The Corporate Affairs Commission (CAC) has issued a public notice on existing Companies and the requirements of issued share capital under the Companies and Allied Matters Act 2020.

According to the public notice all Existing Companies, Esteemed Customers and the General Public are hereby informed that the Minister of Industry, Trade and Investment has approved an amendment to Regulation 13 of the Companies Regulation 2021 allowing an extension to the period complying with the requirements of issued share capital under section 124 of the Companies and Allied Matters Act 2020 (CAMA) by existing Companies with unissued share capital op to 31st December 2022.

Existing Companies with unissued share capital are advised to take advantage of the extended period to comply with the requirements of issued share capital under the Section.

According to the notice all customers are to note that, all existing Companies are further advised that in line with the definition of “share capital” in Section 868 CAMA as “the issued share capital of a company at any given time”, any share capital of a company that shall remain unissued after 31st December 2022 shall not be recognized as forming part of the share capital of the Company until the share capital of the company is fully issued or reduced accordingly.

The General Public, all Existing Companies and Esteemed Customers should note that any application filed in compliance with Section 124, CAMA after the extended date shall attract the applicable penalty prescribed under the Section and the Companies Regulations 2021.

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