The Corporate Affairs Commission (CAC) has granted an extension for companies to submit their annual returns, revising the timeline from January 1 to April 1, 2024. This decision was communicated in a statement released by the commission on Thursday, December 28, 2023.
The extension was attributed to technical glitches on the company’s registration portal (CRP) and in consideration of appeals from the Micro, Small, and Medium Scale Enterprises (MSME) sector. The CAC had previously issued a circular indicating its intention to delist 91,843 companies by the end of the month for failing to submit their annual returns on the commission’s website.
While penalties for non-compliance were initially set to take effect from January 1, 2024, the commission clarified that penalties are currently on hold for companies falling within the earlier deadline, with the submission deadline now extended to April 1, 2024.
In a circular, the CAC urged companies to utilize the extended window to file their annual returns promptly, emphasizing the importance of compliance with the Companies and Allied Matters Acts 2020 and the Companies Registrations 2021.
“The Commission hereby extends the commencement date from 1st of January 2024 to 1st of April 2024. This extension has become necessary given the glitches presently experienced on the Company Registration Portal (CRP) and in deference to the appeals from the Micro, Small and Medium Enterprises (MSME) sector.”
The deadline extension, however, does not apply to companies already in penalty proceedings before the initial notice release date.
“The General Public should please note that this extension of time does not affect the striking-off proceedings commenced by the Commission before the publication of Thursday, 2nd of November 2023,” the commission added.
In November, the CAC had initially announced its intention to delist 91,843 companies for failing to file annual returns, as part of its ongoing efforts to enforce compliance within the corporate sector.
