Registrar-General/Chief Executive Officer, Corporate Affairs Commission (CAC), Alhaji Garba Abubakar, has said the plan by the commission to delist registered companies that had been failing to file their tax returns was not designed to generate funds for the corporation.
He stated this when members of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) paid him a courtesy visit in Abuja on Monday.
CAC had earlier said it was in the process of delisting about 100,000 business names and 10,000 incorporated trustees who had defaulted in the last 10 years from the companies register.
Abubakar said the delisting was in accordance with the provisions of the Companies and Allied Matters Act (2020), and that the companies already earmarked for striking off the register were expected to comply within 90 days, failing which they would be delisted.
He said the step was also designed to engender compliance and strengthen CAC’s records in line with the Beneficial Ownership Register and to be in conformity with international best practices.
Earlier, ICSAN’s President, Mrs Funmi Ekundayo, expressed the institute’s willingness to collaborate with the CAC to further enhance service delivery.
She applauded CAC’s reform initiatives, which, she said had led to improved service delivery.
“We appreciate achievements already recorded under the leadership of Alhaji Abubakar.
“As a stakeholder, the institute is ready to collaborate and partner with the CAC on ways to further enhance service delivery for the benefit of the economy,’’ she said.