CAC will remove non-compliant organisations from the BOR implementation.

The Corporate Affairs Commission (CAC) has announced that it would soon begin striking out corporations that do not comply with the Beneficial Ownership Register (BOR) implementation.
The CAC Registrar-General, Alhaji Garba Abubakar, made the announcement to journalists on the sidelines of a training event for stakeholders on the use of BOR on Wednesday in Abuja.

BOR is a public registration of genuine ownership and control of Nigerian corporations and limited liability partnerships (LLPs).

Anyone may quickly determine who owns what in Nigerian companies and LLPs using the Register.

This is critical in countering corruption, illicit financial flows, and other types of wrongdoing disguised as corporations and limited liability partnerships. It also fosters transparency in Nigerian business practises.

“Well, they have to comply because the commission will have zero tolerance for noncompliance,” Abubakar remarked.Aside from the penalty, we are building a list of companies that are not up to date in an audit, and we will strike them from the register very soon.

“Any asset or property you hold in the name of that company will be vested with the government as a result of striking that company off the register.”

“This is because the name is lost until you go to court and ask for it to be reinstated.”

“As long as that company is barred from doing business, you will be unable to access your bank funds, enter into any contracts, or enter into any business relationships.”

According to Abubakar, the commission will shortly delete the first 100,000 firms, followed by the second 100,000 in one month.

“And these are companies that have not filed annual returns in the last ten years and are out of date.”

“Also, because of the requirements that you must give notice to these companies before striking them off, this will be done between now and the end of July,” he added.

According to Abubakar, the adoption of the registry will also aid in recruiting investments into the country.

“As a result, it will go a long way towards promoting investment because it will ensure transparency and support the government’s anti-corruption initiative,” he added.

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