Nigeria\’s Corporate Affairs Commission (CAC) has announced its de-listing of 38,000 firms from its register of companies. According to the CAC, this action was informed by the failure of the relevant companies to file their annual returns and having received no response from the companies, after the CAC had written them for confirmation of their continued operation. According to the CAC, it has gazetted the names of the 38,000 firms. We are in the process of obtaining the gazette and we will share it with you when we do. Please note that a firm that has been de-listed can, within 20 years, apply to the Federal High Court (the Court) for an order restoring it back to the CAC\’s register of companies. Such an application must be on the ground that as at the date of the CAC\’s action of striking out the firm, it was still in operation or that, it is just for the Court to restore the firm to the CAC\’s register.
Earlier, the CAC issued a new Form CAC 1.1 – Application for Registration of Company (attached). Effectively, the new Form CAC 1.1 consolidated the earlier Forms CAC 2, 2.1, 3.4 and 7. As obtained from the CAC\’s website, usage of theForm CAC 1.1 takes immediate effect.
For further information on the foregoing, please be free to send a return email to ao2alert@ao2law.com with the subject – Regulatory Compliance Alert: CAC. Compliance Alert: CAC De-lists Firms and Issues New Incorporation Form.
