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Deadline Extension for CAC Penalties on Annual Returns

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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 new deadline has been pushed from January 1, 2024 to April 1, 2024.

In a statement released on Thursday in Abuja by Mr. Dominic Inyang, the Director of Press for the commission, it was explained that the decision to extend the penalty commencement date was made due to technical issues encountered on the Company Registration Portal (CRP) and in response to appeals from the Micro, Small, and Medium Enterprise (MSME) sector.

The application of these penalties is in line with the Companies and Allied Matters Act (CAMA) 2020 and the Companies Regulations 2021, targeting companies, directors, and officers who have failed to file annual returns.

Given the challenges currently being faced on the CRP and considering the appeals from the MSME sector, CAC has extended the commencement date from January 1 to April 1, 2024,” Inyang quoted CAC management as saying.

All entities registered under CAMA, including Companies, Limited Liability Partnerships, Limited Partnerships, Business Names, and Incorporated Trustees, are encouraged to utilize this extension to ensure their annual returns are filed with the commission.

It’s important to note that this extension does not affect the striking-off proceedings already initiated by the commission before the November 2 announcement. The commission will proceed against directors and officers of struck-off companies to recover outstanding penalties from them.

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