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 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...
A tenancy relationship entails, a situation whereby a landlord hands over rights to occupy his property to a tenant over an agreed period of time, in exchange for rent. This implies that there are circumstances whereby a landlord may need to recover possession of the property from his tenant. In such cases, there are procedures...
Every company registered in Nigeria, has a director and shareholder, and both roles are different. And because of their roles, a director may not necessarily be a shareholder of a company. A shareholder need not be a director of a company either. However, a director may at the same time, be a shareholder of a...
Where a community of persons, bound together by a common objective such as; customs, religion, kinship, sporting, scientific, religion, education, e.t.c unite to form a corporate body so as to promote their objectives such as those mentioned above, they are registered as incorporated trustees with powers to acquire property, sue and be sued. Some of...
With the current state of the economy in Nigeria, many persons (including civil/public servants) currently see the need to create an additional means of income for themselves, and in some cases, there is an urgent need to set up structures for such businesses while maintaining their employment as either employees of private organisations or civil...
INTRODUCTION Acquiring landed properties in Nigeria (as well as all over the world) is generally expensive, but with the right security measures put in place, it could become a worthwhile investment. However, over the years, I’ve come across property owners who develop their properties for commercial purposes by putting out such properties on lease or...
Introduction Companies and Allied Matters Act (CAMA) is one of the most important piece of legislation that impacts the Nigerian business and micro, small, and medium scale enterprise. The companies and allied matters Act 1990 was promulgated to repeal the companies Act 1968. The new CAMA 2020 is made up of 870 section compared to...
