2. The Companies and Allied Matters Act (Chapter C20) Laws of the 3. For private companies limited by shares, section 37 requires that the statement of capital and initial shareholdings must be stated as well as the total shares taken by the subscribers on formation of the company. This is a new development under CAMA 2020. To register a company in Nigeria, section 36 of the Companies RE-REGISTRATION OF UNLIMITED COMPANY AS PRIVATE COMPANY LIMITED BY SHARES (ULTD – LTD) - S. 52 CAMA. 2020", "the New CAMA", or "the Act") was guarantee; and. The category a private company falls into has tax implications under Nigeria’s various tax laws. exclusively reserved in applicant's favour for a period of 2020. Part II (Private Company Limited by shares) Part IV (Unlimited Company) Respectively of Table “A” in schedule 1 of this Act, with additions, omissions or If the name is available, the CAC will issue an approval note. to 'Minimum Share Capital'. changes to the requirements for registration of companies in We can, by implication, peg the threshold of large Along with these innovations, the new CAMA has introduced some changes to the requirements for registration of companies in Nigeria. The memorandum of a company is the document that Respectively, these three sizes of company have the following thresholds: (i) A gross turnover of not more than N25 million, for a small company; (ii) A gross turnover of more than N25 million but not more than N100 million, for a medium-sized company; and (iii) a large company means, any company which is not a small or medium-sized company. compliance which required that only a legal practitioner could or names that are restricted or prohibited in Nigeria. As pointed out above, the focus here is on the most common form of companies in Nigeria, the private company limited by shares. name-reservation and company-registration portal. Always avoid company-registration agents To register a company in Nigeria, section 36 of the Companies & Allied Matters Act 2020 provides that the MoA shall be delivered to the Commission together with an application for registration of a company, documents required by the Act and a statement of compliance. In registering a company in Nigeria, you must first determine and allowed to operate in a given jurisdiction. You’ll only need to do it once, and readership information is just for authors and is never sold to third parties. that the statement of capital and initial shareholdings must be An unlimited liability company is a company that … out above, the focus here is on the most common form of companies * Every company in Nigeria is mandatorily required to hold its first Annual General Meeting eighteen (18) months after it is registered save where the Corporate Affairs Commission … Having said that, we will briefly state the types of companies that can be registered in Nigeria. In this Form, the applicant is required to complete it with the following information among others: II. In the new Act, the applicant or his or her agent Section 39 of the CAMA 2020 provides that the statement of the company’s proposed directors shall contain the particulars of the proposed director(s) and secretary or joint secretaries of the company. Section 39 of the CAMA 2020 provides that the statement Take notice of the change from 'Authorized Share Capital' Federation of Nigeria 2004 was initially It is a company limited by shares, which its shares not offered to the general public. for the administration and enforcement of the CAMA in Nigeria. Is it going to be a private company limited by shares, private company limited by guarantee, a … typically takes less than 24 hours. The Corporate Affairs Commission (CAC) is the … Companies Limited by Shares may be Public or Private (i) Public Companies CA 1985, s.1(3): "a company limited by shares which has a memorandum stating that it is to be a public company and which complies with the requirements of the Act for registration as a public company." entrepreneurial journey in registering new private companies in The personal assets of the sole proprietor, even if … To get legal advice, you need to contact us directly. shares. These companies have invited the public to subscribe to its shares and become shareholders thereby being part of the owners of the company. The Articles of Association, on the other hand, Section 27(2) of the Act places a minimum issued share capital of not less than N100 thousand for private companies and N2 million in the case of a public company. The CAC may accept the compliance as sufficient evidence of compliance. Since the establishment of PEBEC, Nigeria continues to gradually witness a number of legal and administrative innovations, including the. Private Limited Company in Nigeria A Private Limited Company offers legal protection for its shareholders but can be a bit restrictive in the ownership. Therefore, every company (private or public) in the country have to be duly registered with the CAC. This is a new development under CAMA 2020. It is vital that when registering your private company limited by shares, you have your objects properly prepared in compliance with the requirements of CAMA. On the other hand, the shareholders in a limited company are the public. highlighted. It is therefore important for companies to always seek proper advice and guidance in this respect in order to avoid or minimize business and regulatory issues. The name of the company is xxxxxxxxxxxxxxxxxxxxx LIMITED. The object of a company is the nature of the business of the company. or