By Abdullahi Jalalalluden
The Arewa Oil and Gas Marketers Association of Nigeria has issued a resounding call to all its members, urging them to promptly file their annual returns with the Corporate Affairs Commission (CAC).
Speaking at a press conference, the Chairman, Bashir Ahmad Danmalam, emphasized the significance of adhering to the CAC’s regulations to ensure the active status of their businesses.
Failure to comply with the annual returns filing, as directed by the CAC, may result in the mistaken impression that a business is inactive.
Consequently, the CAC can change the status of a company or business to “inactive,” leading to potential repercussions, including possible delisting.
Danmalam urged all registered entities, spanning from business names to companies and incorporated trustees to meticulously adhere to the CAC’s instructions.
He reiterated that annual returns must be filed irrespective of whether the business is actively operating.
In line with the CAC’s guidelines, entities will be required to pay a fixed statutory fee, the amount of which varies based on the type of business structure. Moreover, entities must avoid late filing to prevent incurring a penalty fee of 5000 Naira.
It is essential to clarify that annual returns are not taxes but rather submissions that are filed exclusively with the Corporate Affairs Commission.
Timely filing of these returns guarantees that businesses and organizations maintain their active status, safeguarding their standing within the CAC’s database.
The Arewa Oil and Gas Marketers Association takes this matter seriously, recognizing the importance of compliance with the CAC’s regulations to maintain the active status of their businesses.
Danmalam’s call comes as a timely reminder for all members to fulfill their obligations promptly, ensuring the seamless continuation of their operations and legal standing in the Nigerian market.
The deadline for filing annual returns looms, prompting oil and gas marketers in the Arewa region to take immediate action to meet the CAC’s requirements and safeguard their business activities.