Name: Witts & Stratts
Address: 8 Providence Street, Lekki, Lagos, Nigeria
Telephone: +2348175101008
Price range: $

On Friday, 7th August 2020, President Muhammadu Buhari assented to the Companies and
Allied Matters Bill passed by the National Assembly. The Companies and Allied Matters Act,
2020 (the “Act”) repealed the Companies and Allied Matters Act, Cap. C20 LFN 2004, and
contains major amendments that have brought the Act in line with global best practices.

Below highlights the major provisions introduced by the Act:

S/N	Notable Sections	Highlights
1	Single Member Companies - Section 18(2)	The Act now permits the incorporation of a private company with one (1) shareholder.
2	Restriction on the Shares of Private Companies - Section 22	Any restriction on the transfer of shares in a company is now subject to the provisions of the company’s articles.
3	Company Limited by Guarantee - Section 26	The Corporate Affairs Commission (“CAC”) can approve the registration of a company limited by guarantee where the promoters have furnished the Attorney General of the Federation with all the valid documents required and after thirty (30) days, no decision has been made by the Attorney General. The promoters will have to place an advertisement in three (3) national daily newspapers and invite objections if any to the incorporation of the company. Objections shall be forwarded to the Commission within 28 days of the date of the last publications.

Highlights of the Companies and Allied Matters Act 2020

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