Only 20% Registered Entities Pay Annual Returns – CAC RG

0 144

The Registrar General of the Corporate Affairs Commission (CAC), Hussaini Magaji (SAN), revealed that only 20% of registered entities in Nigeria pay their annual returns. During a television interview, Magaji highlighted the commission’s steps to enforce compliance using the Companies and Allied Matters Act (CAMA).

Magaji noticed upon assuming office that many entities were neglecting to file annual returns, a critical requirement for updating business details such as changes in business lines or directors. He emphasized that this practice could no longer continue, as it undermines regulatory oversight.

To address the issue, the CAC has updated its system to automatically render any company or business inactive if they fail to file annual returns by year-end. This inactivation means such entities cannot conduct business, as a simple search on the CAC portal will show their inactive status. Additionally, to improve the ease of doing business, the CAC is deploying Artificial Intelligence (AI) to ensure that new businesses are registered within 10 minutes.

Source: Daily Trust

Leave A Reply