Corporate Law in Nigeria

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Company law in Nigeria encompasses a body of laws that govern the rights, conduct and relationships of companies, organizations and business enterprises in Nigeria. The Companies and Allied Affairs Act (CAMA) 2020 is the main law that regulates the establishment and management of businesses in Nigeria. It is enacted to bestow for the incorporation of companies, limited liability companies, partnerships. Section 1 of the Act sets up the Corporate Affairs Commission (CAC) which is the supreme regulatory body for business in Nigeria with responsibility for the regulation and management of registration management and winding up of companies prevailing in Nigeria.

Regulation 2021 is established under the Companies and Allied Matters Act 2020. It contains provisions for the administrative processes of the CAC and to clarify certain compliance requirements of the CAMA 2020. It also provides a complete procedure and specific prerequisite to assume any procedure with the CAC.

The 2007 Investment and Securities Act (ISA) is adopted for governing investments in financial markets. It sets up the Securities and Exchange Commission (SEC) as the regulatory body responsible for regulating investments and securities activities in Nigeria. The Act offers for a set of framework for regulation of an investment and securities activities in Nigeria, particularly in the areas of mergers, takeover, acquisitions and collective investments in Nigeria.

The Nigerian Investment Promotion Commission (NIPC) Act primarily governs foreign investment in Nigeria. It sets up the Nigerian Investment Promotion Commission (NIPC) as the government regulatory body responsible for inspiring and promoting investment in Nigeria by domestic and foreign investors.

The National Office for the Acquisition and Promotion of Technology Act 2004 sets up the National Office for the Technology Acquisition and Promotion (NOTAP) responsible for the implementation of the acquisition, development and transfer of foreign technology to Nigeria.

The Immigration Act 2015 is enacted to impose compliance from foreigners desiring to work in Nigeria. Under the law and succeeding regulations, every alien is needed to acquire a residence permit provided by the Comptroller General of the NIS (Nigeria Immigration Service) before undertaking work in Nigeria. Foreigners wishing to reside in Nigeria must do so through the expatriate quotas granted to the company through the Federal Ministry of the Interior.