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<p>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).</p>
<p>Speaking at a press conference, the Chairman, Bashir Ahmad Danmalam, emphasized the significance of adhering to the CAC&#8217;s regulations to ensure the active status of their businesses.</p>
<p>Failure to comply with the annual returns filing, as directed by the CAC, may result in the mistaken impression that a business is inactive.</p><div class="IsrCIr3H" style="clear:both;float:left;width:100%;margin:0 0 20px 0;"><script async src="https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js"></script>

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<p>Consequently, the CAC can change the status of a company or business to &#8220;inactive,&#8221; leading to potential repercussions, including possible delisting.</p>
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<p>Danmalam urged all registered entities, spanning from business names to companies and incorporated trustees to meticulously adhere to the CAC&#8217;s instructions.</p>
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<p>He reiterated that annual returns must be filed irrespective of whether the business is actively operating.</p>
<p>In line with the CAC&#8217;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.</p>
<p>It is essential to clarify that annual returns are not taxes but rather submissions that are filed exclusively with the Corporate Affairs Commission.</p>
<p>Timely filing of these returns guarantees that businesses and organizations maintain their active status, safeguarding their standing within the CAC&#8217;s database.</p>
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<p>The Arewa Oil and Gas Marketers Association takes this matter seriously, recognizing the importance of compliance with the CAC&#8217;s regulations to maintain the active status of their businesses.</p>
<p>Danmalam&#8217;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.</p>
<p>The deadline for filing annual returns looms, prompting oil and gas marketers in the Arewa region to take immediate action to meet the CAC&#8217;s requirements and safeguard their business activities</p>
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