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As of the 1st of January 2024, Nigeria’s Corporate Affairs Commission (CAC) will apply penalties for failure to file Annual Returns.
All Companies operating in Nigeria are required to file Annual Returns every year no later than 42 days after the Annual General Meeting for the year.
Due to wide spread non-compliance with the requirement, the Corporate Affairs Commission has now enforced penalties.
These penalties are prescribed by the Companies Regulations 2021 and will be issued against defaulting companies and their Directors or Officers.
Failure to file Annual Return will result in: