The Corporate Affairs Commission (CAC) has said most companies in Nigeria do not pay their annual returns.
This was disclosed by the outgoing chairman of the Governing Board of CAC and Nigerian Ambassador Designate to the Kingdom of Spain, Ademola Seriki, at the weekend during a send-forth party organised for him by CAC.
“Most companies don’t pay their annual returns. It’s a problem. You will see a company that will bid for procurement of hundreds of billions of dollars and never paid returns in 20, 30 years.”
Ademola said in civilised countries, companies that fail to pay annual returns are marked as not valid to operate.
He disclosed that CAC has put in place strategies to ensure companies paid their annual returns, adding that the document is waiting for Federal Executive Council (FEC) approval.
The Minister of Industry, Trade and Investment, Otunba Niyi Adebayo, expressed satisfaction with the innovations the Seriki-led board brought to the CAC.
The CAC boss, Abubakar also extolled Seriki for his outstanding leadership of the board.
He said CAC transited to 100% online registration of businesses last January and that could not have been possible without the support of the board.
Abubakar urged the minister to quickly find a suitable replacement for the outgoing board chairman for the seamless operation of the commission.
