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CAC threatens to delist companies over failure to file annual returns

An annual return is a mandatory requirement every enterprise or incorporated trustees must file yearly.

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Corporate Affairs Commission

If you have an incorporated entity in Nigeria and have been unable to file your annual returns, the Corporate Affairs Commission, CAC may remove your company from its register.

Head, Public Affairs, CAC, Mr Moses Adaguusu, who made the call in Abuja while speaking to the News Agency of Nigeria, NAN, noted that the call became necessary in view of the need to keep the commission abreast of such companies that were still in operation or otherwise.

An annual return is a mandatory requirement every enterprise or incorporated trustees must file yearly by delivering to CAC a return in the prescribed form containing specified matters related to the organisation in accordance with Companies and Allied Matters Act (CAMA).

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“A very vital importance is that filing of the annual return by a company helps to simply keep the commission abreast that such company is still actively in operation and still engaging in business activities or otherwise,” Adaguusu said.

Adaguusi, who emphasised that the enforcement and monitoring department of the commission would intensify efforts to ensure compliance, however, urged firms to embrace voluntary compliance.

According to him, although we go out on enforcement, we are not going like task force because the economy is difficult, saying: “We want companies to embrace voluntary compliance so that there won’t be penalties. Penalties run into millions of naira and that is enough to close a company.”

He expressed concern that rather than comply with filing annual returns to the CAC, some companies seek for waiver on penalties.

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