The Corporate Affairs Commission has approved an extension of time for corporations to file annual returns, moving the deadline from January 1, 2024 to April 1, 2024.
This was revealed in a message obtained on the commission’s official X feed on Thursday, December 28, 2023.
Earlier in November, the commission said that it will remove 91,843 firms from its register for failing to complete annual returns.
The commission provided the names of 91,843 entities for delisting in a list published on its website and exclusively reported by The PUNCH.
This was 2,738 fewer than the initial 94,581 company names provided in August.
CAC, on the other hand, stated in the latest statement that the delay was granted due to problems on the company’s registration system as well as deference to the Micro, Small, and Medium Scale Enterprises sector.
However, the commission stated that the fines are currently on hold for enterprises who missed the previous deadline of January 1, 2023, as the submission date has been extended to April 1, 2024.
Furthermore, the CAC recommended businesses to take advantage of the extension’s window to file their annual returns with the commission.
“Further to its earlier notice on Thursday, November 2, 2023, informing the general public that it shall commence the full application of the penalties prescribed by the Companies and Allied Matters Acts 2020 and the Companies Registrations 2021 against companies and each of their directors or officers for failures to file annual returns, the commission hereby extends the commencement date from January 1, 2024 to April 1, 2024,” the statement read in part.
“This extension has become necessary due to the current glitches on the Company Registration Portal and in response to requests from the Micro, Small, and Medium Enterprises 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.” .
CAC however, noted that the deadline does not affect those whose penalty proceedings commenced before the date when the first notice was released.
