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CAC Extends the Deadline for Companies to Issue Unallotted Share Capital

Apr 23, 2021   •   by   •   Source: Proshare   •   eye-icon 1323 views

Friday, April 23,2021 / 03:45 PM / byWole Obayomi Header Image CreditCAC


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The Honourable Minister of Industry, Trade and Investment,through the Corporate Affairs Commission (CAC or "the Commission"), hasextended the deadline for existing companies to fully issue any unallottedshare capital to 31 December 2022. It will be recalled thatRegulation 13 of the Companies Regulations, 2021 ("the Regulations") had fixedan initial deadline of 30 June 2020 for all companies in Nigeria to comply withthis requirement.

 

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

 

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

 

Comments 

We commend the Commission for positively respondingto stakeholders' concerns regarding the previous timeframe forcompliance. The affected companies will now be well advised to takeadvantage of the extended deadline to regularise their statutory complianceobligations to avoid sanctions by the CAC.

 

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

 

Credits

* Thisstatement was first published in the Issue 4.6/ April 2021 Newsletter of KPMGof Wednesday, April 23, 2021. For further enquiries, please contact the author,Wole Obayomi via [email protected]

 

KindlyDownload - Companies andAllied Matters Act, 2020


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 Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.

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