The Corporate Affairs Commission has issued a warning to companies yet to comply with the requirements of issued share capital under the Companies and Allied Matters Act 2020 and the Companies Regulations 2021.

The statement reads:

Further to the notice of the Commission dated 16^th April 2021 on extension of the period for existing companies to comply with the requirements of issued share capital under the Companies and Allied Matters Act 2020 (CAMA) and the Companies Regulations (CR) 2021 to 31^st December 2022, and in line with the last paragraph of the notice, Customers and the General Public are hereby reminded that any application filed in compliance with the requirements after the extended date (being 31^st December 2022) shall attract daily default penalty against the company and each officer of the company for every day during which the shares remained unissued after the extended date and in accordance with Regulation 13(2) of the CR.

Signed:

Management