CAC extends penalty deadline for firms to file annual returns to April 2024

 

The Corporate Affairs Commission (CAC) has extended the deadline for imposing penalties on companies that have failed to submit their annual returns from January 1, 2024, to April 1, 2024.

This extension grants companies an additional four-month period to file their annual returns with the Commission.

The CAC had previously warned that it would remove 94,581 companies from its register for failing to file their annual returns by July 2023.

However, as of November, the number of defaulting companies had been reduced to 91,843.

The agency in a statement issued on Thursday, December 28, attributed the deadline extension to technical issues experienced on its portal.

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,” the statement reads.

“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.”