The Corporate Affairs Commission has sent a notice to inform the general public and, in particular, Companies operating and their Directors and Officers that the Companies and Allied Matters Act 2020 (CAMA) requires companies to file annual returns with the Commission every year.
This reminder is informed by what the commission has observed as a large-scale non-compliance with this requirement by the Companies, notwithstanding that the Companies Regulations 2021 prescribe stiffer penalties than are presently applied by the commission for non-compliance.
In line with its statutory mandate, the Commission shall from 1st January 2024 commence the full application of the penalties provided by the Companies Regulations 2021 for non-compliance with this requirement. As from that date, the penalties prescribed by the Companies Regulations against a Company and each of its Directors or Officers shall be applied fully by the Commission for failure to file annual returns.
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