Business and Economy

CAC extends time for filing of annual returns and the imposition of penalties

The Corporate Affairs Commission (CAC) in a public notice dated December 28 has granted an extension until April 15, 2024, for the filing of annual returns and the imposition of penalties for failures to file.

In the public notice, the Commission said. “In continuation of our previous notice issued on Thursday, 2nd November 2023, informing the General Public about the implementation of penalties under the Companies and Allied Matters Act 2020 and the Companies Regulations 2021 for non-filing of annual returns, we would like to announce an extension of the commencement date. The new date for full application of penalties has been moved from 1st January 2024 to 15th April 2024”.

This extension has been deemed necessary due to technical issues currently being faced on the Company Registration Portal (CRP) and in response to appeals from the Micro, Small, and Medium Enterprise (MSME) sector.

We urge all entities registered under the Companies and Allied Matters Act, including Companies, Limited Liability Partnerships, Limited Partnerships, Business Names, and Incorporated Trustees, to utilize this extended period to file their annual returns with the Commission.

Please note that this publication and extension of time does not impact any ongoing striking-off proceedings initiated by the Commission prior to the publication on Thursday, 2nd November 2023.

Additionally, Companies, their Directors, and Officers should be aware that the Commission will now take action against Directors and Officers of struck-off Companies to recover any outstanding penalties.

For more information and inquiries, please visit our website: or contact us at [email protected]; [email protected]; +234 708 062 9000 (Call Center).

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