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framework & regulatory bodies on corporate law practice in nigeria.

Q2387. What are the two principal legislations on Corporate Law Practice in Nigeria?

The two principal legislations on Corporate Law Practice in Nigeria are;

  • a. The Companies and Allied Matters Act, 2020.
  • b. The Investment and Securities Act, 2007.

Q2388. Identify other regulatory laws and regulatory authorities on Corporate Law Practice in Nigeria?

Regulatory Laws:

  • Nigerian Investment Promotion Commission
  • Federal Competition and Consumer Protection Act
  1. National Insurance Commission Act
  2. Insurance Act
    1. Electric Power Sector Reform Act
    1. Banks and Other Financial Institutions Act
    1. Nigerian Communication Commission Act
    1. National Agency for Food and Drug Administration and Control Act
    1. Standard Organization of Nigeria Act
    1. Standard Organization of Nigeria Act
    1. Immigration Act
    1. Foreign Exchange (Monitoring and Miscellaneous Provisions) Act
    1. National Office for Technology Acquisition and Promotion Act
    1. Industrial Development (Income Tax Relief) act
    1. Industrial Inspectorate Act
    1. Companies Income Tax Act
    1. Petroleum Profit Tax Act
    1. Federal Inland Revenue Service (Amendment) Act
    1. Stamp Duties Act
    1. Partnership Law
    1. Federal High Court Act
    1. Constitution of the Federal Republic of Nigeria
    1. Asset management Corporation of Nigeria Act
    1. Private Guard Companies Act
    1. Foods, Drugs and Other related Product Act
    1. Factories Act
    1. Export (Incentives and Miscellaneous Provisions) Act
    1. Nigerian Mineral and Mining Act

Regulatory Authorities

    1. Corporate Affairs Commission
    1. Securities and Exchange Commission
    1. Nigerian Stock Exchange
    1. Central Bank of Nigeria
    1. Federal Competition and Consumer protection Commission
    1. National Insurance Commission
    1. Federal Inland Revenue Service
    1. Nigerian Investment Promotion Commission
    1. National Agency for Food and Drug Administration
    1. Standard Organization of Nigeria
    1. National Office for Technology Acquisition and Promotion.
    1. Nigerian Communication Commission
    1. Federal High Court
    1. Asset Management Corporation of Nigeria
    1. National Council of Privatization
    1. National Industrial Court
    1. Bureau of public enterprises
    1. Investment & Securities Tribunal
    1. Nigerian Deposit Insurance Commission
    1. Nigerian Agricultural Insurance Commission
    1. National Pension Commission
    1. Department of Petroleum Resources
    1. Nigerian Government Information Centre
    1. Nigerian Electricity Regulatory Commission
    1. Raw Materials Research and Development Council
    1. National Information Technology Development Council
    1. New partnership of African Development
    1. Nigerian Ports Authority
    1. Nigerian Export and Import Bank
    1. Nigerian Export promotion Council
    1. Debt Management Office
    1. National Tourism Development Corporation
    1. Economic and Financial Crimes Commission

Q2389. The Companies and Allied Matters Act, 2020 is divided into how many parts

The Companies and Allied Matters Act, 2020 is divided into 7 parts which are;

  • a. PART A- Corporate Affairs Commission comprising of Sections 1 to 17.
  • b. PART B- Incorporation of Companies and Incidental Matters comprising of Sections 18 to 745.
  • c. PART C- Limited Liability Partnership comprising of Sections 746 to 794.
  • d. PART D- Limited Partnership comprising of Sections 795 to 810.
  • e. PART E- Business Names comprising of Sections 811 to 822.
  • f. PART F- Incorporated Trustees comprising of Sections 823 to 850.
  • g. PART G- General comprising of Sections 851 to 870.

Q2390. Who are the professionals for accreditation with the Corporate Affairs Commission?

The professionals for accreditation with the Corporate Affairs Commission are;

  • a. Legal Practitioners;
  • b. Chartered Accountants
  • c. Chartered Secretaries.

Q2391. List the procedures for accreditation with the Corporate Affairs Commission?

The procedures are set out as follows:

  • a. Obtain and complete the CAC accreditation form.
  • b. Submit the duly completed Accreditation Form with following documents/materials:
  • c. Two passport photographs of the individual or partners of the firm
  • d. Certificate: A copy of your professional qualifying certificate
  • e. Practicing fee receipt: Current practicing fee receipt for the year of application
  • f. Evidence of payment of prescribed fee: Accreditation fee of N5, 000.
  • g. NYSC: A copy of National Youth Service Corp (NYSC) Discharge or Exemption Certificate.
  • h. Obtain your accreditation card from CAC.

The Identification tag or number for legal practitioner is CAC/NBA/IND/0001, and where it is a Firm the tag or number goes like this: CAC/NBA/FIRM/0001.