CAC Extends Deadline For Company Annual Returns By 4 Months

The Corporate Affairs Commission (CAC) has pushed back the deadline for imposing penalties on companies that have not submitted their annual returns. The initial deadline of January 1, 2024, has been extended to April 1, 2024, providing an additional four-month window for companies to file their annual returns with the Commission.

Earlier warnings by the CAC indicated that 94,581 companies faced removal from its register for failing to file annual returns by July 2023. However, as of November, the number of defaulting companies reduced to 91,843.

The extension comes in response to technical difficulties experienced on the Company Registration Portal (CRP), according to a statement issued by the agency on Thursday, December 28.

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It added that the postponement is also in response to appeals from the Micro, Small, and Medium Enterprise (MSME) sector.

The statement said that all entities registered under the Companies and Allied Matters Act, including Limited Liability Partnerships, Limited Partnerships, Business Names, and Incorporated Trustees, are encouraged to use this extended period to comply with filing their annual returns.

It’s crucial to note that the deadline extension does not impact the striking-off proceedings initiated by the Commission before Thursday, November 2, 2023.

Additionally, the Commission cautioned that it will proceed against directors and officers of struck-off companies to recover outstanding penalties.

The statement read, “Further to its earlier notice published on Thursday, 2% November 2023 informing the General Public that it shall commence the full application of the penalties prescribed by the Companies and Allied Matters Act 2020 and the Companies Regulations 2021, ‘against Companies and each of their Directors or Officers for failure to file annual returns, the Commission hereby extends the commencement date from 1″ January 2024 to 1″ April 2024.”

“This extension has become necessary in view of the glitches presently experienced on the Company Registration Portal (CRP) and in deference to appeals from the Micro, ‘Small and Medium Enterprise (MSME) sector.

“All entities registered under the Companies and Allied Matters Act (Companies, Limited Liability Partnerships, Limited Partnerships, Business Names and Incorporated Trustees) are encouraged to take advantage of the window provided by this extension to file their annual returns to date with the Commission.

“The General Public should please note that this publication/extension of time does not affect the striking-off proceedings commenced by the Commission prior to the publication of Thursday, 2nd November 2023.”

“Furthermore, companies, their directors, and officers should note that the commission shall henceforth proceed against directors and officers of struck-off companies for recovery of undischarged penalties against them.”