Corporate Affairs Commission Publishes Notice on Full Application of Penalties for Failure to File Annual Returns

On the 2nd of November 2023, the CAC published its notice stating that Companies and other registered entities will be charged full penalties for late or non-filing of their annual returns in line with the Companies Regulations 2021. Under the Regulations, penalties are charged daily ranging from N250/day of default for Small Companies to N1,000/day of default for Public Companies.

Companies, their Directors and Officers are urged to file all outstanding annual returns by 1st January 2024 to avoid incurring these steep penalties. Furthermore, the CAC has stated that Companies, their Directors and Officers of companies which have been struck off or wound up shall remain liable for any undischarged penalties.

The notice can be viewed at:

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