Effective June 30 June 2024, over 5 hundred thousand public and private business names and companies will be struck out of the register of the Office of the Registrar of Companies, ORC.
This follows the failure of the entities to file their annual returns in good standing.
The list is made up of over 8 thousand companies and over 5 hundred thousand business names.
The ORC said in a statement that the affected firms have been served with notices and reminders through sensitization programs and multiple publications for the past few years.
It noted that per sub-section 5 of Section 289 of the company’s Act 2019, Act 992, a company that has its name struck out of the register cannot and is not permitted to conduct business under the company name for 12 years.
It, therefore, reminded companies and businesses in default to file their annual returns and renewals as directed by the Registrar of Companies, because the office that earned the validation process for the entities in default must do so by June 30, 2024.
The ORC encouraged compliance for more stakeholders to uphold the integrity of the business environment and foster trust and confidence amongst investors, consumers, and the public.
It has thus urged defaulting companies to visit the ORCs website to check the names of affected companies in default.
