JUST IN: CAC to Sanction 100,0000 Companies.



The Corporate Affairs Commission CAC will between now and end of July blacklist and close down initial 100, O00 companies that had defied it’s regulations forthwith.

The exercise which is going to be a continuous exercise will be sustained to instill sanity into the operations of entities.

The Registrar General, Corporate Affairs Commission CAC, Alhaji Garba Abubakar made this disclosure during the one day training workshop for relevant agencies in Abuja on Wednesday on Beneficial Ownership Register (BOR).

“Already , the first one hundred thousand defaulting entities are been complied for possible actions as soon as possible.”

“The BOR according to Garba is a policy that had come to stay, considering Nigeria’s membership of all international bodies charged with the operations of entities to ensure openness.”

The defaulting entities who are expected to pay monthly penalty of ten thousand (N10,000) every month , will be penalised after one year of non- compliance, before deletion.

He said the implications of the closure will lead to non assessment and forfeiture of the entities to the government.

Garba asserted that the commission is determined towards doing the needful through compliance with the CAMA act 2020, and in accordance with the new order of Beneficial Ownership Disclosure and Register already in operation.

He charged corporate entities to take advantage of the awareness and training workshop, so as to comply with financial returns among other requirements been demanded by the commission.

While urging the anti- corruption agencies to support the new regulations, the CAC urged the media to assist the commission by propagating on more awareness to ensure strict monitoring and compliance.

Alhaji Garba Abubakar maintained that the implications of closing down the entities will involve rigorous
conditions to revive any affected companies.

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