By virtue of Regulation 13 of the Companies Regulations 2021 (“the Regulation”), all existing companies
whose issued capital are less than the minimum issued share capital are required to issue all their
unissued shares on or before 31st June 2021.
However, vide a publication dated 16th April, 2021, the Ministry of Industry, Trade and Investment
approved the amendment to Regulation 13 of the Companies Regulations, 2021 extending the
ultimatum for existing Companies to comply with requirements of issued share capital under Section
124 of the Companies and Allied Matters Act 2020 (CAMA) to 31st December 2022.
Hence, this article provides an overview on the CAC publication dated 16th April 2021 and the
importance of complying with same.