KNOW MORE ABOUT CORPORATE AFFAIRS COMMISSION (CAC) IN NIGERIA

CORPORATE STRUCTURE OF THE CORPORATE AFFAIRS COMMISSION IN NIGERIA

CORPORATE LAW PRACTICE IN NIGERIA

CHAMAN LAW FIRM

2021-07-22 3 min read

KNOW MORE ABOUT CORPORATE AFFAIRS COMMISSION (CAC) IN NIGERIA

Section 1(1) of CAMA established CAC. It is a body corporate with perpetual succession and common seal. It can sue and be sued in his corporate name. It can acquire property whether movable or immovable. The chief executive of the CAC is the Registrar-General. The members of the CAC include the following - s. 2 CAMA

1.      A chairman

2.      A representative of the business community

3.      A representative of the legal profession

4.      A representative of the accountancy profession

5.      A representative of the manufacturers association

6.      A representative of the securities and exchange commission

7.      A representative of the federal ministry of commerce

8.      A representative of the federal ministry of justice

9.      A representative of the federal ministry of industry

10.  The Registrar- General of the commission.

The members of the commission except the Registrar-General are part-time members - s. 3(3). The quorum for meeting is five - s. 5(3) CAMA.

FUNCTIONS OF THE CORPORATE AFFAIRS COMMISSION - S. 7 CAMA

The functions of the CAC as found in s. 7 are broadly divided into five. These are:

1.      The regulation and supervision of the formation, incorporation, registration, management and winding up of companies. This is however subject to the provision of s. 541 of CAMA on existing companies (before CAMA)

2.      To establish and maintain a company’s registry and offices in all the states of the federation.

3.      To arrange or conduct an investigation into the affairs of any company where the interests of the shareholders and the public so demand

4.      To perform such other activities as may be specified by any Act or enactment

5.      To undertake such other activities that are necessary or expedient for giving full effects to the provision of this Act.

When drafting a letter to the CAC, it should be addressed to the Registrar-General. Also Registrar of business name.

ACCREDITATION OF PROFESSIONALS BY THE CORPORATE AFFAIRS COMMISSION (CAC) IN NIGERIA

The CAC specify the professionals that should deal with it. In addition, as it relates to just part A of CAMA, the professionals to deal with it must be duly accredited. The CAC is empowered to demand accreditation though not expressly but under s. 7(1)(e) of CAMA. The accreditation expressly provide for incorporation of companies under part A and not B and C. In practice, unaccredited persons cannot deal with CAC as it relates to part B and C. The accredited professionals are:

·         Legal practitioners or their firm

·         Chartered accountants or their firm

·         Chartered secretaries or their firm

PROCEDURE FOR ACCREDITATION BY THE CORPORATE AFFAIRS COMMISSION IN NIGERIA

1.      Obtain and complete the CAC accreditation form.

2.      Submit the duly completed Accreditation Form with following documents/materials:

a.      Two passport photographs of the individual or partners  of the firm

b.      A copy of your professional qualifying certificate

c.       Current practicing fee receipt for the year of application

d.      A copy of National Youth Service Corp (NYSC) discharge or exemption certificate

e.      Accreditation fee of N5,000.

Identification for legal practitioner is CAC/NBA/IND/0001 or Firm CAC/NBA/FIRM/0001.

If the accreditation card is lost, it can be replaced. The requirements for replacement are:

a)      Police report

b)      Affidavit of loss

c)      Copy of receipt of payment of practicing fee for the year in which the replacement is sought.

d)      Copy of qualifying certificate

e)      Replacement fee

All these are to be attached to a cover letter applying for replacement.