Companies and Allied Matters Act 2020
CAMA 2020 is the law that governs how companies, limited liability partnerships, business names and incorporated trustees are formed and run in Nigeria. It replaced the 1990 Act. Not sure where to start? Read the common questions first.
CAMA 2020 sections and schedules
- 1Establishment of the Corporate Affairs Commission
- 2Establishment of Governing Board of the Commission
- 3Tenure of office and vacancy on the Board
- 4Functions of the Board
- 5Remuneration and allowance of members
- 6Proceedings of the Board
- 7Disclosure of interest
- 8Functions of the Commission
- 9Appointment of Registrar-General
- 10Appointment of staff
- 11Right to appear in Court
- 12Service in the Commission to be pensionable
- 13Fund of the Commission
- 14Expenditure of the Commission
- 15Annual accounts, audit and estimates
- 16Annual report
- 17Pre-action notice and restriction on levy of execution
- 18Right to form a companyChapter 1
- 19Association and partnership of more than 20 members when permittedChapter 1
- 20Capacity of individual to form companyChapter 1
- 21Types of companiesChapter 1
- 22Private companyChapter 1
- 23Consequences of default in complying with conditions constituting a private companyChapter 1
- 24Public companyChapter 1
- 25Unlimited companyChapter 1
- 26Company limited by guaranteeChapter 1
- 27Requirements with respect to the memorandum of a companyChapter 1
- 28Form of memorandum of associationChapter 1
- 29Name as stated in the memorandum of associationChapter 1
- 30Change of name of companyChapter 1
- 31Reservation of nameChapter 1
- 32Articles of associationChapter 1
- 33Power of Minister to prescribe model articlesChapter 1
- 34Default application of model articlesChapter 1
- 35Statement of company’s objectsChapter 1
- 36Registration documentsChapter 1
- 37Statement of capital and initial shareholdingsChapter 1
- 38Statement of guaranteeChapter 1
- 39Statement of proposed directorsChapter 1
- 40Statement of complianceChapter 1
- 41RegistrationChapter 1
- 42Effect of registrationChapter 1
- 43Powers of companies and prohibition of donations for political purposeChapter 1
- 44Effect of ultra vires actsChapter 1
- 45Effect of reliance on restrictions in the memorandumChapter 1
- 46Effect of memorandum and articlesChapter 1
- 47Member’s right to copies of memorandum, etc.Chapter 1
- 48Copies of memorandum issued to embody alterationsChapter 1
- 49Restriction on alteration of memorandumChapter 1
- 50Alteration of memorandumChapter 1
- 51Mode of alteration of business or objectsChapter 1
- 52Power to alter provisions in the memorandum in certain casesChapter 1
- 53Alteration of articlesChapter 1
- 54Limitation of liability to contribute to share capital if memorandum, etc., alteredChapter 1
- 55Alteration of status by re-registrationChapter 2
- 56Re-registration of private company as publicChapter 2
- 57Requirements as to share capitalChapter 2
- 58Requirements as to net assetsChapter 2
- 59Recent allotment of shares for non-cash considerationChapter 2
- 60Application for re-registration as a public companyChapter 2
- 61Statement of proposed secretaryChapter 2
- 62Issue of certificate of incorporation on re-registrationChapter 2
- 63Re-registration of public company as private limited companyChapter 2
- 64Application to Court to cancel resolutionChapter 2
- 65Notice to Commission of Court application or orderChapter 2
- 66Application for re-registration as a private limited companyChapter 2
- 67Issue of certificate of incorporation on re-registration as a private limited companyChapter 2
- 68Re-registration of private limited company as unlimitedChapter 2
- 69Application for re-registration as an unlimited companyChapter 2
- 70Issue of certificate of incorporation on re-registration as an unlimited companyChapter 2
- 71Re-registration of unlimited company as limitedChapter 2
- 72Application for re-registration as a limited companyChapter 2
