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Corporate Affairs Commission Withdraws Registration Of 40,000 Companies

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Corporate Affairs Commission [CAC] has delisted 40,000 registered companies that have not recorded any activity.

CAC’s acting registrar-general, Azuka Azinge, made this known in Abuja on Wednesday while briefing journalists on the activities of the commission between October 2017 and October 2019.

She said: “We have succeeded to clean up our registration records by delisting at least 40,000 registered companies from our system between October 2017 and October 2019.

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“The exercise is aimed at ensuring that only names of performing companies remain in our database, companies involved could as well re-apply subsequently if they so desire.”

Ms Azinge said 244,428 business names have been registered since October 2017 adding that the commission has implemented the business incentive strategy, BIS, under which the cost of registration of business was slashed by 50% to ease the burden for micro, small and medium enterprises.

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