The Corporate Affairs Commission (CAC) has announced a three-month extension to the deadline for companies to submit their annual returns, shifting the cutoff date from January 1, 2024, to April 1, 2024.
The extension comes as a response to challenges experienced on the Company Registration Portal (CRP).
In a statement issued on Thursday, the CAC acknowledged the glitches on its portal and extended the deadline to provide a reasonable timeframe for companies to comply with the submission requirements.
The commission had previously declared its intention to apply penalties on companies and their directors for failure to file annual returns, as stipulated by the Companies and Allied Matters Act 2020 and the Companies Regulations 2021.
The CAC initially identified 94,581 companies at risk of removal from its register due to non-compliance with annual return filing. However, the number was later revised to 91,843. The penalties were initially scheduled to take effect from January 1, 2024.
“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,” the statement reads.
The commission urged all entities registered under the Companies and Allied Matters Act, including Companies, Limited Liability Partnerships, Limited Partnerships, Business Names, and Incorporated Trustees, to take advantage of the extended window to submit their annual returns.
However, the CAC clarified that the extension does not affect the striking-off proceedings initiated against companies before the publication of the notice on November 2, 2023.
The commission emphasized that it would proceed with the striking-off process and take legal action against directors and officers of struck-off companies for the recovery of undischarged penalties.
The General Public and the business community are advised to stay updated on compliance requirements and utilize the extended timeframe for filing annual returns with the CAC.