- 73Issue of certificate of incorporation on re-registration of an unlimited company as a limited companyChapter 2
- 74Statement of capital required where company already has share capitalChapter 2
- 75Re-registration of public company as unlimitedChapter 2
- 76Application for re-registration of a public company as an unlimited companyChapter 2
- 77Issue of certificate of incorporation on re-registration of a public company as an unlimited companyChapter 2
- 78Foreign companies intending to carry on business in NigeriaChapter 3
- 79PenaltiesChapter 3
- 80Power to exempt foreign companiesChapter 3
- 81Annual reportChapter 3
- 82Exempted foreign company to have status of unregistered companyChapter 3
- 83Penalties for false informationChapter 3
- 84Application of certain sections to foreign companiesChapter 3
- 85Persons promoting a companyChapter 4
- 86Duties and liabilities of a promoterChapter 4
- 87Division of powers between general meeting and board of directorsChapter 5
- 88Delegation to committees and managing directorsChapter 5
- 89Acts of the general meeting, board of directors, or of managing directorsChapter 5
- 90Acts of officers or agentsChapter 5
- 91When provision exempting officer or other person from liability to the company is voidChapter 5
- 92Abolition of constructive notice of registered documentsChapter 5
- 93Presumptions of regularityChapter 5
- 94Liability of company not affected by fraud or forgery of officerChapter 5
- 95Form of contractChapter 5
- 96Pre-incorporation contractsChapter 5
- 97Bills of exchange and promissory noteChapter 5
- 98Common seal of the companyChapter 5
- 99Official seal for use abroadChapter 5
- 100Power of attorneyChapter 5
- 101Authentication of documentsChapter 5
- 102Execution of deeds by companyChapter 5
- 103Alternative to sealingChapter 5
- 104Service of documents on companiesChapter 5
- 105Definition of memberChapter 6
- 106Capacity to be a memberChapter 6
- 107Right of member to attend meetings and voteChapter 6
- 108Impersonation of memberChapter 6
- 109Register of membersChapter 6
- 110Location of registerChapter 6
- 111Index of members to be keptChapter 6
- 112Inspection of register and indexChapter 6
- 113Consequences of agents’ default to keep registerChapter 6
- 114Power to close registerChapter 6
- 115Power of Court to rectify registerChapter 6
- 116Register to be evidenceChapter 6
- 117Liability of membersChapter 6
- 118Liability for company debts where membership is below legal minimumChapter 6
- 119Disclosure of capacity by shareholderChapter 6
- 120Obligation of disclosure by substantial shareholder in public companyChapter 6
- 121Person ceasing to be a substantial shareholder to notify companyChapter 6
- 122Register of interests in sharesChapter 6
- 123Registration of interests to be disclosedChapter 6
- 124Minimum issued share capitalChapter 7
- 125Alteration of share capital by consolidation, etc.Chapter 7
- 126Notice required where shares consolidated, etc.Chapter 7
- 127Increase of issued share capital and notice of increaseChapter 7
- 128Increase of issued capital on increase of sharesChapter 7
- 129Power for unlimited company to provide reserve share capital on re-registrationChapter 7
- 130Restriction on reduction of issued share capitalChapter 7
- 131Special resolution for reduction of share capitalChapter 7
- 132Application to Court for order of confirmationChapter 7
- 133Court order confirming reductionChapter 7
- 134Registration of order and minutes of reductionChapter 7
- 135Liability of members on reduced sharesChapter 7
- 136Penalty for concealing name of creditor, etc.Chapter 7
- 137Duty of directors on serious loss of capitalChapter 7
- 138Rights and liabilities attached to sharesChapter 8
- 139Shares as transferable propertyChapter 8
- 140Prohibition of non-voting and weighted sharesChapter 8
- 141Power of companies to issue sharesChapter 8
- 142Pre-emptive rights of existing shareholdersChapter 8
