The government, through the Office of the Registrar of Companies (ORC), has announced that it will begin the process of validating and striking off 2,812 of these entities in default for failing to file their Annual Returns together with their financial statements for more than five years by the end of June 2023.
In a statement issued, the Registrar of Companies, Jemima Mamaa Oware, said that the exercise will also affect Charity Organisations, Foundations, Non-Governmental Organizations (NGOs) including foreign NGOs, and entities incorporated under companies limited by guarantee.
“Out of the earlier published list of 2,989 of these entities in default, only 116 have filed their Annual Returns together with their Financial Statements in other to be in good standing.
“The Public is being informed that from 30th June 2023, the ORC would, for the very first time, be fully implementing section 126 (7) of the Companies Act, 2019 (Act 992) which states that: ‘where a Company defaults in complying with the filing of Annual Returns and Financial Statements, the Company and every officer of the Company that is in default is liable to pay to the Registrar, an administrative penalty of Twenty-Five (25) penalty units for each day during which the default continues,” parts of the statement read.