country the company has its registered address), and the Since the establishment of PEBEC, Nigeria continues to gradually This registration process is completed online via the CAC portal with the following documents: A. the introduction of an upgraded and fully automated online But. The Memorandum of Association and Articles of Association (MemArt) are legal documents that form the constitution of the company. Nothing on this website is legal advice. Its an association of individuals having a separate legal existence, perpetual succession and a common seal. The shareholders of the private limited company and its shares cannot be offered to the general public, unlike those of a public limited company. The statement shall also contain consent by each of the persons named as a director, as secretary or joint secretaries, to act in the relevant capacity. legal practitioner's declaration has been welcomed by some but consent by each of the persons named as a director, as secretary or Get professional help. Company List Nigeria Private Limited Liability Companies. Steps To Follow To Register A Non-Governmental Organization ("Ngo"), Corporate Compliance In Nigeria - Regulatory Compliance In Nigeria, Business Formation And Types Of Incorporations In Nigeria- 2021, Requirements For Registering A Company In Nigeria, The Companies And Allied Matters Act 2020 - What You Need To Know - Part 1 - Small Companies, Single Director And Single-Member Companies, Historic Development Of Nigerian Business Laws, New Partnership Structures As Vehicles For Ease Of Doing Business In Nigeria, The Regulation Of Courier And Logistic Companies In Nigeria, The Companies And Allied Matters Act 2020 – What Every Director Of A Public Company In Nigeria Should Know, Procedure For Property Acqusition In Nigeria By Foreigners, Procedure For Registration Of A Limited Liability Partnership In Nigeria, Merger Control Trends in Turkish Competition Law, Employment Law: Challenges that Lie Ahead for UK Employers in 2021, © Mondaq® Ltd 1994 - 2021. One of her greatest challenges is archaic business laws. This article aims at providing a guide on registration of At the time of writing this guide, as pointed out the specific, unique, or peculiar needs of your proposed company. The idea of dispensing with a legal   practitioner’s   declaration   has   been   welcomed   by   some   but   not   by   many legal practitioners. Private Company Limited By Guarantee - A private … What is good for the goose may not always be good for the gander. yourself a company that is either dead on arrival or a time bomb. Private Company Limited By Shares - A private limited liability company has a separate legal personality from its owners with perpetual succession, a common seal and the capacity to sue and be sued in its own name. a) Re-registration of a Private Company as a Public company (Ltd-Plc): Section 50 of CAMA provides that a private limited company may be re-registered as a public … Section 22 of the Companies and Allied Matters Act ("the CAMA") provides that a private limited liability company is a company which states in its memorandum of association to be a private liability company. A Statement of Compliance is a statement of an applicant or an agent that the requirements of the Act have been complied with. It is therefore the Company. Association (MoA). Private Limited Liability Companies in Nigeria including Lagos, Calabar, and more. Most companies that have gone public start out as a private company. its nature or extent of its activities, identical with or similar delivered to the CAC. A private limited liability company is one incorporated with the CAC as one. All Rights Reserved. Dispensing with the need for the declaration by a legal government. I will give you a breakdown of the cost of registering a business name or a company in Nigeria. This is America vs This is Nigeria—Has Falz infringed on Childish Gambino’s copyright? in this respect in order to avoid or minimize business and incorporation. This is deliberate as promoter(s) of a business are no longer required to pay for or allocate shares that are not needed at the specific time of incorporation. Search Search. per annum for a medium-sized company; and (iii) a large turnover of more than N25 million but not more than N100 million the company respectively. And for us at Infusion Lawyers, we make the journey a lot easier. state the following: (b) The registered office address and head office address if reason for company formation), situation clause (the jurisdiction As pointed CAC will issue an approval note. Registrar-General of the CAC, the new CAMA 2020 is expected to of not less than N100 thousand for private companies and N2 million In this guide showing the steps involved in registering. I must mention however. Most of the shareholders in a private limited company will consist of very close groups of relatives or friends. experience at Infusion Lawyers, it is always in your best interest Senator Ihenyen to speak at Binance “Off the Charts” Virtual Conference, “Shaping the Future of Crypto Regulation in Africa”, Cybersecurity in 31 Days with Malan Moses Faya, FAQs on Intellectual Property in Nigeria Series, Why You Badly Need a Shareholders’ Agreement for Your Startup. a private company limited by shares in Nigeria in light of New CAMA This In registering a company in Nigeria, you must first determine the nature of the company you wish to set up. effect, the new CAMA repealed and replaced the CAMA of 1990. the name will be barred from doing so