The CAC said it had deleted the companies who had failed to update their annual reports.

The commission’s statement comes more than three months after it warned the concerned companies of the looming action.

The statement said, “The general public may recall that the commission issued Notice of Intention to strike off names of companies which the commission has reasonable cause to believe are not carrying out business or are otherwise dormant by reason of not filing annual returns for a period of 10 years.

“Statutory period of 90 days was given to such companies to file the requisite Annual Returns and send activation activation@cac.gov.ng. email to companies that have complied with the advisory have been removed from the list.

“The commission pursuant to its powers granted in Section 692 (4) of the Companies and Allied Matters Act No. 3 of 2020 has stricken-off the names of the companies that have failed or refused to update the Annual returns. Detailed list is posted on Commission’s website www.cac.gov.ng.”

CAC said companies removed from the register were deemed to have been dissolved from the date of publication.

The commission added that it is illegal to enter into any transaction or deal with a company that has been dissolved.

TheCable reported that 80,429 companies (five active, 1 without update and 80,423 inactive) were deemed to be dissolved as against the 100,000 companies formerly listed.