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CAC delists 44,000 firms from database

About 44,000 companies have so far been delisted from the database of the Corporate Affairs Commission (CAC), while 1.5 million companies have been registered, the Economic Confidential has reported.
The Registrar General of the CAC, Bello Mahmud, who disclosed this in an interview with the Economic Confidential in Abuja, said the development was sequel to several breaches of the Companies and Allied Matters Act (CAMA) and other extant regulations of the commission, notably, late and outright refusal to file returns.
“So far there is an improvement and a current ratio of 45 per cent. We are still checking on company records, especially in terms of compliance for those who have not been filing. If we discover you are not a going concern, the law establishing us gives us the power to delist from our database.” he said.
“If we discover and write you first, second and third letter without reply, we now deem it that you are not a going concern and we delist you from our database.
So far, the first batch we delisted were about nine thousand (9000) And in the second batch about thirty-five (35,000) totalling 44,000 firms delisted from our database and is still ongoing”, he said.

 

 

This post was syndicated from The Sun News. Click here to read the full text on the original website.

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