The information contained in this document is marketing material and for informational purposes only. The information contained in this document is presented without any warranty or representation as to its accuracy or completeness and all implied representations or warranties of any kind are hereby disclaimed. Recipients of this document, whether clients or otherwise, should not act or refrain from acting on the basis of any information included in this document without seeking appropriate professional advice. The provision of the information contained in this document does not establish any express or implied duty or obligation between Citco and any recipient and neither Citco nor any of its shareholders, members, directors, principals or personnel shall be responsible or liable for results arising from the use or reliance of the information contained in this document including, without limitation, any loss (whether direct, indirect, in contract, tort or otherwise) arising from any decision made or action taken by any party in reliance upon the information contained in this document. © The Citco Group Limited, December 2024.
Nigeria – CAC Filing Deadline Update
The Corporate Affairs Commission (CAC) of Nigeria has implemented significant changes to filing deadlines for Financial Statements and Annual Returns.
This regulatory update particularly affects Nigerian Limited companies with March and December year-ends, introducing stringent timelines for board approval, Annual General Meeting completion, and final submissions.
New Filing Framework
Companies must now submit their Financial Statements and Annual Returns by June of the subsequent year following their fiscal year-end.
This consolidated deadline represents a substantial change in compliance requirements, establishing a more structured approach to corporate reporting in Nigeria.
The framework encompasses both 31st of March and 31st of December fiscal year-ends, standardizing the submission process across these common reporting periods.
Critical Deadlines and Timelines
To meet the June submission deadline, companies must carefully manage several key dates:
- Board Approval and Annual General Meeting must be completed by the 19th of April
- A mandatory 42-day statutory filing period follows AGM approval
- Final submissions to the Corporate Affairs Commission must be completed by the 31st of May
The timing of these requirements creates a precise schedule that companies must follow to maintain compliance. This structured approach ensures adequate time for document preparation, approval processes, and regulatory review.
Risks of Non-Compliance
Despite the absence of official Registry documentation detailing these changes, the CAC is actively enforcing compliance with the new deadlines.
Companies failing to meet these requirements face significant consequences, including daily default penalty fees of up to NGN 2,000.
These penalties apply to both the company and its directors or officers, creating personal liability for compliance failures.
Best Practices
To ensure successful adherence to these new requirements, companies should:
1. Establish accelerated financial closing procedures
2. Schedule board meetings and AGMs well in advance
3. Maintain clear communication channels with stakeholders
4. Implement robust document preparation processes
5. Create internal deadlines that allow for unexpected delays
How Mercator® by Citco (Mercator) Can Help
Mercator manages the complete filing process for Financial Statements and Annual Returns under the new deadlines. Our team coordinates documentation preparation, tracks submission timelines, and ensures compliance with regulatory requirements. For support with your Nigerian filing obligations or to learn more about our global corporate secretarial services, contact mercator@citco.com
