Annual Returns: CAC Extends Penalty Deadline To April 1

The Corporate Affairs Commission (CAC) has extended the deadline for the commencement of penalties against companies that failed to file annual returns, from Jan. 1 2024 to April 1, 2024.

A statement issued in Abuja on Thursday by the commission’s Director of Press, Mr Dominic Inyang, said management decided to extend the penalty date following glitches experienced on the Company Registration Portal (CRP).

He stated that date was also extended due to appeals from the Micro, Small and Medium Enterprise (MSME) sector.

“Further to its earlier notice published on Nov. 2, informing the general public that it shall commence.

It would be recalled that the full application of the penalties was prescribed by the Companies and Allied Matters Act (CAMA) 2020 and the Companies Regulations 2021 against companies and their directors or officers for who failed to file annual returns.

“CAC at this moment extends the commencement date from Jan. 1 to April 1, 2024.

“This extension has become necessary given the glitches presently experienced on the CRP and in deference to appeals from the MSME sector,” Inyang quoted CAC management as saying.

He enjoined all registered entities under the CAMA to take advantage of the window provided by this extension to file their annual returns to date with the commission.

“The entities included Companies, Limited Liability Partnerships, Limited Partnerships, Business Names and Incorporated Trustees.

“The general public should please note that this extension of time does not affect the striking-off proceedings commenced by the commission prior to the publication of Nov. 2.

“Companies, their directors, and their officers should note that the Commission shall henceforth proceed against the directors and officers of struck-off companies to recover undischarged penalties against them.