elyonchee:
Before the new section in CAMA 2020 section 124 for minimum issued share capital came into being, the old CAMA 2004 in section 99, allowed company to issue 25% of their authorised share capital and allowed companies to reserve unissued shares for future shareholders. But the new CAMA in section 124, says that companies minimum issued share capital must be fully allotted and the shares allotted cannot be less than the issued share capital.
Therefore, CAC is giving old existing companies on or before 31st December, 2022 to fully allot all unissued shares or they will be forfeited and not considered part of the share capital again.
Old Companies that were registered before 2021fall under this category. They can issue their unissued shares by reallotment to new shareholders or if they don't have any new shareholders, they can cancel the unissued shares by reduction of share capital. Any company, that files after the deadline will pay penalty that is daily penalty.