NEW DIRECTIVE ON POST-INCORPORATION FILINGS WITH THE CORPORATE AFFAIRS COMMISION
posted 10 months ago
Recent development shows from the 1st of February,2023 , post- incorporation filings with the Corporate Affairs Commission (CAC) will not be done without an updated filing of Annual Returns and PSC details( Persons with significant control)
This is a compliance/governance directive to ensure that companies in Nigeria are responsible and adhere to governance procedures.
Every registered company is expected to file their annual returns to the CAC every year. This facilitates the accurate keeping of updated records with the Commission
PSC filing ensures that all individual who own 5% and above shares in a company are known by members of the company, the public and the commission. This to avoid shadow directorship, which is prohibited by the commission and equally not good governance ethics.
Therefore to take further activities with the Commission, such as addition of directors, increase/reduction of share capital, an updated annual returns and PSC filing must be done.