Nigeria's President Muhammadu Buhari has signed the Companies and Allied Matters Act, 2020.
The law, which is the first major reform to the companies law in Nigeria since 1990 introduces some key changes including:
- Insolvency provisions to help companies in distress
- Restriction on the number of public companies in which a person can serve as a director
- Ability of an individual to form a single-shareholder company
- Replacement of authorized capital with minimum share capital
- Electronic filing, virtual meetings and electronic share transfers
Below is a copy of the new law as sent by the National Assembly to the President for assent.
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