The Office of Registrar of Companies (ORC) says by June 30, it will end the validation of over 8000 companies that have defaulted on filing annual returns and renewals for over two years.
“The over 8000 Companies Limited by Shares (both Private and Public) which were published in the national dailies and on our official website have been served notices and reminders through vigorous sensitization and multiple publications for the past two years and were recently notified again in a release dated 12th February 2024,” it said in a statement on Monday.
The ORC said the filing of annual returns is vital for maintaining compliance and transparency within the business community. “it ensures that companies and businesses fulfill their statutory obligations and remain in good standing with the Office.”
Once these companies are struck off, they may be unable to do business legally for up to 12 years. The sanctions may also apply to 500,000 business names who have defaulted since 2022.
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