The Corporate Affairs Commission (CAC) of Nigeria has extended the deadline for companies to file their annual returns by three months. Companies now have until April 1, 2024, to submit their documents without penalties, the regulator announced on December 28, 2023.
Originally, the deadline was January 1, 2024. Over 90,000 companies were at risk of being delisted for not complying with the annual filing requirements. However, CAC has decided to give more time due to technical issues on its registration portal that have affected filings. The extension also aims to provide relief for small and medium-sized enterprises struggling with the process.
Despite the deadline extension, penalties still apply for companies that missed the previous January 1, 2023, cut-off date. The CAC notice urges all registered entities—public and private companies, partnerships, business names, and trusts—to use this period to get up to date with their annual return obligations.
Staying compliant with annual filing rules is important for companies to keep accurate public records, ensure proper oversight, and avoid costly fees or deregistration. By postponing the imposition of penalties until April, the CAC hopes to work through its glitches and give firms more time to meet their regulatory duties.
The commission will likely strictly enforce the new April 1 deadline for annual returns. Entities still not in compliance by then risk facing disciplinary action.