In a bold and unprecedented move, the Corporate Affairs Commission (CAC) has embarked on a massive deregistration exercise, targeting dormant and shell companies that have remained inactive for years. Since December 2023, the Commission has deregistered over 300,000 companies that failed to meet statutory requirements, such as filing annual returns. This initiative, spearheaded by Registrar-General Hussaini Ishaq Magaji (SAN), aims to sanitize Nigeria’s corporate landscape, enhance transparency, and combat illegal activities like money laundering and tax evasion.

According to Magaji, shell companies often serve as fronts for fraudulent transactions and illicit financial flows. By purging dormant entities from the system, CAC is tightening the noose on companies that evade regulations and misuse the corporate framework.

“Our decision to deregister non-compliant companies is driven by the need to protect the integrity of Nigeria’s business environment. Dormant companies that do not fulfill their obligations pose risks to the economy and national security,” Magaji explained.

The deregistration exercise is conducted in collaboration with the Federal Inland Revenue Service (FIRS), security agencies, and financial institutions. Once a company is deregistered, its ability to operate bank accounts, engage in transactions, or conduct official business is automatically suspended. This integration ensures that only active, legitimate businesses remain operational.

Magaji disclosed that companies inactive for over ten years are eligible for deregistration under Nigerian corporate laws. In some cases, entities that fail to file annual returns for just two years can also face deregistration.

The Registrar-General attributed the success of the exercise to the political will of the Federal Government, noting that President Bola Ahmed Tinubu and the Minister of Industry, Trade, and Investment have provided the necessary support to enforce corporate regulations rigorously.

As part of ongoing reforms, CAC is working to onboard historical business records dating back to 1912, further strengthening its ability to identify and deregister non-compliant entities.

The Renewed Hope Ambassadors Network (RHAN) has Dangote Refinery for partnering with the Federal Government to bring succour to Nigerians during the Yuletide season.

According to RHAN, President Bola Tinubu has created an enabling environment that has allowed Dangote Refinery to flourish and thrive.

The group said the FG’s flexible and favourable economic policies have been instrumental in Dangote Refinery’s decision to slash the price of Premium Motor Spirit (PMS).

In a statement signed by its President, Dr. Sunday Thomas Abutu, the group said the move has provided significant relief to citizens, who have been facing economic challenges in recent times.

Abutu said the Federal Government’s support for Dangote Refinery is proof to its commitment to creating a business-friendly environment that encourages investment and growth.

He noted that by providing incentives and policies that support industries like oil and gas, the government has enabled Dangote Refinery to thrive, ultimately benefiting the Nigerian people.

The statement added: “The Renewed Hope Ambassadors Network (RHAN) lauds the remarkable partnership of Dangote Petroleum Refinery with MRS to sell petrol from its retail outlets nationwide at N935 per litre.

“We also commend Dangote Refinery for reducing the price of Premium Motor Spirit (PMS) from N970 to N899.50 at its Refinery loading gantry and providing generous credit terms to marketers.

“Dangote Refinery’s ongoing efforts to collaborate with various players in the value chain to provide high-quality petrol at lower prices deserve significant praise. This initiative had delivered Nigerian masses to the promised land. In contrast to the past, when Nigerians faced fuel scarcity and price hikes during the holiday season, they are now relieved and satisfied at the filling stations thanks to Dangote’s commitment.

“The benefits of the petrol price reduction are enormous including reduced transportation costs. Lower fuel prices will promote economic growth by reducing production costs and increasing demand for goods and services. This decrease in fuel prices will also lower the cost of living, allowing Nigerians to afford basic necessities and improve their quality of life.

“The Dangote Refineey since coming on board has changed the narrative in the oil and gas sector of our economy. Nigeria which had not earned a penny from crude oil in the last 8 years has started importing fuel to some countries. Our economy is doing better because of the presence of the Dangote Refinery.

“In light of the above, we applaud our leader, the father of the Nation, President Asiwaju Bola Ahmed Tinubu for collaborating with Dangote Refinery for the greater good of Nigerians. The President’s partnership with Dangote Refinery, which has introduced healthy competition in the market, will further encourage additional investments in our oil and gas industry.

“We also call upon stakeholders in the oil and gas sector, as well as Nigerians at large, to support Dangote Refinery in its efforts to provide high quality petroleum products that are good for their vehicles, good for their health, and good for their pockets.”

Christmas celebrations in Kogi East have taken a joyous turn as families across the region received massive distributions of rice, spicy seasoning and salt courtesy of Senator Isah Jibrin Echocho. The gesture, described by beneficiaries as timely and Godsent, has brought smiles to countless faces as they prepare for the festive season.

Grateful constituents showered the senator with accolades and prayers, expressing their appreciation for his thoughtful intervention. Represented by his Senior Legislative Aide, Danlami Sabo, Senator Echocho reaffirmed his commitment to the welfare and well-being of the people of Kogi East.

“We shall continue to show our commitment to your welfare and well-being,” Senator Echocho assured. He emphasized that the distribution was part of his dedication to supporting the people whose unwavering backing has been instrumental to his success.

In addition, the senator seized the opportunity to commend the state governor, Alhaji Ahmed Usman Ododo, for his compassionate leadership and the early release of workers’ salaries ahead of the statutory time. “This is good governance defined by compassion,” Echocho added, lauding the governor’s efforts to ensure a smooth festive period for civil servants and residents alike.

The rice distribution initiative has further solidified the senator’s reputation as a leader deeply invested in the lives of his constituents, making this Christmas a truly bountiful one for many families in Kogi East.