In a move aimed at promoting transparency and accountability in the Nigerian business landscape, the Corporate Affairs Commission (CAC) has delisted over 80,000 companies from its register.

The clean-up exercise, which saw the removal of firms that had failed to file annual returns for a decade, represents a significant milestone in the agency’s efforts to clamp down on dormant businesses and improve corporate governance in the country.

The CAC had issued a notice of intent to strike off these companies three months prior to the delisting, giving them ample opportunity to comply with the requirements.

However, with the companies failing to take necessary corrective actions, the commission followed through with its decision to remove them from the register, dissolving them in the process.

The delisted companies included some well-known brands such as Dunlop Nigeria Industries Sales Limited and Mitsubishi Shoji Kaisha Limited, indicating the widespread nature of the issue.

Giving updates on the development in a statement on Wednesday, the CAC said it has stricken off companies who had failed to update their annual reports.

The commission’s statement comes more than three months after it warned the concerned companies of the looming action.

“The General public may recall that the Commission issued Notice of Intention to strike off names of Companies which the Commission has reasonable cause to believe are not carrying out business or are otherwise dormant by reason of not filing Annual Returns for a period of 10 years,” CAC said.

“Statutory period of 90 days was given to such companies to file the requisite Annual Returns and send activation activation@cac.gov.ng. email to Companies that have complied with the advisory have been removed from the list.

“The Commission pursuant to its powers granted in Section 692 (4) of the Companies and Allied Matters Act No. 3 of 2020 has stricken-off the names of the companies that have failed or refused to update the Annual returns. Detailed list is posted on Commission’s website www.cac.gov.ng.”

CAC said companies removed from the register are deemed to have been dissolved from the date of publication.

The commission added that it is illegal to enter into any transaction or deal with a company that has been dissolved.

It was observed that 80,429 companies (five active, 1 without update and 80,423 inactive) were deemed to be dissolved as against the 100,000 companies formerly listed.

Some of the companies include:

Alfa Royal Ltd
Jolly Food Ind. Ltd
Dantama Biscuits Factory Ltd
Honeycrown Manufacturing Company Limited
Havila Gold Nigeria Limited
Print Express Limited
Hydeson and Avilson Nig Ltd
Innoson “Vinod” International Limited
Apapa Sea Stores Limited
Citigate Limited
Mutbish Guards Security Company Limited
Safol Integrated Ventures Limited
Eko Foods Limited
Myers Klein & Goldsmith Ltd
De-Luxe Colour Productions Limited
Marina Investment Limited
Dunlop Nigeria Industries Sales Limited
Mitsubishi Shoji Kaisha Limited among others.