- 143Issue of classes of sharesChapter 8
- 144Issue with rights attachedChapter 8
- 145Issue of shares at a premiumChapter 8
- 146Issue of shares at a discountChapter 8
- 147Issue of redeemable preference sharesChapter 8
- 148Validation of improperly issued sharesChapter 8
- 149Authority to allot sharesChapter 8
- 150Method of application and allotmentChapter 8
- 151Allotment as acceptance of contractChapter 8
- 152Payment on allotmentChapter 8
- 153Effect of irregular allotmentChapter 8
- 154Return as to allotmentChapter 8
- 155Prohibition of payments of commissions, discounts out of shares and capitalChapter 8
- 156Power to pay commission in certain casesChapter 8
- 157Statement in balance sheet as to commissionChapter 8
- 158Call on sharesChapter 8
- 159Reserve liability of company having share capitalChapter 8
- 160Payment for sharesChapter 8
- 161Meaning of payment in cashChapter 8
- 162Payment for shares of public companies other than in cashChapter 8
- 163Power to pay different amounts on sharesChapter 8
- 164Lien on sharesChapter 8
- 165Forfeiture of sharesChapter 8
- 166Power to vary rightsChapter 8
- 167Application for cancellation of variationChapter 8
- 168Right of a preference share to more than one voteChapter 8
- 169Construction of class rightsChapter 8
- 170Shares to be numberedChapter 8
- 171Issue of share certificatesChapter 8
- 172Effect of share certificateChapter 8
- 173Probate, etc., as evidence of grantChapter 8
- 174Prohibition of bearer sharesChapter 8
- 175Transfer of sharesChapter 8
- 176Entry in register of transfersChapter 8
- 177Notice of refusal to registerChapter 8
- 178Transfer by personal representativeChapter 8
- 179Transmission of sharesChapter 8
- 180Protection of beneficiariesChapter 8
- 181Certification of transfersChapter 8
- 182Redemption of redeemable preference sharesChapter 8
- 183Prohibition of financial assistance by company for acquisition of its sharesChapter 8
- 184Acquisition by a company of its own sharesChapter 8
- 185Payment for share buybackChapter 8
- 186Persons from whom shares can be bought backChapter 8
- 187Limit on number of shares acquiredChapter 8
- 188Enforceability of contract to acquire sharesChapter 8
- 189Re-issue of shares acquiredChapter 8
- 190Acquisition of shares of holding companyChapter 8
- 191Power to borrow money, to charge property and to issue debenturesChapter 9
- 192Documents of title to debentures or certificate of debenture stockChapter 9
- 193Statements to be included in debenturesChapter 9
- 194Effect of statements in debenturesChapter 9
- 195Enforcement of contracts relating to debenturesChapter 9
- 196Perpetual debenturesChapter 9
- 197Convertible debenturesChapter 9
- 198Secured or unsecured debenturesChapter 9
- 199Redeemable debenturesChapter 9
- 200Power to re-issue redeemed debentures in certain casesChapter 9
- 201Rights of debenture holdersChapter 9
- 202Meetings of debenture holdersChapter 9
- 203Meaning of floating and fixed chargesChapter 9
- 204Priority of fixed over floating chargeChapter 9
- 205Powers of the court to appoint receiver or managerChapter 9
- 206Advertisement of appointment of receiver and managerChapter 9
- 207Preferential payment to debenture holders in certain casesChapter 9
- 208Execution of debenture trust deedChapter 9
- 209Contents of debenture trust deedChapter 9
- 210Contents of debenture covered by trust deedChapter 9
- 211Trustees for debenture holdersChapter 9
- 212Disqualification for appointment as trustee of debenture trust deedChapter 9
- 213Liability of trustees for debenture holdersChapter 9
- 214Restrictions on transferability of debenturesChapter 9
- 215Company to keep copies of instruments creating chargesChapter 9
- 216Company’s register of chargesChapter 9
- 217Inspection of register and copies of instrumentChapter 9
- 218Register of debenture holdersChapter 9
- 219Inspection of register of debentures, etc.Chapter 9
- 220Entry in register of transferChapter 9
