One of the highlights of the new Companies and Allied Matters Act, which was signed into law in 2020 was the introduction of the Limited Partnership and Unlimited Liability Partnership structure for business organizations. However, since the coming into effect of the Act, members of the public have been unable to take advantage of this…
Yes, you can upgrade your registered business name to a limited liability company. To do so however, you are required to; 1. Ensure the business name has filed its annual returns with the Corporate Affairs Commission since registration and it is up to date. The purpose of filing annual returns regularly is to inform the…
Sometime in July 2021, the Vanguard newspaper headline bore the caption “ Victim of Ponzi Scheme commits suicide”. According to the article, the man the young man in question was a student who borrowed money from his friends in addition to his school fees to secure his investment in what turned out to be a…
The new Companies and Allied Matters Act, 2020 has made it mandatory for substantial shareholders of new and existing private companies or limited liability partnerships, as well as persons with significant control to disclose details of such control to the company within seven days of acquiring such control. In addition, the company in question must…
Mr Itam in his life time was the founder and Chief Executive Officer of Fank Ventures Limited, a private company duely registered in Nigeria. Before his demise, he left instructions in his will appointing his only surviving son Mr Emmanuel Itam, to take his position as Director and CEO of Fank Ventures Ltd. He passed…
The late 20th century has witnessed the rise of Fintech companies in Nigeria that offers financial services which were originally exclusive to traditional financial institutions. Taking bearing from the likes of Remita, Paystack, Flutterwave, PiggyVest, Kuda Bank, etc fintech companies are primarily known for using technology to improve financial services and increase access to finance….
When it comes to business dealings, it is almost impossible not to encounter situations where goods and services will be given out with hopes of it being paid on a given date or loans being advanced to a person to be paid on a stipulated date. Where such dealings take place, the persons who receives…
No doubt, acquiring real estate is the best form of investment one could ever make. But with the alarming report of fraudulent property transactions, it’s important that anyone intending to acquire a property in Nigeria, take note of the necessary precautions needed to avoid buying a potential lawsuit. WHAT TO DO BEFORE BUYING A PROPERTY…
The introduction of the new Companies and Allied Matters Act in 2020 brought about changes to the administration of corporate affairs in Nigeria, and with the introduction of new procedures and processes to the registration of companies in Nigeria, I’ll be answering this question in line with these recent changes. Before i proceed, let…
Within this context, a foreigner is referred to as a citizen of any other country outside Nigeria. With globalization and technological advancement, a foreigner or any person living outside Nigeria can have his or her company set up in Nigeria. Furthermore, the Companies and Allied Matters Act, does not restrict foreigners from serving as directors…
