Corporate Affairs Commission [CAC] has withdraw registration of over 40,000 companies that have not kick off any productivity.
Mr. Azuka Azinge the acting registrars of CAC’s a disclose this in Abuja on Wednesday while addressing the journalists on the activities of the commission between October 2017 and October 2019.
She said: “We have succeeded to clean up our registration records by delisting at least 40,000 registered companies from our system between October 2017 and October 2019.
“The exercise is aimed at ensuring that only names of performing companies remain in our database, companies involved could as well re-apply subsequently if they so desire.”
Ms Azing in her statement said that 244,428 business names have been registered since October 2017, further said that the commission has implemented the business incentive strategy, BIS, under which the cost of registration of business was slashed by 50% to ease the burden for micro, small and medium enterprises.