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Most companies evaded the payment of annual returns – CAC



The Corporate Affairs Commission (CAC) has said that most companies in Nigeria do not pay their annual returns.

This was revealed by the outgoing chairman of the Governing Board of CAC and the Nigerian Ambassador appointed to the Kingdom of Spain, Ademola Seriki, on the weekend during a hedged party organized by CAC.

“Most companies do not pay their annual returns. It is a problem. You will see a company that makes it an offer for the acquisition of hundreds of billions of dollars and will never pay returns in 20, 30 years.”

In addition in civilized countries, companies that do not pay annual yields are marked as invalid to operate. Ademola added.

He reported that CAC has implemented strategies to ensure that companies pay their annual returns, adding that the document is waiting for the approval of the Federal Executive Council(FEC).

The Minister of Industry, Trade and Investment, Otuna Niyi Adebayo, expressed his satisfaction with the innovations that led to the Seriki Board, taken to the CAC.

The head of CAC, Abubakar also exalted Seriki for his outstanding board leadership.

He said that CAC was transited at 100% online registration of companies last January and that it could not have been possible without the support of the Board.

Abubakar urged the minister to quickly find an adequate replacement for the chairman of the Outgoing Board for the perfect operation of the Commission.

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