Nominee Directors in Nigeria: What should I know for free? Written by: Tobenna Nnamani Partner, PUNUKA Attorneys & Solicitors Lagos, Nigeria t.nnamani@punuka.com www.punuka.com Introduction The concept of a “nominee director” is not strange to Nigeria but it is also not expressly provided in the principal legislation regulating the affairs of a company in Nigeria i.e. …
More →SAFE Finance in Nigeria Written by: Tobenna Nnamani Partner, PUNUKA Attorneys & Solicitors Lagos, Nigeria t.nnamani@punuka.com www.punuka.com Introduction According to the African Venture Capital Activity Report 2022, seed stage deals continually comprise the largest proportion of venture capital volume in Africa. When categorized from sector specific level, …
More →OPEN BANKING REGULATIONS OF THE CENTRAL BANK OF NIGERIA AND THE OUTLOOK FOR THE FINTECH INDUSTRY IN NIGERIA Open banking is a term that refers to the practice of allowing third-party financial service providers to access customer data and transaction history held by banks and other financial institutions. This concept has gained popularity in recent …
More →Whilst trustees of non-governmental organisations, associations, initiatives, foundations and religious bodies amongst others; previously registered prior to the passing of the new Act, where registered under Part C of the CAMA, 1990; upon the gazetting of the CAMA 2020, new trustees will henceforth be registered under Part F of CAMA 2020. This does not invalidate …
More →The Corporate Affairs Commission (the Commission/CAC) vide the Registrar-General’s office on March 4, 2022, gave a directive that schools, academies and similar institutions of learning should no longer be approved or registered as Business Names because an institution is essentially a body corporate with perpetual succession, capable of contracting and (subject to such restrictions as …
More →The Corporate Affairs Commission (the Commission) on August 31, 2021, released a circular notifying the public that it had commenced the registration of Limited Liability Partnerships (LLPs) and Limited Partnerships (LPs). The Commission therefore deployed the registration interface for LLPs and LPs on the Company Registration Portal (CRP) and advised members of the public to …
More →The Corporate Affairs Commission (the Commission/CAC) vide its publication dated April 16, 2021, granted an extension period for existing companies to issue all of their unissued share capital in compliance with Section 124 of the Companies and Allied Matters Act 2020 (CAMA) latest by 31st December 2022. By Section 868 (Interpretation section) of CAMA 2020, …
More →The Finance Act 2021 (“the Act”) was signed into law on the 31st of December 2021 by the President of the Federal Republic of Nigeria. The Act is effective from 1st January 2022 and amends 13 laws viz Capital Gains Tax Act, Companies Income Tax Act, Federal Inland Revenue Service Establishment Act, Personal Income Tax …
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By Elizabeth Idigbe, Deborah Okpiaifo and Sandra Ifejika An independent director is a non-executive director with no material or pecuniary connection to the Company, other than approved directors’ remuneration and sitting fees. The concept of an independent director was first introduced in Nigeria in 2003 by the Securities and Exchange Commission’s (SEC) in its Code of Corporate …
More →The Corporate Affairs Commission (the Commission) on August 31, 2021, released a circular notifying the public that it had commenced the registration of Limited Liability Partnerships (LLPs) and Limited Partnerships (LPs). The Commission therefore deployed the registration interface for LLPs and LPs on the Company Registration Portal (CRP) and advised members of the public to commence the registrations of LLPs and LPs using the …
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