- 221Notice of refusal to registerChapter 9
- 222Registration of charges created by companiesChapter 9
- 223Register of particulars of chargesChapter 9
- 224Duty of company to register chargesChapter 9
- 225Duty of company acquiring property to register subsisting chargesChapter 9
- 226Existing chargesChapter 9
- 227Charges to secure fluctuating amountsChapter 9
- 228Endorsement of certificate of registration on debenturesChapter 9
- 229Entries of satisfaction of chargesChapter 9
- 230Rectification of registerChapter 9
- 231Registration of appointment order, etc.Chapter 9
- 232Realisation of debenture holder’s securityChapter 9
- 233Remedies available to debenture holdersChapter 9
- 234Application of certain sectionsChapter 9
- 235Statutory meetingChapter 10
- 236Non-compliance and penaltyChapter 10
- 237Annual general meetingChapter 10
- 238Businesses transacted at annual general meetingChapter 10
- 239Extraordinary general meetingChapter 10
- 240Place of meetingChapter 10
- 241Length of notice for calling meetingsChapter 10
- 242Contents of noticeChapter 10
- 243Persons entitled to noticeChapter 10
- 244Service of noticeChapter 10
- 245Failure to give noticeChapter 10
- 246Additional noticeChapter 10
- 247Power of Court to order meetingsChapter 10
- 248Procedure of votingChapter 10
- 249Right to demand pollChapter 10
- 250Voting on a pollChapter 10
- 251Right of attendance at general meetingChapter 10
- 252Attendance at meetingsChapter 10
- 253Objections as to qualification to voteChapter 10
- 254ProxiesChapter 10
- 255Corporation representation at meetings of companies, etc.Chapter 10
- 256QuorumChapter 10
- 257Disclosure of remuneration of managersChapter 10
- 258ResolutionsChapter 10
- 259Written resolutionsChapter 10
- 260Circulation of members’ resolutionsChapter 10
- 261Resolutions requiring special noticeChapter 10
- 262Registration and copies of certain resolutionsChapter 10
- 263Effect of resolutions passed at adjourned meetingsChapter 10
- 264AdjournmentChapter 10
- 265Powers and duties of the chairman of the general meetingChapter 10
- 266Minutes of proceedings and effectChapter 10
- 267Inspection of minute books and copiesChapter 10
- 268Class meetingsChapter 10
- 269Meaning of directorsChapter 11
- 270Shadow directorChapter 11
- 271Number of directorsChapter 11
- 272Appointment of first directorsChapter 11
- 273Subsequent appointments of directorsChapter 11
- 274Casual vacancyChapter 11
- 275Independent directors in public companiesChapter 11
- 276Liability of a person where not duly appointedChapter 11
- 277Share qualification of directorsChapter 11
- 278Duty of directors to disclose age and multiple directorship to the companyChapter 11
- 279Provisions as to insolvent persons acting as directorsChapter 11
- 280Restraint of fraudulent personsChapter 11
- 281Appointment of director for lifeChapter 11
- 282Right to appoint a director at any ageChapter 11
- 283Disqualification for directorshipChapter 11
- 284Vacation of office of directorChapter 11
- 285Rotation of directorsChapter 11
- 286Validity of acts of directorsChapter 11
- 287Mode of voting on appointment of directorsChapter 11
- 288Removal of directorsChapter 11
- 289Proceedings of directorsChapter 11
- 290QuorumChapter 11
- 291Failure to have a quorumChapter 11
- 292Notice of meetingChapter 11
- 293Remuneration of directorsChapter 11
- 294Remuneration of a managing directorChapter 11
- 295Prohibition of tax-free payments to directorsChapter 11
- 296Prohibition of loans to directors in certain circumstancesChapter 11
- 297Payment by company for loss of office to be approvedChapter 11
- 298Payment to director for loss of office, or transfer of property illegalChapter 11
- 299Directors to disclose payment for loss of office in certain casesChapter 11
- 300Provisions supplementary to sections 298 and 299Chapter 11
- 301Register of directors’ shareholdingChapter 11
- 302General duty to give noticeChapter 11
