The Corporate Affairs Commission (CAC) claims to have deregistered over 300,000 defunct firms in a year to clean up the country’s corporate registration system.
The Registrar General, Hussaini Ishaq Magaji, SAN, stated this in an exclusive interview with The Nation in Abuja.
“Since October 16, 2023, when I took office, we have seen an unprecedented degree of deregistration. In December 2023 alone, we deregistered almost 100,000 businesses.
“By February 2024, another 100,000 companies were removed, and recently, we deregistered an additional 100,000,” Magaji told reporters.
The CAC head stated that the deregistered firms had been dormant for more than a decade, failing to file yearly returns.
He also noted that some of the enterprises posed hazards to the economy since they may be utilized for fraudulent purposes.
“Our system is linked to essential organizations such as the Federal Inland Revenue Service (FIRS), security services, embassies, and banks.
“Once a company is marked as inactive on our portal, it cannot access banking services, process embassy documents, or engage in other operations,” according to Magaji.
