The Corporate Affairs Commission (CAC) has announced an imminent delisting of 91,194 companies from its register. Among these, Dangote Fisheries Company Ltd. stands out, with its notable association with the Dangote Group. This sweeping action, grounded in the Companies and Allied Matters Act No. 3 of 2020, has significant implications for businesses across Nigeria.
The CAC’s authority to delist companies derives from Section 692 (3) (4) of the Companies and Allied Matters Act No. 3 of 2020. The directive targets companies that have failed to file annual returns for a decade. This initiative underscores the Commission’s commitment to ensuring compliance and maintaining an updated and accurate register of active businesses.
In a public notice issued on Wednesday, the CAC informed the general public about its intention to strike off names of defunct or dormant companies. Affected entities were initially given 30 days to respond to the strike-off notice. Subsequently, they have a 90-day window to regularise their status by filing all outstanding annual returns. Failure to comply will result in permanent delisting.
— Corporate Affairs Commission (@cacnigeria1) July 24, 2024
Dangote Fisheries Company Ltd
Historical Background
Dangote Fisheries Company Ltd., established on June 7, 1985, has two prominent directors: Aliko Dangote, President of the Dangote Group, and the late Sani Gote, former Vice President of the Group. Despite its long-standing existence, little public information is available about the operations of this company.
The Dangote Group, a conglomerate with substantial investments across various sectors, includes cement, oil and gas, sugar, fertilizer, rice, salt, and fisheries. However, the fishery segment has remained relatively obscure compared to the Group’s other ventures.
Regulatory Non-Compliance
According to the CAC, the companies facing delisting have consistently failed to comply with the regulatory requirement of filing annual returns for ten years. This non-compliance is a clear violation of the Companies and Allied Matters Act 2020, prompting the Commission’s stringent measures.
For companies listed for delisting, including Dangote Fisheries, failure to regularise their status within the given timeframe means being considered dissolved in the eyes of the law. Consequently, these entities will be disallowed from conducting any business in Nigeria, leading to significant operational and reputational repercussions.
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The Nigeria Employers Consultative Association, a prominent body representing employers in the organised private sector, is among the entities at risk. Despite its active role, highlighted by the recent 2024 annual general meeting in Ikeja, Lagos State, the association has not complied with the filing requirements.
University-Owned Companies
Several university-owned companies are also on the delisting list. These include:
- Bendel University (now Ambrose Alli University) Communication Enterprises
- University of Port-Harcourt Press Ltd.
- Ogun State University Investment Company Ltd.
- University of Sokoto Press Ltd.
These institutions must address their compliance issues promptly to avoid operational disruptions.