- 303Disclosure by directors of interests in contractsChapter 11
- 304Particulars with respect to directors in trade cataloguesChapter 11
- 305Duties of directorsChapter 11
- 306Conflicts of duties and interestsChapter 11
- 307Multiple directorshipsChapter 11
- 308Duty of care and skillChapter 11
- 309Legal position of directorsChapter 11
- 310Substantial property transactions involving directorsChapter 11
- 311Exceptions from section 310Chapter 11
- 312Liabilities arising from contravention of section 310Chapter 11
- 313Prohibition of secret benefitsChapter 11
- 314Directors with unlimited liability in respect of a limited companyChapter 11
- 315Special resolution making directors’ liability unlimitedChapter 11
- 316Personal liability of directors and officersChapter 11
- 317Director’s contract of employment for more than five yearsChapter 11
- 318Register of directorsChapter 11
- 319Particulars of directors to be registeredChapter 11
- 320Register of directors’ residential addressesChapter 11
- 321Duty to notify the Commission of changesChapter 11
- 322Power to make regulations on particulars of directorChapter 11
- 323Protected informationChapter 11
- 324Restriction on use or disclosure of protected information by companyChapter 11
- 325Protected information: restriction on use or disclosure by the CommissionChapter 11
- 326Permitted use or disclosure by the CommissionChapter 11
- 327Disclosure under Court orderChapter 11
- 328Circumstances in which the Commission may put an address on the public recordChapter 11
- 329Putting the address on the public recordChapter 11
- 330SecretariesChapter 12
- 331Avoidance of acts done by a person as director and secretaryChapter 12
- 332Qualification of a secretaryChapter 12
- 333Appointment and removal of a secretaryChapter 12
- 334Fiduciary interests of a secretaryChapter 12
- 335Duties of a secretaryChapter 12
- 336Register of secretariesChapter 12
- 337Particulars of secretaries to be registered: individualsChapter 12
- 338Particulars of secretaries to be registered: corporate secretaries and firmsChapter 12
- 339Duty to notify the Commission of changesChapter 12
- 340Particulars of secretaries to be registered and notified to the Commission: power to make regulationsChapter 12
- 341Only company may sue for wrong or ratify irregular conductChapter 13
- 342Procedure for major asset transactionChapter 13
- 343Protection of minority: injunction and declaration in certain casesChapter 13
- 344Personal and representative actionChapter 13
- 345Definition of memberChapter 13
- 346Commencing derivative actionChapter 13
- 347Powers of the court to make orders in derivative actions under section 346Chapter 13
- 348Evidence of shareholders’ approval not decisiveChapter 13
- 349Court’s approval to discontinueChapter 13
- 350No security for costsChapter 13
- 351Interim costsChapter 13
- 352DefinitionChapter 13
- 353ApplicationChapter 13
- 354Grounds upon which an application may be madeChapter 13
- 355Powers of the court to make orders in petitions under sections 353 and 354Chapter 13
- 356Penalty for failure to comply with order of the courtChapter 13
- 357Investigation of a company on its own application or that of its membersChapter 13
- 358Other investigations of companyChapter 13
- 359Inspectors’ powers during investigationChapter 13
- 360Production of documents and evidence to inspectorsChapter 13
- 361Power of inspector to call for directors’ bank accountsChapter 13
- 362Obstruction of inspectors to be treated as contempt of CourtChapter 13
- 363Inspector’s reportChapter 13
- 364Power to bring civil proceedings on company’s behalfChapter 13
- 365Criminal proceedings and other proceedings by the Attorney-General of the FederationChapter 13
- 366Power of the Commission to present winding-up petitionChapter 13
- 367Expenses of investigationChapter 13
- 368Inspectors’ report to be used as evidence in legal proceedingsChapter 13
- 369Appointment of inspectors to investigate ownership of a companyChapter 13
