The Corporate Affairs Commission has warned that thousands of Nigerian companies could lose their legal status if they fail to comply with registration and filing requirements — www.naijnaira.com reports.
CAC is intensifying the “striking off” process, which permanently removes inactive businesses from its register and strips them of legal existence.
Many business owners only discover their company has been delisted when they are blocked from securing loans, attracting investors, or qualifying for government contracts.
To prevent this, the CAC has outlined six key actions every registered company must take to remain compliant with the Companies and Allied Matters Act (CAMA 2020).
The first requirement is choosing a unique name, with at least two options submitted on the CAC portal for approval and reservation for 60 days.
Next is preparing core governing documents, including a Memorandum of Association that defines objectives and share capital, and Articles of Association that set internal rules.
Every business must also declare its share capital, with ₦100,000 set as the minimum threshold for private companies under CAMA provisions.
Companies are further required to appoint qualified directors and at least one shareholder, providing their personal details, valid identification, and occupations.
Once this is done, registration documents such as CAC Form 1.1 and the governing papers must be uploaded online alongside statutory fees and stamp duty.
Finally, businesses must maintain compliance after incorporation by filing annual returns within 42 days of each anniversary, registering for a TIN, and meeting tax obligations.
The CAC stressed that failure to follow these steps will not only erase a company from the register but also deny it access to legal and financial opportunities.
Article updated 4 days ago. Content is written and modified by multiple authors.
