PRINCIPAL LEGISLATION IN CORPORATE LAW PRACTICE IN NIGERIA

THE APPLICABLE LAWS IN CORPORATE LAW PRACTICE IN NIGERIA

CORPORATE LAW PRACTICE IN NIGERIA

CHAMAN LAW FIRM

2021-07-22 2 min read

PRINCIPAL LEGISLATION IN CORPORATE LAW PRACTICE IN NIGERIA

1.      Companies and Allied Matters Act(CAMA) 2004

2.      Investment and Securities Act (ISA) 2007

The Companies and Allied Matters Act is divided into 3 parts. These are:

PART A- INCORPORATION OF COMPANIES Sections 1-568 of CAMA.

PART B- REGISTRATION OF BUSINESS NAME Sections 569-589 of CAMA.

PART C- INCORPORATED TRUSTEES Sections 590-612 CAMA

There are other subsidiary laws to CAMA—

1.      Companies Proceeding Rules 1992

2.       Companies Regulation 2012

3.       Companies Winding-up Rules 2001.

OTHER RELEVANT LAWS:

1.      Nigerian Investment Promotion Commission Act

2.      National Office for Technology Acquisition and Promotion Act

3.      Banks and Other Financial Institutions Act

4.      Immigration Act

5.      Customs and Management Act

6.      Export(Incentives and Miscellaneous Provisions) Act

7.      Federal High Court Act

8.      Industrial Inspectorate Act

9.      Foreign Exchange( Monitoring and Miscellaneous Provisions) Act

10.  Insurance Act

11.  Constitution of Federal Republic of Nigeria(as amended) 1999

12.  Stamp Duties Act

13.  Nigerian Minerals and Mining Act

14.  Asset Management Corporation of Nigeria Act

15.  Companies Income Tax Act

16.  Petroleum Profit Tax Act

17.  Mortgage Institution Act

18.  Nigerian Communication Commission Act

19.  National Insurance Commission Act

REGULATORY BODIES:

1.      Corporate Affairs Commission(CAC) established by CAMA, S. 1(1)

2.      Securities and Exchange Commission(SEC) established by ISA 2007, S.1(1)

3.      Central Bank of Nigeria, established by Central Bank of Nigeria Act

4.      Nigerian Investment Promotion Commission(NIPC), established Nigerian Investment Promotion Commission Act

5.      Federal High Court established by S.249 of Constitution of Federal Republic of Nigeria(as amended) 1999 and S. 1 Federal High Court Act

6.      National Insurance Commission  established by National Insurance Commission  Act

7.      Nigerian Communication Commission established by Nigerian Communication Commission Act

8.      Asset Management Corporation of Nigeria established by Asset Management Corporation of Nigeria Act

9.      National Office for Technology Acquisition and Promotion, established by National Office for Technology Acquisition and Promotion  Act

10.  Nigerian Stock Exchange, established by the Investment and Securities Act. It regulates the sale and purchase of securities of public quoted companies

11.  National Industrial Court established by S. 254A of CFRN 1999, (3rd Alteration) Act

12.  Investment and Securities Tribunal established by S.274 of ISA

13.  Tax Appeal Tribunal, established by Federal Inland Revenue Service(Establishment) Act

14.  Nigerian Deposit Insurance Corporation, established by Nigerian Deposit Insurance Corporation Act

15.  Federal Inland Revenue Service, established by Federal Inland Revenue Service (Establishment) Act. It administers various tax enactments e.g Companies Income Tax, Personal Income Tax, Stamp Duty.