The Companies and Allied Matters Act 2020

The Companies and Allied Matters Act 2020 was signed into law on Friday 7th August 2020, by the Nigerian President Muhammadu Buhari, thereby repealing the old law which has been in force for thirty years without notable changes.

The new law is set to significantly impact the business landscape as well as ease the general modus operandi of business in nigeria. 

Notable provisions of this act include:

• Introduction of sole ownership of private limited liability companies.

• Authorised share capital is replaced with minimum share capital such that companies need only subscribe and issue shares on an as needed basis.

• Reduction of filling fees and charges applicable to the registration process.

• Introduction of limited liability partnerships and limited partnerships.

• The acceptance of electronic fillings, electronic shares transfer, electronic signatures, and virtual meetings. 

• Removal of the mandatory requirements for companies to have a company seal.

• The introduction of an extensive insolvency regime which provides rescue options from distress and liquidation to insolvent companies.

Here is a link to download the full document     Companies and Allied Matters Act 2020 pdf