By Section 321 of the Companies and Allied Matters Act, 2020, every company is required to give notice to the Commission within 14days of any change in the directorship or their particulars e.g. change of name, addresses, removal or addition of directors etc. Failure to give this notice will attract a penalty for every day the default continues.

By the Company Regulations 2021, the penalty for small companies is N250 (Two Hundred and Fifty Naira) each day and for private companies other than small companies is N500 (Five Hundred Naira). The penalty cost varies for the different kinds of business entities.

The notice is given by filing the change at the Commission and paying the necessary filing fees, subsequent to which the company information is updated by the Commission.

This is one of the many compliance requirements of the Commission contained in CAMA that companies are to be aware of and comply with post incorporation. It is therefore necessary to have the right team of compliance officers advising and supporting the company according to the law.

Business Legal comprises competent professionals readily available to proving up to date legal information, advice and business support for your businesses. Reach out to us today or visit our website at www.businesslegal.ng