CAC to deregister 100,000 companies over unfiled returns

The Corporate Affairs Commission (CAC) of Nigeria announced it will deregister 100,000 companies for failing to file annual returns. The affected entities have 90 days to regularize their records or face removal from the corporate register. This enforcement action targets compliance with the Companies and Allied Matters Act (CAMA). The CAC has previously undertaken similar mass deregistrations to clean up the register and improve corporate governance. The move affects a significant portion of Nigeria's registered businesses, many of which may be dormant or non-compliant.

Global Impact

This is a domestic regulatory cleanup with limited global spillover. Economically, it may reduce the number of shell companies and improve tax compliance in Nigeria, but the 100,000 figure represents a small fraction of the economy's formal output.