The Corporate Affairs Commission (“CAC”) serves as the statutory authority entrusted with the registration and oversight of legal entities in Nigeria. In the wake of the enactment of the Companies and Allied Matters Act, 2020 (“CAMA 2020”), the CAC has proactively implemented numerous measures to foster adherence to the stipulations outlined in the new legislation. In this regard, our Firm is delighted to furnish two (2) significant updates pertaining to ongoing regulatory and compliance initiatives spearheaded by the CAC.
A. FULL APPLICATION OF PENALTIES FOR FAILURE TO FILE ANNUAL RETURNS BY COMPANIES AND RECOVERY OF PENALTIES AGAINST COMPANY DIRECTORS AND OFFICERS
In accordance with a Public Notice issued by the CAC on November 2, 2023 (the “Notice”), the CAC affirmed that numerous companies have neglected and/or failed to comply with the statutory obligation of filing annual returns. In response to this circumstance and in alignment with its statutory mandate, the CAC has formally communicated to the public its intention to enforce the complete application of penalties stipulated in the Companies Regulations 2021 (the “Regulations”) effective from January 1, 2024. Read more
