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The Honourable Minister of Industry, Trade and Investment, through the Corporate Affairs Commission (CAC or “the Commission”), has extended the deadline for existing companies to fully issue any unallotted share capital to 31 December 2022. It will be recalled that Regulation 13 of the Companies Regulations, 2021 (“the Regulations”) had fixed an initial deadline of 30 June 2020 for all companies in Nigeria to comply with this requirement.

Further, the CAC noted that any unissued share capital after 31 December 2022 will be derecognised from a company’s share capital until such shares are re-issued or reduced.

Please refer to our newsletter Issue No. 3.2 of 5 March 2021 for our commentaries on the Regulations.

Comments

We commend the Commission for positively responding to stakeholders’ concerns regarding the previous timeframe for compliance. The affected companies will now be well advised to take advantage of the extended deadline to regularise their statutory compliance obligations to avoid sanctions by the CAC.

Our dedicated Regulatory Services team is available to support you with your regulatory compliance needs. We offer a full range of company secretarial services, including statutory health checks, coverage of meetings, corporate compliance maintenance, company incorporation, liquidation, miscellaneous statutory filings, and other sundry compliance and advisory services.

Please click here to access the CAC’s Public Notice.

For further enquiries, please contact:

Wole Obayomi

ng-fmtaxenquiries@ng.kpmg.com

Partner & Head, Tax, Regulatory & People Services

KPMG in Nigeria

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