If any foreign company fails to comply with the requirements of section 80 of this Act in so far as they may apply to the company, the company commits an offence and is, in addition to being liable to prosecution, also liable to such penalty as the Commission shall specify by regulation, and every officer or agent of the company who authorises or permits the default or failure to comply is, whether or not the company is also convicted of any offence, liable on conviction to such penalty as the Commission shall specify by regulation, and where the offence is a continuing one, the company and every officer or agent of the company are liable to a further penalty as the Commission shall specify by regulation for every day during which the default continues.
Companies and Allied Matters Act 2020 · Part B · Chapter 3
Section 79 Penalties
Cite as: Companies and Allied Matters Act 2020, section 79
What this section means
From the guide: Foreign companies carrying on business in Nigeria under CAMA 2020
- It and any officer or agent who authorises or permits the default are liable to penalties set by the Commission, with a further daily penalty while the default continues (section 79).
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Source: Companies and Allied Matters Act 2020 (Act No. 3 of 2020), Official Gazette No. 124, Lagos, 10 August 2020. General information, not legal advice.