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Companies and Allied Matters Act (CAMA), 2020
ActNigeria Federal August 7, 2020 Source: National Assembly of Nigeria
business registrationcompany lawCACincorporationsole proprietor
Summary (Plain English)
Nigeria's primary business registration law, replacing CAMA 1990. All businesses must register with the Corporate Affairs Commission (CAC). Key changes in 2020: single-member companies now allowed, small companies exempt from audit, electronic filing and virtual AGMs permitted, minimum share capital of NGN 100,000 for private companies. Business name registration valid for 2 years, renewable. Directors have fiduciary duties and can be personally liable for company debts in certain cases.
What This Means For You
- • All businesses must register with CAC
- • Single-member companies now allowed (since 2020)
- • Small companies exempt from mandatory audit
- • Electronic filing and virtual AGMs permitted
- • Minimum share capital NGN 100,000 for private companies
- • Business name registration: 2 years, renewable
Original Source
https://cac.gov.ng/Content sourced from National Assembly of Nigeria. Always refer to the official document for authoritative text.
Not legal advice. This summary is for informational purposes only. ONIM does not store or republish full legal texts. Always consult a qualified legal professional for advice specific to your situation.