JUST IN: CAC’s plan to delist tax-defaulting companies not designed to generate funds – CEO

The plan by the Corporate Affairs Commission (CAC) to delist registered companies that had been failing to file their tax returns was not designed to generate funds for the corporation.

“About 100,000 business names and 10,000 incorporated trustees that have defaulted in the last 10 years will soon be published for striking off from the companies register.

“This is in accordance with the provisions of the Companies and Allied Matters Act (2020), CAC’s Registrar-General/Chief Executive Officer, Alhaji Garba Abubakar, said in Abuja on Monday.

He said companies already earmarked for striking off the register were expected to comply within 90 days, failing which they would be delisted.

Abubakar gave the explanation when the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) paid him a courtesy visit.

He said the step was also designed to engender compliance and strengthen CAC’s records in line with the Beneficial Ownership Register and to be in conformity with international best practices.

ICSAN’s President, Mrs Funmi Ekundayo, had earlier expressed the institute’s willingness to collaborate with the CAC to further enhance service delivery.

She applauded CAC’s reform initiatives, which, she said had led to improved service delivery.

“We appreciate achievements already recorded under the leadership of Alhaji Abubakar.

“As a stakeholder, the institute is ready to collaborate and partner with the CAC on ways to further enhance service delivery for the benefit of the economy,’’ she said.