Corporate_Affairs_Commission,_Nigeria

Corporate Affairs Commission, Nigeria

Corporate Affairs Commission, Nigeria

Add article description

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]

Membership

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

  • The chairman - Ademola Seriki. The chairman is appointed by the president of the Federal Republic of Nigeria
  • The Registrar-General/CEO - A. G. Abubakar
  • The representative of the Manufacturers Association of Nigeria (MAN) - Alhaji Ali S. Madugu, mni
  • The representative of the Institute of Chartered Accountants of Nigeria (ICAN) - Mazi Nnamdi Anthony Okwuadigbo
  • The representative of the Nigerian Bar Association (NBA) - Bello Aminu Abdullahi
  • The representative of the Nigerian Association of Chambers of Commerce, Industry Mines and Agriculture (NACCIMA) - Hajiya Saratu Iya Aliyu
  • The representative of the Federal Ministry of Industry, Trade, and Investment (FMITI)- Muhammad Danjuma Alhassan
  • The representative of the Securities & Exchange Commission (SEC) - Ms. Frana Chukwuogor
  • The representative of the Federal Ministry of Justice - Mrs. Antoinette Ifeanyi Oche-Obe [5]

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:

  • Incorporation of Companies (Private or Public Company, Limited by guarantee) [6]
  • Registration of Business Name [7]
  • Registration of Incorporated Trustees
  • Same Day Incorporation Services under which companies are registered within one day
  • Conducting searches
  • Issuance of Certified True Copies of filed documents
  • Registration of share capital increases, mortgages, etc.
  • Post-incorporation services such as: Processing the statutory filings of Annual Returns, increase of share capital, changes in the memorandum and article of association, company addresses, name etc.
  • Arrange or conduct investigations into the affairs of any company where the interests of the shareholders and the public so demand.
  • Management and winding-up of companies.
  • Monitoring the Compliance with the CAMA by companies.
  • Sale of all statutory forms and publications of the Commission
  • Responding to inquiries and complaints in respect of the services of the Commission.
  • Handling the preliminary process of accreditation of Lawyers, Chartered Accountants, and Chartered Secretaries who are recognized professionals and direct users of the Companies Registry.

Types of services

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

  • Private Limited Company (LTD)
  • Public Limited Company (PLC)
  • Companies limited by guarantee and
  • Unlimited Companies. [8]

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.

See also

References

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

This article uses material from the Wikipedia article Corporate_Affairs_Commission,_Nigeria, and is written by contributors. Text is available under a CC BY-SA 4.0 International License; additional terms may apply. Images, videos and audio are available under their respective licenses.