- 370Provisions applicable to investigationChapter 13
- 371Power to require information as to persons interested in shares, etc.Chapter 13
- 372Power to impose restrictions on shares, etc.Chapter 13
- 373Savings for legal practitioners and bankersChapter 13
- 374Companies to keep accounting recordsChapter 14
- 375Place, duration and form of recordsChapter 14
- 376Penalties for non-compliance with sections 374 or 375Chapter 14
- 377Directors’ duty to prepare annual accountsChapter 14
- 378Form and content of individual financial statementsChapter 14
- 379Group financial statements of holding companyChapter 14
- 380Form and content of group financial statementsChapter 14
- 381Meaning of “holding company”, “subsidiary” and “wholly-owned subsidiary”Chapter 14
- 382Additional disclosure required in notes to financial statementsChapter 14
- 383Disclosure of loans in favour of directors and connected personsChapter 14
- 384Disclosure of loans to officers of the company and statements of amounts outstandingChapter 14
- 385Directors’ reportChapter 14
- 386Signing of balance sheet and documents to be annexed theretoChapter 14
- 387Persons entitled to receive financial statements as of rightChapter 14
- 388Directors’ duty to lay and deliver financial statementsChapter 14
- 389Penalty for non-compliance with section 388Chapter 14
- 390Default order in case of non-complianceChapter 14
- 391Penalty for laying or delivering defective financial statementsChapter 14
- 392Shareholders’ right to obtain copies of financial statementsChapter 14
- 393Entitlement to deliver financial statements in modified formChapter 14
- 394Qualification of a small companyChapter 14
- 395Companies qualifying as small: parent companiesChapter 14
- 396Modified individual financial statementsChapter 14
- 397Modified financial statements of holding companyChapter 14
- 398Publication by a company of full individual or group financial statementsChapter 14
- 399Publication of abridged financial statementsChapter 14
- 400Power to alter accounting requirementsChapter 14
- 401Appointment of auditorsChapter 15
- 402Exemption from audit requirementChapter 15
- 403Qualification of auditorsChapter 15
- 404Auditors’ report and audit committeeChapter 15
- 405Corporate responsibility for financial reportsChapter 15
- 406Improper influence on conduct of auditChapter 15
- 407Auditors’ duties and powersChapter 15
- 408Remuneration of auditorsChapter 15
- 409Removal of auditorsChapter 15
- 410Auditors’ right to attend company’s meetingsChapter 15
- 411Supplementary provisions relating to auditorsChapter 15
- 412Resignation of auditorsChapter 15
- 413Right of resigning auditor to requisition company meetingChapter 15
- 414Powers of auditors in relation to subsidiariesChapter 15
- 415Liability of auditors for negligenceChapter 15
- 416False statements to auditorsChapter 15
- 417Annual return by company limited by shares or guaranteeChapter 16
- 418Annual return by company having shares other than small companyChapter 16
- 419Annual return by small companyChapter 16
- 420Annual return by company limited by guaranteeChapter 16
- 421Time for completion and delivery of annual returnChapter 16
- 422Documents to be annexed to annual returnChapter 16
- 423Certificate by private company and small company in annual returnChapter 16
- 424Exception in certain cases of unlimited companies and small companies from requirements of section 422Chapter 16
- 425Penalty for non-compliance with sections 417 to 423Chapter 16
- 426Declaration of dividends and payment of interim dividendChapter 16
- 427Distributable profitsChapter 16
- 428Restriction on declaration and payment of dividendsChapter 16
- 429Unclaimed dividendsChapter 16
- 430Reserve and capitalisationChapter 16
- 431Employees’ shares and profit sharingChapter 16
- 432Right of the shareholders to sue for dividendsChapter 16
- 433Liability for paying dividend out of capitalChapter 16
