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the Corporate Affairs Commission (CAC) has announced a time extension for companies to submit their annual returns, revising the timeline from January 1, 2024, to April 1, 2024. The official statement was made public through the commission's official X (formerly Twitter) handle on Thursday, December 28, 2023.
The CAC's decision to grant this extension follows its earlier warning in November, where it stated its intention to delist 91,843 companies from its register for failing to file their annual returns. This list, initially comprising 94,581 companies in August, was later reduced to 91,843.
In the recent statement, the CAC attributed the extension to challenges encountered on the company’s registration portal and a show of consideration for the Micro, Small, and Medium Scale Enterprises sector. The commission encouraged companies to seize this extended window to fulfill their annual return obligations.
The statement read in part, "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 1st of January 2024 to 1st of April 2024."
The CAC emphasized that all entities registered under the Companies and Allied Matters Act, including Limited Liability Partnerships, Limited Partnerships, Business Names, and Incorporated Trustees, are encouraged to utilize this extension to submit their annual returns promptly.
However, the commission clarified that the extended deadline does not apply to cases where penalty proceedings had already commenced before the release of the first notice. Companies are urged to stay abreast of these updates and comply with the revised submission timeline.
