Alhaji Garba Abubakar, the Registrar General of the Corporate Affairs Commission (CAC), has said the Companies and Allied Matters Act (CAMA 2020) empowers the commission to deregister companies that have been inactive for 10 years.
Alhaji Abubakar, while speaking in Abuja recently, disclosed that many registered companies have been declared inactive for their failure to submit their audited financial returns or transactions. He said CAC has provided the operational status of all registered companies, whether active or inactive, on its website and the inactive ones will be deregistered after 10 years.
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