Corporate Affairs Commission, Nigeria

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CAC Headquarters, Abuja2.jpg

The Corporate Affairs Commission (CAC) of Nigeria was established in 1990 vide Companies and Allied Matters Act no 1 (CAMA) 1990 [1] as amended, now on Act cap C20 Laws of Federation of Nigeria. [2] Its establishment, structure, and funding are now governed by the Companies and Allied Matters Act 2020 [3] It is an autonomous body charged with the responsibility to regulate the formation and management of companies in Nigeria. It carries out its functions through accredited members of Association of National Accountants of Nigeria, Institute of Chartered Accountants of Nigeria, Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), and the Nigerian Bar Association (NBA). It is headed by a Registrar-General. Prior to the enactment of CAMA, these activities were carried on under the Companies Act 1968. (CA 1948) [4]

Contents

Membership

The commission is made up of 10 members each representing the respective stakeholders, the board members are:

Services

Corporate Affairs Commission (CAC) Services are classified into segments:

PART A - Registry PART B - Registration of Business Names PART C - Registration of Incorporated Trustees (NGO’s)

These classifications above cover the following services:

Types of services

Four (4) types of companies are recognized for business ventures in Nigeria, namely:

The minimum membership for each of these companies is two except for Private Limited Company which is one, and the maximum for private companies is fifty members while there is no upper limit for public companies. A minimum share capital of ten thousand Naira is prescribed for private companies and five hundred thousand Naira for public companies with a minimum subscription of 25% of the shares.

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References

  1. "CompaniesAndAlliedMattersAct". Archived from the original on 2011-06-27. Retrieved 2011-06-24.
  2. Re-Codification Archived 2012-03-26 at the Wayback Machine
  3. 2020 No 3, Part A
  4. historical background http://nlii.org/files/NLIIWPS002.pdf
  5. "Board Members, Corporate Affairs Commission". Corporate Affairs Commission. Retrieved 2022-02-09.
  6. "Business Formation And Types Of Incorporations In Nigeria- 2021 - Corporate/Commercial Law - Nigeria". www.mondaq.com. Retrieved 2022-02-09.
  7. "How To Register Your Business Name In Nigeria". Archived from the original on 2020-10-04.
  8. "A Guide To Setting Up The Board Of A Company (Including Startups) In Nigeria - Corporate/Commercial Law - Nigeria". www.mondaq.com. Retrieved 2022-02-09.