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CAC Registrar-General: Revised CAMA law makes deleting of firms cumbersome

The Corporate Affairs Commission (CAC) has said that a provision in the revised Companies and Allied Matters Act, 2020, has restrained it from willfully deleting/ striking out names of registered business until after a ten-year period.

 

In the old CAMA, CAC was allowed to delete dormant business names after such firms were found inactive with no reference to a specific period. In the revised CAMA Act 2020, the provision had changed. Registrar-General of the CAC, Mallam Abubakar Garba, made more clarification on the new process of deleting firms by the commission.

 

The CAC boss spoke in Abuja at the weekend during an interactive session with members of the Commerce and Industry Correspondents Association of Nigeria (CICAN).

 

He said: “CAMA 2020 made deletion of businesses more cumbersome. Under the new law, you have ten years; you can’t delete until after ten years. But any company that has not carried out any business can initiate CAC to strike out such without going through winding up processes. What we have done is to enforce compliance whether active or inactive, if they did not file returns, we can clarify them as inactive,” he said.

 

He explained that with the commencement of implementation of the Companies and Allied Matters Act (CAMA 2020), many limited liability companies had been declared inactive for their failure to submit their audited financial returns or transactions.

 

Abubakar said the implementation of CAMA 2020 had commenced in earnest, adding that the Act was gazetted by the National Assembly in November 2020. Though the total number of companies declared inactive was not revealed, he said the status of such affected companies had been posted on the commission’s website.

 

He, however, clarified that no company had been delisted by the commission, adding that the process of delisting companies under the new law was cumbersome. Asked about his view on unclaimed dividends trust fund, which was provided in the Finance Act , Garba said the legislation had solved an age-long problem associated with unclaimed dividends. “Government has acted right. With this, unclaimed dividends will  not revert to the company any longer”.

 

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