Key Points
- It’s just not wise waiting till when you’re selling, merging, dissolving or restructuring
- And that’s the key lesson: rescue options exist under CAMA 2020, but only if you haven’t allowed your filings, taxes, and creditor relationships to rot
- If CAC has no issues with your filings, you avoid delays that drain value
- If you fail any of these, a voluntary liquidation or restructuring will be chaotic: 1
- If your heart skipped at least one beat reading this list, you’re not alone
When Greif Nigeria Plc wrapped up its members’ voluntary winding-up, it barely made the news. But it should have. The company closed shop the “right” way, with clean records, audited liquidation accounts, creditors settled, CAC filings completed, and shareholder payouts already flowing.
In a country where many companies can’t even locate their annual return receipts, this is rare.
The question isn’t, “Why did Greif close?”
The real question is, “Why do so few companies ever close this cleanly?”
Because what happened at Greif is not just a regulatory update. The closest most relevant way to describe it is that it’s a masterclass in discipline, governance, and exit planning. And it’s a blueprint Nigerian founders should study before they find themselves fighting creditors, regulators, or their own paperwork.
At Qrafteq, we help companies avoid messy endings — and messy futures. This story is a perfect example of why that matters.
What Greif Got Right (And Why It Matters to Your Business)
Let’s break down the highlights:
All assets realized; mostly cash; no vanishing inventory or mysterious write-offs.
Verified liabilities settled; trade payables, taxes, and liquidation expenses ticked off (₦142.72 million).
A final distributable balance of ₦399.95 million approved for shareholders, translating to a ₦9-per-share payout.
Audited liquidation accounts completed and filed with CAC.
Members held a Final General Meeting, approved the accounts, and submitted the minutes in line with CAMA.
That’s how a company dies with dignity.
Most companies don’t.
And that’s the part business owners don’t like to hear.
To liquidate smoothly, your books must be solid long before you ever think about closing. It’s not something you “fix later.” CAC doesn’t reward improvisation. It rewards companies that have been playing by the rules all along.
Corporate Compliance Health Check: Assess your CAC & FIRS readiness. Could your business survive Greif Nigeria’s clean exit test?
The Other Extreme: Heritage Bank’s Rough Landing
If you want a contrasting case, look no further than the banking sector. Heritage Bank’s collapse and liquidation showed just how brutal things get when regulators and special statutes take over.
Bank liquidation isn’t like regular corporate liquidation.
NDIC steps in. CBN’s directives dominate. Depositors scream. Creditors circle. Public confidence evaporates. And the whole process becomes a legal minefield, not a tidy exit.
Heritage Bank’s story is proof that when compliance and governance slip — especially in regulated industries — the fallout is public and painful.
Greif closed on its own terms. Heritage didn’t.
There’s a huge difference.
A Near Miss: Nestoil’s Legal Reprieve Shows Why Timing Matters
Then there’s Nestoil — the company that almost got swallowed by lenders, asset freezes, and receivership battles. For a moment, it looked like another cautionary tale.
But Nestoil fought back, challenged the injunctions, and secured court orders lifting the restrictions. Suddenly, they had breathing space — a window to restructure, reorganize, and stabilize.
It wasn’t luck. It was timing.
They acted before the damage became irreversible.
And that’s the key lesson: rescue options exist under CAMA 2020, but only if you haven’t allowed your filings, taxes, and creditor relationships to rot.
Most businesses wait until they’re drowning. By then, even the best advisors can only manage damage, not create value.
The Real Truth: Compliance Is Leverage, Not Paperwork
Greif showed what a disciplined corporate exit looks like. Heritage Bank showed what happens when oversight gets messy. Nestoil showed what happens when you respond quickly enough to negotiate your future.
Here’s the thread connecting all three:
Compliance is leverage.
If your annual returns and audited accounts are clean, you control the narrative.
If CAC has no issues with your filings, you avoid delays that drain value.
If your creditor records are complete, you negotiate from strength.
If your tax position is transparent, regulators don’t ambush you during exit.
This isn’t bureaucracy.
It’s strategy.
And the absence of it is what destroys shareholder value before liquidation or restructuring even begins.
A Simple Checklist: Could Your Business Survive Greif’s Test?
Here’s a quick gut check. If you fail any of these, a voluntary liquidation or restructuring will be chaotic:
1. Are your annual returns current?
CAC rejects dissolution filings if anything is missing, even a single year.
2. Do you have a clear creditor ledger?
Greif notified all creditors publicly. Could you even list yours?
3. Can you produce audited accounts for the last financial year?
Liquidation without audits is a legal grenade.
4. Are your tax filings reconciled?
Unresolved FIRS issues delay liquidation, sometimes for years.
5. Do you have board resolutions and declarations of solvency on record?
CAMA requires them. Lack of documentation forces CAC to stall your process.
If your heart skipped at least one beat reading this list, you’re not alone. Most companies don’t prepare for exits, even though every business either exits voluntarily or involuntarily.
CLICK: Corporate Compliance Health Check: Assess your CAC & FIRS readiness. Could your business survive Greif Nigeria’s clean exit test?
Why This Matters Right Now
Regulators are tightening compliance. CAC’s new AI-driven infrastructure processes thousands of transactions daily, and flags inconsistencies faster than before. Founders who assume “CAC will not notice” are still living in the past, far in 2015, not 2025.
This is the best time to fix your records. It’s just not wise waiting till when you’re selling, merging, dissolving or restructuring.
Greif closed smoothly because Greif prepared early.
That’s the whole story.
What Qrafteq Offers (Your Real Competitive Advantage)
We’re not just filing agents. We’re the team you call when you want clarity, order, and leverage.
Qrafteq’s 15-Point Corporate Health Check
A fast, precise audit of your company’s compliance and governance status. You get:
A scorecard showing immediate risks
Missing filings and documents
A breakdown of CAC issues that will delay exits
A clean-up plan with timelines
No fluff. No jargon. Just the truth — and the fixes.
Because if you ever need to restructure or dissolve, you want to look like Greif, not Heritage Bank.
