July 29, 2025

The Corporate Affairs Commission (CAC) is taking steps to clean up its register by removing companies that aren’t complying with the law. According to a public notice, these companies have 90 days to file their Annual Returns and update their details on Persons with Significant Control or Beneficial Ownership. If they don’t comply, they’ll be permanently removed from the register and can’t do business anymore. The list of companies to be removed is already on the CAC website, and the public and company owners are advised to check it out and take necessary actions. This move is in line with the Companies and Allied Matters Act 2020, specifically Section 692 (3) and (4). Companies that get struck off will lose their rights and can’t operate. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.

Nigeria’s new tax laws, enacted on June 26, 2025, aim to modernize the tax system and boost compliance. The reforms have both positive and negative implications for the ICT and cybersecurity sector. Positive aspects include: However, there are also concerns: The reforms also have indirect impacts, such as increased tax clarity for multinationals, potential effects on NGOs and cyber capacity building, and tax residency rules affecting foreign ICT talent mobility. Overall, the tax reforms are ambitious and necessary, but require targeted adjustments to support innovation, digital resilience, and inclusivity in the ICT and cybersecurity sector. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.