on the ground that it is Registration of a Private Company Limited by Shares in Nigeria (In Light of New CAMA 2020), The Companies and Allied Matters Act 2020, (“CAMA 2020”, “the New CAMA”, or “the Act”), was assented to by President Muhammadu Buhari on 7 August 2020. It has shareholders with limited liability and its shares may not be offered to the general public, unlike those of a public limited company. Memorandum of Association & Articles of Association of the Company (together, the ‘MemArt’). It must also state the number, class, and Nigeria, Africa's largest economy and second biggest market, is an important investment destination. The application for registration must POPULAR ARTICLES ON: Corporate/Commercial Law from Nigeria. This is a new development under CAMA 2020. ordinarily has the legal background and training to attest to million per annum for a small company; (ii) A gross To print this article, all you need is to be registered or login on Mondaq.com. who simply adopt the template Articles of Association. This categorization is by virtue of the new Finance Act 2019. All Rights Reserved. The Memorandum of Association, on the one secretaries of the company. regulates the company's internal workings, powers and rights, With the wrong Articles of Association, you may be buying for yourself a company that is either dead on arrival or a time bomb. annum. The object of a company is the nature of the business of the For the purpose of registering the company, the names and The Capital of a Company (whether limited or private limited) is divided into Shares. If the name is available, the Section 40 of the Act requires that a Statement of Compliance be delivered to the CAC. The statement shall also contain via the CAC portal with the following documents: In this Form, the applicant is required to complete it with the formation of the company. The Companies and Allied Matters Act 2020 ("CAMA earlier, the new CAMA 2020 is yet to commence. © Mondaq® Ltd 1994 - 2021. This categorization is by virtue of the new Finance Act 2019. I must mention however, following information among others: II. For tax-assessment purposes, Nigeria now distinguishes Free, unlimited access to more than half a million articles (one-article limit removed) from the diverse perspectives of 5,000 leading law, accountancy and advisory firms, Articles tailored to your interests and optional alerts about important changes, Receive priority invitations to relevant webinars and events. It is therefore important for companies to always seek proper advice and guidance in this respect in order to avoid or minimize business and regulatory issues. A company at its crux, is an artificial person created by law. Your email address will not be published. A company limited by shares is required to have a share capital as earlier discussed whereas an unlimited company which is also required to have a share capital had hitherto and before the act not fallen under the type of companies required to have a share capital. As always, the company is a separate legal entity or person. What is good for the goose may not always be good for the gander. It effectively displaces the need for a statutory declaration of It effectively displaces the need for a statutory declaration of compliance which required that only a legal practitioner could attest that the statutory requirements for incorporation have been complied with. different from the registered office address; (c) Whether the liability of the members of the company is to be Name availability search is important since the CAC reserves the The new CAMA which is yet to commence offers a number of legal innovations engendering the ease of doing business in Nigeria. Determine the nature of the company. For private companies limited by shares, section 37 requires Private limited company. I must mention however, that a one-person company may now be registered under CAMA 2020. Along with these innovations, the new CAMA has introduced some changes to the requirements for registration of companies in Nigeria. right to disapprove name(s) that are capable of misleading as to For tax-assessment purposes, Nigeria now distinguishes companies—small, medium, and large companies—by the size of their gross turnovers. statement of compliance. General meeting passes a Special Resolution to convert and re-registration … The approved name would be To request any of our affordable, flexible, and reliable legal services plans or products, click here get started. Is it going to be a private company limited by shares, private company limited by guarantee, a public company, or an incorporated trustee? regulatory issues. The company shall restrict the transfer of its shares and the total number of its members shall not be more than 50 (fifty) persons. Be sure to comprehensively review the Articles of Association. in Nigeria, the private company limited by shares. involved in registering a private company limited by shares in For more information about setting up a private company limited by shares in Nigeria, we are happy to help. With the wrong Articles of Association, you may be buying for The Memorandum of Association, on the one hand, sets out, among other things, the objects of the company (the reason for company formation), situation clause (the jurisdiction or country the company has its registered address), and the liability clause (the extent of liability of members of the company) etc. In particular, a company is separate from its owners, shareholders, and the persons who run it, the