Firms risk being struck off Nigeria’s corporate register over failure to file annual returns and beneficial ownership information….
The Corporate Affairs Commission (CAC) has launched another nationwide compliance exercise that could see about 100,000 companies removed from Nigeria’s corporate register over failure to meet statutory filing obligations.
The commission announced the enforcement action in a public notice published on its official Facebook page on Thursday, stating that the exercise is being carried out under Sections 692(3) and 692(4) of the Companies and Allied Matters Act (CAMA), 2020.
According to the notice, the affected companies have been given 90 days to regularise their status by filing all outstanding annual returns and submitting details of their Persons with Significant Control (PSC), also known as beneficial ownership information.
The CAC disclosed that the list of companies affected by the exercise has already been published on its official website. Businesses that comply within the stipulated period are required to forward evidence of compliance to the commission through its designated email address.
The commission warned that companies that fail to meet the deadline will be struck off the register without any further notification.
In the notice signed by its management, the CAC said the latest exercise forms part of its ongoing efforts to enforce compliance with corporate regulations and maintain an accurate register of active businesses in Nigeria.
The commission said companies that fail to file their outstanding annual returns and update their beneficial ownership records within the 90-day window risk losing their legal status once they are removed from the register.
The latest enforcement drive is another step in the commission’s campaign to eliminate inactive and non-compliant companies from its database.
According to the CAC, maintaining a credible and up-to-date companies register is essential to improving transparency, boosting investor confidence and ensuring that only businesses meeting their statutory obligations remain officially recognised.
The commission has undertaken similar exercises in recent years as part of broader reforms to strengthen corporate governance in Nigeria.
Earlier this year, the CAC announced plans to deregister another 100,000 companies for prolonged inactivity and failure to comply with the provisions of the Companies and Allied Matters Act.
In 2025, the commission also disclosed that it had removed more than 400,000 companies from the register after they were found to be inactive or persistently failed to meet statutory filing requirements. The exercise was aimed at improving the integrity of Nigeria’s corporate records and aligning the country’s regulatory framework with international best practices.
Under the Companies and Allied Matters Act, every registered company is required to file annual returns with the CAC to confirm that it remains operational and compliant with regulatory requirements.
Incorporated companies are expected to submit their annual returns within 42 days after each anniversary of incorporation, while registered business names must file their returns on or before June 30 each year.
Failure to comply attracts statutory late filing penalties and may ultimately result in the company being struck off the corporate register.
The requirement to disclose Persons with Significant Control is part of Nigeria’s wider corporate transparency reforms aimed at combating money laundering, curbing illicit financial flows and strengthening compliance with global beneficial ownership disclosure standards.
