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The Corporate Affairs Commission (CAC) has announced an extension of the deadline for the imposition of penalties on companies that have not filed their annual returns. The original penalty commencement date, which was set between January 1, 2024, and April 1, 2024, has been shifted due to challenges faced on the Company Registration Portal (CRP) and in response to appeals from the Micro, Small, and Medium Enterprise (MSME) sector.
The decision to extend the penalty commencement date was communicated in a statement by Mr. Dominic Inyang, the Director of Press for the commission. He explained that the glitches experienced on the CRP and the concerns raised by the MSME sector were key factors in this extension.
The penalties were established by the Companies and Allied Matters Act (CAMA) 2020 and the Companies Regulations 2021, targeting companies and their directors or officers that fail to submit annual returns. The new commencement date for the penalties is now April 1, 2024.
Inyang encouraged all registered entities under CAMA, including Companies, Limited Liability Partnerships, Limited Partnerships, Business Names, and Incorporated Trustees, to utilize this extension to fulfill their annual return obligations. He emphasized that the extension does not impact the striking-off proceedings initiated by the commission before the November 2 publication.
Companies, directors, and officers were reminded that the CAC will proceed to recover undischarged penalties against the directors and officers of struck-off companies. For additional information and inquiries, individuals and entities are directed to visit the CAC website at www.cac.gov.ng or contact the commission through service@cac.gov.ng, helpdesk@cac.gov.ng, or +234 708 062 9000.
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