In Nigeria, Annual Returns are filed with the Corporate Affairs Commission (CAC), which is the regulatory body responsible for overseeing the registration and regulation of companies and business entities in the country. Filing Annual Returns is a legal requirement for all registered companies in Nigeria under the Companies and Allied Matters Act (CAMA) 2020.
The term "Annual Returns" refers to a mandatory filing that companies are required to submit on a yearly basis, providing updated information about the company's financial and operational status. These filings are used to ensure transparency and accountability of businesses to government authorities, stakeholders, and the public.
Here's an overview of how Annual Returns are typically filed in Nigeria:

Completion of Annual Returns Form: The company needs to complete the Annual Returns form provided by the CAC. The specific form to be used depends on the type of company (private, public, limited by guarantee, etc.). The form typically requires information about the company's directors, shareholders, registered office address, share capital, and other relevant details. This form will be filled on CAC portal.

Payment of Fees: Along with the Annual Returns form, the company is required to pay the prescribed filing fees. The fees are based on the type and size of the company. Also, if you didn’t file the annual returns with the specific timeframe, you will need to pay extra as penalty for late filing.
Submission of Documents: The completed Annual Returns form, along with the financial statements (where applicable) and proof of payment, should be submitted to the CAC. Before, this can be done physically at a CAC office. But now, filing of annual returns are done through the CAC's online portal.

Review and Approval: The CAC reviews the submitted documents for accuracy and compliance with regulations. If everything is in order, the CAC will approve the filing and update the company's records accordingly. In case there are discrepancies or missing information, the company may be required to provide additional documentation or corrections.

Issuance of Acknowledgement Letter: Once the Annual Returns are successfully filed and approved, the CAC issues Acknowledgement Letter. This Acknowledgement Letter serves as evidence that the company has fulfilled its obligation to file Annual Returns for the specified year.
Activation: If the status of the company has been inactive, you can then apply for the activation of the company. Within few days, the status of the business will change from inactive to active on the CAC’s website.

It's important to note that Annual Returns must be filed within 42 days from the company's Annual General Meeting (AGM) date. The AGM is a meeting where directors and shareholders discuss company matters, including the approval of financial statements. If the AGM is not held, the Annual Returns must still be filed within 18 months of the company's incorporation and subsequently within 42 days of each AGM. For business names, annual returns of each year must be filed between January and June 30 of the following year. Please note that you don’t file annual returns for the year of incorporation. For example, if your business is registered in 2021, the first annual return of the business will be for the year 2022 and it must be filed within the deadlines given above.
Failure to file Annual Returns within the specified timeframe can result in penalties and may lead to the company being struck off the register of companies, potentially resulting in dissolution.

Please note that you need an accredited agent to help you file your annual returns.
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This is insightful, as I am currently having this issue with a company I registered in 2021.

I have not filed ever since I'm I've had a headache on how to go about it. The business has not been very active tho.

braine:
This is insightful, as I am currently having this issue with a company I registered in 2021.

I have not filed ever since I'm I've had a headache on how to go about it. The business has not been very active tho.

You can WhatsApp me on 08155554892

To everyone that has a business name or company, I need to clarify that every registered entity is required to file annual returns whether the business has commenced operation or not. However, you are not required to file annual return for the year of incorporation. For instance, if your business was registered in 2021, you will only need to file for 2022.
For consultation, you can Whatsapp 08155554892.

If you are yet to file your annual returns, you need to take action immediately so as not to have your business name delisted.

Countdown to 31st December 2023 deadline for the filing of your annual returns with Corporate Affairs Commission (CAC).
You can call or send WhatsApp message to me.

It will interest you to know that the Corporate Affairs Commission has extended the deadline for filing of annual returns of years of defaults to April 01, 2024.
Take advantage of this so as to avoid unnecessary penalty.
You can contact me for the filing of annual returns and other CAC post incorporation services on my WhatsApp number.
See my signature below.

Am I Due for Filing Annual Return?
Many people called me to find out if they are due for filing annual return. Let me give you a template you can use to know if you are due for filing after you have registered your business name or company.
If your business is already 18 months old, then you are due to file your annual return. This has nothing to do whether you have started business activities or not.

Happy Sunday. Remember that the deadline for the filing of pending annual returns is 1st April, 2024. Don't wait till that day as it falls on public holiday

Reminder: The deadline for the filing of annual returns for business names is 30 June. File now to avoid penalty for late filing.