Sunday April 18, 2021 / 08:00AM / by CAC Nigeria /Header Image Credit:  The Nation            

All Existing Companies, Esteemed Customers and theGeneral Public are hereby informed that the Minister of Industry, Trade andInvestment has approved an amendment to Regulation 13 of the CompaniesRegulations, 2021 allowing an extension to the period for complying with therequirements of issued share capital under Section 124 of the Companies andAllied Matters Act 2020 (CAMA) by Existing Companies with unissued sharecapital up to 31^st December 2022.

Existing Companies with unissued share capital areadvised to take advantage of the extended period to comply with therequirements of issued share capital under the Section.

All Existing Companies are further advised that inline with the definition of "share capital" in Section 868 CAMA as "theissued share capital of a company at any given time", any share capital of aCompany that shall remain unissued after 31^st December 2022 shallnot be recognised as forming part of the share capital of the Company until theshare capital of the Company is fully issued or reduced accordingly.

The General Public, all Existing Companies andEsteemed Customers should note that any application filed in compliance withSection 124, CAMA after the extended date shall attract the applicable penaltyprescribed under the Section and the Companies Regulations 2021.

KindlyDownload - Companies andAllied Matters Act, 2020

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