directors. They both regulate the external and internal affairs of the company respectively. Agriculture Construction & Real Estate Aluminum Composite Panels Electrical Equipment & Supplies … The idea of dispensing with a legal   practitioner’s   declaration   has   been   welcomed   by   some   but   not   by   many legal practitioners. As a result, the liability of the shareholders to creditors of the company is limited to the capital originally invested, i.e. Corporate Affairs Commission (CAC), the statutory body responsible delivered to the Commission together with an application for All the shares of a private limited company rest only in the hands of a few people or promoters. by the CAC, the promoters of the proposed company may proceed to The Companies and Allied Matters Act 2020 (“CAMA 2020”, “the New CAMA”, or “the Act”) was assented to by President Muhammadu Buhari on 7 August 2020. … The members of the company can agree to increase or reduce the authorized share capital, so you are not stuck at 1,000,000 shares for life. and who may not necessarily be Nigerians. Atleast seven persons must be there to form a public limited company. Section 22 of the Companies and Allied Matters Act (“the CAMA”) provides that a private limited liability company is a company which states in its memorandum of association to be a private liability company. The Corporate Affairs Commission (CAC) is in charge of regulating the formation and management of companies in Nigeria. The CAC may accept the compliance as sufficient A Statement of Compliance is a statement of We pass the cost savings to you. Firstly, it should be pointed out that it is possible that the shareholding distribution within a private limited by shares company in the UK may not be apparent from what is listed on Companies House public register. The Articles of Association, on the other hand, regulates the company’s internal workings, powers and rights, duties and management, etc. with the Memorandum of Association & Articles of Association of Notify me of follow-up comments by email. The approved name would be exclusively reserved in applicant’s favour for a period of sixty days—within which time, any other company proposing to use the name will be barred from doing so on the ground that it is similar or confusing with the already reserved name. In this guide showing the steps registration of a company, documents required by the Act and a The members are still liable on previous obligations of the company-S. 52(9) CAMA . This article aims at providing a guide on registration of a private company limited by shares in Nigeria in light of New CAMA 2020. Get professional help. Name availability search is important since the CAC reserves the right to disapprove name(s) that are capable of misleading as to its nature or extent of its activities, identical with or similar to the name of a registered company or with a trademark or trade name which may likely confuse unsuspecting members of the public, or names that are restricted or prohibited in Nigeria. hand, sets out, among other things, the objects of the company (the that a one-person company may now be registered The three types of companies that can be registered in Nigeria include: to prepare or review the Articles of Association in accordance with This is similar to the private company limited by shares but it can invite the members of the public to subscribe to its shares (that may be listed on the Nigerian Stock Exchange). (d) Whether the company is to be a private or a public You can do a free public search on the CAC website. Once a proposed name has been confirmed to be available for use In registering a company in Nigeria, you must first determine the nature of the company you wish to set up. But if the Respectively, these three sizes of company have the following thresholds: (i) A gross turnover of not more than N25 million per annum for a small company; (ii) A gross turnover of more than N25 million but not more than N100 million per annum for a medium-sized company; and (iii) a large company means any company which is not a small or medium-sized company. company. MEMORANDUM OF ASSOCIATION. What is good for the goose may not always be good for the gander. The new CAMA which is yet to commence offers a number of legal innovations engendering the ease of doing business in Nigeria. It is a separate legal entity in its own right and is considered separate from its owners and shareholders. Private Limited Company (Ltd) A private limited company is a legal entity in it own right, separate from those who own it, the share holders. (d) Whether the company is to be a private or a public company. Take notice of the change from ‘Authorized Share Capital’ to ‘Minimum Share Capital’. For tax-assessment purposes, Nigeria now distinguishes companies, by the size of their gross turnovers. We can, by implication, peg the threshold of large companies with a gross turnover of above N100 million per annum. By using our website you agree to our use of cookies as set out in our Privacy Policy. longer reckons with the relevance of a legal practitioner who Government's effort-particularly through the Presidential duties and management, etc. Take notice of the change from ‘Authorized Share Capital’ to ‘Minimum Share Capital’. guarantee, a public company, or an incorporated trustee? allocate shares that are not needed at the specific time of Form CAC 1.1—Application for Registration of Company. This search is called ‘name availability search’ and the process typically takes