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

The Corporate Affairs Commission (CAC) has announced an extension of the deadline for applying penalties on companies who have failed to submit their annual returns, from January 1, 2024, to April 1, 2024.

The commission disclosed this in a statement on Thursday.

The extension provides a three-month window for firms to file their annual returns with the commission.

In July, 2023, the commission said it would remove 94, 581 companies for failing to file their annual returns from its register. Later in November, the number of defaulting companies was reduced to 91,843.

Providing updates on the punitive measure, the agency said the deadline extension was due to glitches experienced on its portal

“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, 2™ November 2023.”

The commission added that it would “proceed against directors and officers of struck-off companies for recovery of undischarged penalties against them”.