The Corporate Affairs Commission (CAC), has reaffirmed its determination to pursue the owners and directors of companies de-registered due to non-payment of annual returns.
Registrar-General/Chief Executive, Hussaini Ishaq Magaji, stressed the imperative of adhering to the Companies and Allied Matters Act (CAMA), which includes fulfilling annual return obligations.
Magaji, in a recent statement, emphasized that companies have until April 30, 2024, to rectify their status, following an extension granted from the previous deadline of December 2023. Failure to comply will result in legal action, with the CAC intending to hold both companies and their directors accountable for outstanding payments.
Highlighting the commission’s role in facilitating business growth to support President Bola Tinubu’s Renewed Hope agenda, Magaji noted the recent milestone of registering two million Micro Small and Medium Enterprises (MSMEs) within his first 100 days in office. This collaborative effort with Moniepoint Micro Finance Bank aims to formalize operations and bolster economic activity across Nigeria.
With a target to formalize 20 million small businesses by the year’s end, the CAC aims to generate approximately N20 billion in taxes. Magaji also articulated his vision of making the CAC a leading workplace in the country, prioritizing employee satisfaction and public service excellence.
Addressing recent controversies, Magaji clarified that the commission had not registered a vigilante entity, Nomad Vigilante Nigeria Limited, as alleged. Additionally, he refuted claims of obstructing a national newspaper’s request for ownership disclosure of Intels, affirming the commission’s commitment to transparency and accountability.
