There are plans by the Corporate Affairs Commission, CAC, to de-list 50,000 companies for failing to file their annual returns.
He said 623,659 out of a total of over 1.2 million registered companies in the country have not filed their annual returns while 9,347 companies had so far been de-listed by the commission since inception for failing to file their annual returns.
However, he made it clear that this will happen only after due notification through different channels of communication as prescribed by law.
Meanwhile, the law requires every registered company to file its first annual return 18 months after registration, and not later than 42 days after holding its annual general meeting for the year.
CAC currently charges between N1000 and N5000 as filing fees for annual returns, depending on the size of the company, while default attracts a penalty fee of N100 per day.
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