45,000 Companies may de-registered by the Corporate Affairs Commission(CAC) from its list of registered Firms, the affected firms have refuse in filing of their Annual Returns since their incorporation.

Bello Mahmud, the Registrar-General of the Commission said that the Commission is trying to give the affected Companies one last chance by Publishing their names on the Company's website.

He said the Commission has introduced the Companies Regulation in order to meet standard and expectation of its Customers. The Ministry of Industry, Trade and Investment, Olusegun Aganga, pursuant to Section 16,585 and 609 of the companies and Allied Matters Act(CAMA) were meant to bridge the gaps in the substantive of provisions of CAMA.

The new regulation requires every Director and Subscriber of Companies under part 'A' and Trustees of Associations under part 'C' to submit recognised form of Identification such as Information pages of International Passport, Driver's License or National Identity Card as proof of their identity before registration.

He conclude that the new regulations will help in control Local and Foreign  act of money laundering and terrorism act in the Society.