Arewa Trading Company Ltd, 38,716 deregistered by CAC for breach of annual returns
The supposed lead investment group of Northern Nigeria socio cultural body, Arewa Consultative Forum (ACF), Arewa Trading Company Limited (RC: 70539) was among the delisted 38,717 companies by the management of the Corporate Affairs Commission (CAC).
Besides, contrary to new reports that the number was 38,000, checks by Business Hilights on the official website of CAC showed that a total of 38,717 were affected.
The Registrar-General of CAC, Mr. Bello Mahmud, had announced the delisting siting non filing of annual returns for more than 10 years.
He said that the delisting of the companies had been gazetted by the commission, adding that only the court could give an order for the affected firms to be readmitted into the register.
By the delisting, it implies that such companies are no longer registered entities in Nigeria and as such, they are not recognised by law.
CAC however noted that some of the companies that were delisted might have not been liquidated, adding that “The law says that if the commission has reasonable cause that the company is not carrying on business while in operation, then it has to enquire from that company and if no response is received within three months, the commission can proceed to strike off the name of the registered company.
“We have just gazetted a little above 38,000 companies and those companies have been struck off the register.
“But by striking off, it doesn’t mean the companies have been dissolved. The companies have been more or less suspended and they cannot go back to business unless they obtain an order of court to re-list. The law gives them a window of 20 years within which they can apply for re-list.”
It would be recalled that CAC had in 2015, given a final notice on striking off of names of dormant companies.
The notice read in parts: “The General Public is hereby notified that a list of 38,717 Names of Dormant Companies scheduled to be delisted in line with the provision of Section 525 of Companies and Allied Matters Act CAP C20 LFN 2004 for failing to file Annual Returns as and when due is available on the Commission’s website www.cac.gov.ng and all State offices for inspection.
“All affected companies are advised to take steps to have their names removed from the list by filing the requisite annual returns and other statutory updates such as notice of appointment of Secretary, current directors and current registered office address on or before 31st December, 2015.
“The remedial measure outlined above will be foreclosed when the list is gazetted. Also, all other companies who have not filed their annual returns up to date are enjoined to do so to avoid the risk of having their names struck – off from the Register of Companies.