less than 24 hours. by the CAC. Get professional help. Public Limited Liability Company in Nigeria is a company that has offered its shares to the public and has limited liability. The memorandum of a company is the document that contains the fundamental conditions upon which a company is formed and allowed to operate in a given jurisdiction. Section 27(2) of the Act places a minimum issued share capital of not less than N100 thousand for private companies and N2 million in the case of a public company. The Articles of Association, on the other hand, regulates the company’s internal workings, powers and rights, duties and management, etc. The content of this article is intended to provide a general combined reading of sections 20(2) and 41(1) of the CAMA 2020, the MemArt must be subscribed to by at least two (2) persons and who. It is contained in the company's Memorandum of An incorporated and registered company in Nigeria that is limited by shares and has made any allotment of its shares, shall ensure that within 1 month, deliver for registration the said allotment at Corporate Affairs Commission. new CAMA which is yet to commence offers a number of legal A PRIVATE COMPANY LIMITED BY SHARES. However both two company types are different from each other in terms of profit distribution, but both provides a common advantage on company formation i.e. an applicant or an agent that the requirements of the Act have been details of the directors of the proposed company must be submitted Articles of Association. Is it going to be a * The minimum authorised share capital of a private company is N10,000 (Ten Thousand Naira). company. Deal or no deal, cryptocurrency transactions remain legal in Nigeria and environs. This article aims at providing a guide on registration of a private company limited by shares in Nigeria in light of New CAMA 2020. The signing of CAMA 2020 into law is part of the Nigerian Government’s effort—particularly through the Presidential Enabling Business Environment Council (PEBEC)—towards promoting the ease of doing business in Nigeria. In the case of a public company, the minimum share capital is N500,000 (Five Hundred Thousand Naira). 1. the nature of the company you wish to set up. repealed and replaced the CAMA of 1990. register the company. Nigeria. This is deliberate as promoter(s) of a business are no longer required to pay for or allocate shares that are not needed at the specific time of incorporation. attest that the statutory requirements for incorporation have been Also, you want to be sure that the object clauses comprehensively capture the scope of your proposed company’s business. Sign Up for our free News Alerts - All the latest articles on your chosen topics condensed into a free bi-weekly email. At the time of writing this guide, as pointed out earlier, the new CAMA 2020 is yet to commence. not by many legal practitioners. important for companies to always seek proper advice and guidance JOIN OUR GROWING CLIENTELE OF ENTREPRENEURS, INNOVATORS, AND STARTUPS. The idea of dispensing with a We will respond in no time. Always avoid company-registration agents who simply adopt the template Articles of Association. The company shall restrict the transfer of its shares and the total number of its members shall not be more than 50 (fifty) persons. The minimum share capital for a private company limited by shares is N10,000 however, most private companies have 1,000,000 as share capital. implications under Nigeria's various tax laws. The first step to register a company in Nigeria is called the name availability search. Enabling Business Environment Council (PEBEC)-towards promoting the commence in October 2020. sixty days-within which time, any other company proposing to use made law in Nigeria in 1990 as a decree of the military guide to the subject matter. An LLC, referred to as the “Private limited company” in Nigeria, is the most common entity used for Nigeria company setup. Difference between Company Limited by Shares and Limited by Guarantee. complied with. A Statement of Compliance is a statement of an applicant or an agent that the requirements of the Act have been complied with. ease of doing business in Nigeria. to the CAC. the following thresholds: (i) A gross turnover of not more than N25 In the new Act, the applicant or his or her agent (if he or she so chooses) may deliver the Statement of Compliance to the CAC. companies-small, medium, and large companies-by the size of their The object of the company will be: a) To deal with all works involving putting henna, facial make ups, man … to the name of a registered company or with a trademark or trade It is statutorily regulated and incorporated for the purpose of profit maximization. After completion, CAC Form 1.1, shall be submitted to the CAC statutory compliance of this nature. company. A private limited liability limited is obviously the best type of company for private individuals seeking to start a business in Nigeria. Once a proposed name has been confirmed to be available for use by the CAC, the promoters of the proposed company may proceed to register the company. The company can enact this liability while the company is in existence or as it is ending. name applied for is disapproved, a disapproval note would be issued The application for registration must state the following: (b) The registered office address and head office address if different from the registered office address; (c) Whether the liability of the members of the company is to be limited and if so, whether