ANOTHER CAC STRIKE-OFF EXERCISE: IS YOUR COMPANY AT RISK?
The Corporate Affairs Commission (CAC) has published a notice of its intention to strike off the names of another 100,000 companies from the Register pursuant to Section 692(3) and (4) of the Companies and Alied Matters Act, 2020.
The affected companies have been given 90 days from July 15 , 2026 to file al outstanding Annual Returns, update their Persons with Significant burden subsequent remediation. Control (Beneficial Ownership) information and regularize their records. Companies that fail to do so within the stipulated period are at risk of being struck off the Register without further notice from the CAC.
For many businesses, Annual Returns are often viewed as a routine compliance obligation and so, are unheeded. However, this latest publication serves as a reminder that the consequences of non-compliance can be significant
Once a company is struck off the Register, it may encounter difficulties in carrying on business. This includes practical issues like maintaining bank accounts, entering into transactions, dealing with assets or satisfying regulatory due diligence requirements.
The process of restoring a company to the Register is also significantly more cumbersome than simply maintaining compliance in the first place. This is therefore a good time for companies to review their corporate records and ensure that their statutory filings are up to date.
For many businesses, Annual Returns are often viewed as a routine compliance obligation and so, are unheeded. However, this latest publication serves as a reminder that the consequences of non-compliance can be significant.
Once a company is struck off the Register, it may encounter difficulties in carrying on business. This includes practical issues like maintaining bank accounts, entering into transactions, dealing with assets or satisfying regulatory due diligence requirements.
The process of restoring a company to the Register is also significantly more cumbersome than simply maintaining compliance in the first place. This is therefore a good time for companies to review their corporate records and ensure that their statutory filings are up to date.
Companies are encouraged to periodicaly review their compliance status and ensure that their statutory obligations are up to date. Early identification of significantly compliance gaps can reduce the risk, cost and
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