CAC Extends The Deadline For Companies To Issue Unallotted Share Capital

The Honourable Minister of Industry, Trade and Investment, through the Corporate Affairs Commission (CAC or “the Commission”), has extended the deadline for existing companies to fully issue any unallotted share capital to 31 December 2022. It will be recalled that Regulation 13 of the Companies Regulations, 2021 (“the Regulations”) had fixed an initial deadline of 30 June 2020 for all companies in Nigeria to comply with this requirement.

 

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

Source: KPMG

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