The CAC is moving to deregister 100,000 companies. Here’s how to know if you’re affected and what to do to fix it

• CAC has begun moves to strike off 100,000 companies for failing to file annual returns and other statutory documents.

• Affected companies have 90 days to regularise their records and avoid being deregistered.

• Business owners can check if their company is on the list through the CAC website.

• Companies that fail to comply within the deadline will be struck off without any further notice.

For many business owners, filing annual returns is one of those things that keeps getting pushed till "next week." But if you've been doing that, this is the update you don't want to ignore.

The Corporate Affairs Commission (CAC) has announced that it's beginning another round of deregistering companies that have failed to meet their legal obligations.

According to a public notice released by the Commission on Wednesday, about 100,000 companies are on the list for possible removal from its register.

The exercise, known as Batch 6, is being carried out under Section 692 (3) and (4) of the Companies and Allied Matters Act (CAMA), 2020.

The Commission said:

"This is to notify the General Public and Esteemed Customers that the Corporate Affairs Commission has commenced another round of striking off names of companies from the Register pursuant to the provisions of Section 692 (3) and(4) of the Companies and Allied Matters Act, 2020."

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CAC explained that the companies involved have failed to file their outstanding annual returns and other required statutory documents.

Business owners can check the full list of affected companies on the CAC website.

"The list of the affected One Hundred Thousand (100,000) companies can be accessed at the Commission's Website," the notice stated.

If your company's name is on the list, all hope is not lost, at least not yet.

CAC has given affected companies 90 days to update their records by filing all outstanding annual returns, including information on Persons with Significant Control (PSC), also known as beneficial ownership details.

"The affected companies are hereby advised to take steps to file all outstanding Annual Returns (and by extension Persons with Significant Control/Beneficial Ownership information) and regularize their records within ninety (90) days of this notice."

After completing the filing, companies are expected to send proof of compliance to the Commission.

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"Evidence of compliance should be sent to the designated struckoffcompanies@cac.gov.ng," the notice added.

CAC made it clear that companies that ignore the notice won't receive another reminder.

It warned: "Please note that companies that fail to comply within the stipulated timeline shall be struck off the Register without further notice."

The Commission also reassured business owners that it remains committed to improving its services.

It said: "The Commission remains committed to providing prompt and efficient services to the satisfaction of our valued customers."

Annual returns are a legal requirement for registered companies in Nigeria. They're different from tax payments and are meant to keep a company's records up to date with CAC. Failure to file them for a long period can lead to the company being struck off the register, meaning it may lose its legal status until proper steps are taken to restore it.

If you own a registered business, or know someone who does, this might be the right time to check the list before it's too late.