CAC delists 44,000 companies from database

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Registrar General, Coporate Affairs Commission Mahmoud Bello

The Registrar General of the Corporate Affairs Commission (CAC), Bello Mahmud, said about Forty-four thousand (44,000) companies have so far been delisted from the Commission’s database.

Mahmud who made the disclosure in Abuja while fielding question from journalists, added about 1.5 million companies have been registered as July this year.

He said the development was sequel to several breaches of the Companies and other 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 percent. 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.

Mahmud noted that “unfortunately, these companies are “briefcase” companies because when you check on the addresses given, you won’t find them. We are still compiling the list and before the end of this year you will see more delisted companies”, he said.

He also stated that about 1.5 million firms have so far been registered by the commission.

Speaking on the clampdown on touts and illegal use of business names, the CAC boss said touts are no more in the premises of the commission “because if you can do it yourself you don’t even need to hire a lawyer and that is part of what the government has told us to do. If you want to register your company now, you can do it yourself”, he said.

“Just go to our portal and create an account for yourself. If you cannot do it on your own, then contact a lawyer, chartered Secretary or an Accountant. And these people can file documents on your behalf. Only these categories can access our portal and your very self. Touts have been completely eliminated”, he disclosed.

He said as part of efforts by the government in instituting the Ease of Doing Business, the commission has reduced filing fees to make it easier for people.

“For anybody registering a company of one million to half a million, we have reduced such fees by fifty percent. And from five million to any amount we have reduced them by 25 percent to encourage Ease of Doing Business”, he said.

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