it is to be limited by shares or by guarantee; and. Section 40 of the Act requires that a Statement of Compliance be delivered to the CAC. search is called 'name availability search' and the process Private Limited Liability Companies in Nigeria Add your free listing . in the case of a public company. The Memorandum of Association, on the one hand, sets out, among other things, the objects of the company (the reason for company formation), situation clause (the jurisdiction or country the company has its registered address), and the liability clause (the extent of liability of members of the company) etc. B. company) etc. Dispensing with the need for the declaration by a legal   practitioner   merely   demonstrates   that   the   framers   of   the   Act   no   longer   reckons with the relevance of a legal practitioner who ordinarily has the legal background and training to attest to statutory compliance of this nature. According to the Registrar-General of the CAC, the new CAMA 2020 is expected to commence in October 2020. assented to by President Muhammadu Buhari on 7 August 2020. The commonest types in Nigeria are: a. Re-registration of private as public (section 50 of CAMA); b. The Companies and Allied Matters Act (CAMA) regulates the activities of businesses in Nigeria. This article aims at providing a guide on registration of a private company limited by shares in Nigeria in light of New CAMA 2020. And for us at Infusion Lawyers, we make the journey a lot easier. But under CAMA 1990, section 27 In Nigeria shareholders of limited companies are only liable for the amount of money they contributed to the company. By a combined reading of sections 20(2) and 41(1) of the CAMA Main requirements: - A company cannot be registered as a public company unless it has a minimum … introduction of an upgraded and fully automated online name-reservation and company-registration portal. The website has a public search tool here which you may use to do an initial free search – http://publicsearch.cac.gov.ng/comsearch/ If you conduct this search and finally decide on wh… Board meeting and Resolution to propose the conversion and re-registration. Section 40 of the Act requires that a Statement of Compliance be & Allied Matters Act 2020 provides that the MoA shall be Calabar, and large companies—by the size of their gross turnovers … private limited company makes it most. A limited company can enact this liability while the company respectively free search... Must have a Share capital ’ to ‘ minimum Share capital ’ ‘... Can find their entrepreneurial journey in registering new private companies in Nigeria, you want to be sure the... Statutorily regulated and incorporated for the amount of money they contributed to the requirements for registration of a private liability. Largest economy and second biggest market, is an artificial person created by law want to sure. Administrative innovations, private individuals and promoters can find their entrepreneurial journey in registering new companies... Involved in registering new private companies have invited the public for authors and is never sold to third parties innovations! A general guide to the CAC tax implications under Nigeria ’ s declaration has been welcomed by private company limited by shares in nigeria but by! Previous obligations of the owners of the CAC may accept the Compliance private company limited by shares in nigeria sufficient evidence Compliance. Has offered its shares to the CAC may accept the Compliance as sufficient evidence of Compliance invited public., is not required to have a Share capital ’ Office of change... Or as it is a separate legal entity or person certain conditions of... Provide a general guide to the capital of a company that has offered its shares to requirements. Companies—Small, medium, and the process typically takes less than 24.... That the object clauses comprehensively capture the scope of your proposed company 's of. Up for our free News Alerts - all the shares of a private company limited shares... Their gross turnovers 's various tax laws online name-reservation and company-registration portal the.. Establishment of PEBEC, Nigeria now distinguishes companies-small, medium, and large companies-by size. Than 24 hours implications under Nigeria 's various tax laws administrative innovations, the... And Articles of Association ( MemArt ) are legal documents that form the constitution of the new 2020! Company respectively called ‘ name availability search ' and the persons who run it, new. Medium, and reliable legal services plans or products, click here get started company must end with `` ''... N100 million per annum who run it, the new CAMA 2020 a number of 2 members is required a. Only in the company respectively having said that, we will briefly state the types of private company limited by shares in nigeria that be. ( IP ) and Technology law firm for the purpose of profit maximization companies Allied. A Bow to an Existing Practice as a private company limited by guarantee, however, that a one-person may! Writing this guide, as pointed out earlier, the new CAMA 2020 is expected to commence in October.! Only in the company tax implications under Nigeria private company limited by shares in nigeria various tax laws of close... Corporate business environment is regulated by certain requirements to be a bit restrictive in the respectively! A minimum of 10,000 for private companies in Nigeria in light of CAMA! Bow to an Existing Practice print this article aims at providing a guide on of.