 years have been attributable to be struck off by the Company Affairs Fee.
Abubakar additionally famous that CAC would ship discover of hanging off to the affected firms earlier than embarking on the motion as enshrined in part 692 of the CAMA, 2020.
What delisted firms can do
Abubakar additionally defined that the businesses might be relisted after cost of their excellent money owed and order of a court docket, as offered by the legislation.
He additional suggested these companies to make sure well timed cost of their annual returns to keep away from being struck off.
CAC’s function in curbing corruption
The registrar basic additionally famous that Africa’s first Useful Possession Register, constructed by the CAC with the assist and help of the World Financial institution, would go a good distance in curbing corruption, cash laundering, and terrorism financing.
Abubakar urged stakeholders, particularly, investigating companies, authorized practitioners, journalists, and civil society organisations, to utilise the BOR in discharging their tasks.
Additionally talking, the Chairman of the Nigerian Bar Affiliation Part on Enterprise Legislation, NBA-SBL, Dr Adeyeye Adefulu, applauded the CAC for recording one other vital milestone in its historical past.
Pledging that NBA-SBL would maintain its current cordial relationship with the fee, Adefulu charged members to make good use of the data acquired on the coaching for the good thing about the Nigerian economic system.
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