Business & Economy News

‘CAC Will Go After Directors of De-registered Companies’

Registrar-General/Chief Executive, Corporate Affairs Commission (CAC), Hussaini Ishaq Magaji, has said the commission will go after owners and directors of companies de-registered on account of failure to pay annual returns.

He noted that the issue of payment of annual returns remained one of the requirements under the Companies and Allied Matters Act (CAMA).

BrandiQ gathered that defaulting companies have until April 30, 2024, to comply with the law following the extension of the December 2023 deadline earlier issued to the companies.

“By end of April, any company that fails to comply with the law, the law will catch up with such. And the law says, we will not stop there; we will go after the names behind the company because you are already owing the money”’, He said.

“If you’re owing the money, generally we will go after the person or the name used in registering that company and the directors of the company. We can lodge a criminal complaint against the persons and we can recover our money.”

He said the commission was determined to play a part in actualising President Bola Tinubu’s Renewed Hope agenda through business facilitation to create millions of jobs.

He said one of his earliest achievements in office was the recent registration of an unprecedent two million Micro Small and Medium Enterprises (MSMEs), in collaboration with Moniepoint Micro Finance Bank, effectively formalising their operations in the country.

He said the commission hoped to formalise 20 million small businesses by the end of the year while targeting about N20 billion from taxes as a result.

Magaji said he hoped to make CAC the best place to work in the country and as well as make the most impact staff, and provide the best service to the public.

He denied recent reports that the commission had registered a vigilante entity Nomad Vigilante Nigeria Limited, in contravention of its rules.

He said, “So, that name is not in our portal and not genuine.”

He also refuted allegations that the commission had frustrated a request from a national newspaper for disclosure of ownership Intels.

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