Companies doing business in Nigeria are required by the Corporate Affairs Commission (“CAC“) to make some mandatory compliance filings failure of which may attract severe penalties including deletion of any defaulting company from the CAC’s Register of Companies in Nigeria. In 2022, the CAC published the Persons with Significant Control Regulations, 2022 (the “Regulations”) in the exercise of its powers under the Companies and Allied Matters Act, 2020 (“CAMA“) and with the approval of the Minister of Industry, Trade and Investment. The objective of the Regulations is to provide an effective framework and procedure for the Government to gather, obtain … Continue reading NIGERIAN COMPANIES: PENALTIES FOR NON-FILING BENEFICIAL OWNER INFORMATION