PRINCIPAL LEGISLATION IN CORPORATE LAW PRACTICE IN NIGERIA
THE APPLICABLE LAWS IN CORPORATE LAW PRACTICE IN NIGERIA
CORPORATE LAW PRACTICE IN NIGERIA
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