The Registrar-General of CAC, Garba Abubakar, made this announcement during a workshop on the 'Use of the Beneficial Ownership Register (BOR)' in Lagos.
He clarified that the affected companies would receive notices of striking off before the action is taken, as stipulated in section 692 of the CAMA, 2020.
However, Mr Abubakar emphasised that these companies can be relisted upon payment of outstanding debts and with a court order, as provided by the law. He urged companies to ensure the timely filing of their annual returns to avoid delisting.
Regarding the Beneficial Ownership Register (BOR), the CAC registrar-general stated that it was developed with support from the World Bank. He highlighted that the register would play a crucial role in combating corruption, money laundering, and terrorism financing.
He encouraged stakeholders, including investigating agencies, legal practitioners, journalists, and civil society organisations, to make effective use of the BOR in fulfilling their responsibilities.
Adeyeye Adefulu, Chairman of the Nigerian Bar Association Section on Business Law (NBA-SBL), commended the CAC for achieving another significant milestone in its history.
He assured that the NBA-SBL would maintain its positive relationship with the CAC and urged members to apply the knowledge gained from the workshop to benefit the Nigerian economy.
Aminu Gwadabe, President of the Association of Bureau De Change Operators of Nigeria (ABDCON), emphasised the importance of the BOR in the fight against money laundering and terrorism financing. He advised professionals to exercise due diligence when dealing with their clients.
The event was attended by representatives from the Special Control Unit against Money Laundering (SCUML), the Nigeria Financial Intelligence Unit (NFIU), and the Securities and Exchange Commission (SEC).
(NAN)