CAC Grants Extension For Annual Return Filing Deadline To April

The Corporate Affairs Commission (CAC) has announced an extension of the deadline for the submission of the annual return by companies from January 1, 2024, to April 1, 2024.

The commission disclosed this in a statement released on Thursday, 28 December 2023, attributing the extension to glitches in their registration portal and acknowledging the concerns of Micro, Small, and Medium Scale Enterprises.

READ ALSO: CAC To Delist 91,843 Companies For Failing Annual Returns; Alters Initial Removal Figure

In their statement, the CAC emphasized the temporary suspension of penalties for companies falling under the previous deadline of January 1, 2023, due to the extended filing period.

The commission urged all registered entities under the Companies and Allied Matters Act to utilize this extended window to fulfill their annual return obligations.

Regarding penalties, the CAC clarified that the extended deadline does not affect ongoing penalty proceedings initiated before the initial notice date.

This extension follows the previous announcement threatening the delisting of over 91,000 companies for failure to file annual returns, a decrease from the initially reported number earlier in August.