The Corporate Affairs Commission (CAC) has clarified that its recently announced plan to delist companies that have been consistently failing to file tax returns is not primarily aimed at generating funds for the corporation. The move, which aims to enhance compliance and strengthen records, aligns with the provisions of the Companies and Allied Matters Act (2020), according to the CAC’s Registrar-General/Chief Executive Officer, Alhaji Garba Abubakar.

In a press statement made during a visit from the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), Abubakar explained that around 100,000 business names and 10,000 incorporated trustees that have been in default over the past decade will soon be published for removal from the companies register. He emphasized that this initiative encourages compliance and aligns with international best practices, particularly concerning the Beneficial Ownership Register.

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