*To Enforce Penalties For Unfiled Annual Returns
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The Corporate Affairs Commission (CAC) has issued a reminder to all companies operating in Nigeria to file their annual returns, in compliance with the Companies and Allied Matters Act 2020 (CAMA).
In a public notice, the CAC stated that many companies are failing to submit annual returns, despite stiffer penalties prescribed in the Companies Regulations 2021 for non-compliance.
The Commission warned that from January 1, 2024, it will begin full enforcement of the penalties against defaulting companies and their directors/officers.
Companies that have not filed returns are advised to promptly comply before the deadline, to avoid sanctions. The CAC notice also indicated that directors and officers of struck-off and wound-up companies will now be pursued for recovery of undischarged penalties.
According to the notice signed by CAC management, the annual returns filing is mandatory under CAMA. Companies and officers have been given over a year to rectify any non-compliance before penalties take full effect.
The CAC said its recent observations showed widespread non-adherence with the statutory requirement, hence the need for the reminder and extended deadline. Companies can visit CAC’s website or contact their call center for any enquiries. cservice@cac.gov.ng; helpdesk@cac.gov.ng; +234 708 062 9000 (Call Center)
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