The Corporate Affairs Commission (CAC) has announced that it has removed the names of companies that failed to file their annual reports for the past 10 years from its register.

This action came more than three months after the commission first issued a warning to the affected companies.

In a statement released on Wednesday, the CAC confirmed that it had struck off companies that had not updated their annual returns despite being given a 90-day grace period to comply.

?The general public may recall that the Commission issued a 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,? the statement read.

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

The CAC further clarified that, under the powers granted by Section 692 (4) of the Companies and Allied Matters Act No. 3 of 2020, it has officially removed the names of companies that failed to update their annual returns.

As of the commission?s latest update, a total of 80,429 companies were deemed to have been dissolved, compared to the previous listing of 100,000 companies. This includes 80,423 inactive companies, five active ones, and one company without any updates.

The commission also emphasised the legal implications of dealing with dissolved companies. ?It is illegal to enter into any transaction or deal with a company that has been dissolved,? the statement cautioned.

Among the companies removed from the register are well-known names such as Alfa Royal Ltd, Jolly Food Industries Ltd, Dantama Biscuits Factory Ltd, Honeycrown Manufacturing Company Limited, Havila Gold Nigeria Limited, and Innoson ?Vinod? International Limited, among others. (AriseNews TV)