- 434Those who may propose an arrangementChapter 17
- 435Procedure where nominee is not the liquidator or administratorChapter 17
- 436Summoning of meetingsChapter 17
- 437Decisions of meetingsChapter 17
- 438Approval of arrangementChapter 17
- 439Effect of approvalChapter 17
- 440Challenge of decisionsChapter 17
- 441A false representation, etc.Chapter 17
- 442Implementation of proposalChapter 17
- 443Appointment of administratorChapter 18
- 444Purpose of administrationChapter 18
- 445Standard of performance of administratorChapter 18
- 446Status of administratorChapter 18
- 447General restrictions on appointment of administratorChapter 18
- 448Administration orderChapter 18
- 449Conditions for making orderChapter 18
- 450Application to Court for administration orderChapter 18
- 451Powers of Court in administration applicationChapter 18
- 452Power to appoint by holder of floating chargeChapter 18
- 453Restrictions on power to appointChapter 18
- 454When not to appoint administratorChapter 18
- 455Notice of appointmentChapter 18
- 456Commencement of appointment of administrator under section 450Chapter 18
- 457Notification of appointmentChapter 18
- 458Invalid appointment and indemnityChapter 18
- 459Power to appoint by company or directorsChapter 18
- 460Restrictions on power to appointChapter 18
- 461Effect of moratorium on the appointment of administratorChapter 18
- 462Effect of non-disposal of winding-up petition on appointment of administratorChapter 18
- 463Notice of intention to appointChapter 18
- 464Filing of notice of intention to appointChapter 18
- 465Requirements of sections 463 and 464 to be complied withChapter 18
- 466Filing of notice of appointmentChapter 18
- 467Offence in relation to section 464Chapter 18
- 468Where person not entitled to notice of intention to appointChapter 18
- 469Commencement of appointment under section 459Chapter 18
- 470Notification of administrator of his appointmentChapter 18
- 471Effect of administration order on appointmentChapter 18
- 472Application by holder of floating chargeChapter 18
- 473Intervention by holder of floating chargeChapter 18
- 474Application where company in liquidationChapter 18
- 475Administration application by liquidatorChapter 18
- 476Effect of receivership based on appointment by a holder of a fixed chargeChapter 18
- 477Dismissal of pending winding-up petitionChapter 18
- 478Vacation of office by receiverChapter 18
- 479Company in administrationChapter 18
- 480Moratorium on other legal processChapter 18
- 481Where administration application or administration order not yet grantedChapter 18
- 482Details to be stated on documentsChapter 18
- 483Announcement of administrator’s appointmentChapter 18
- 484Administrator to be provided with statement of affairs of companyChapter 18
- 485Period within which to submit statement of affairsChapter 18
- 486Administrator’s proposalsChapter 18
- 487Creditors’ meetingChapter 18
- 488Requirement for initial creditors’ meetingChapter 18
- 489Restrictions on summoning of initial creditors’ meetingChapter 18
- 490Business and result of initial creditors’ meetingChapter 18
- 491Revision of administrator’s proposalChapter 18
- 492Failure to obtain approval of administrator’s proposalsChapter 18
- 493Further creditors’ meetingsChapter 18
- 494Creditors’ committeeChapter 18
- 495Correspondence instead of creditors’ meetingChapter 18
- 496General powersChapter 18
- 497Additional powers of administratorChapter 18
- 498Power to remove or appoint directorChapter 18
- 499Power to call meetings of members and creditorsChapter 18
- 500Application for direction of CourtChapter 18
- 501Management power not to be exercised without consent of administratorChapter 18
- 502DistributionChapter 18
- 503Payments likely to achieve purpose of administrationChapter 18
- 504Custody and control of propertyChapter 18
- 505Management of affairs of companyChapter 18
- 506Administrator as agent of companyChapter 18
- 507Charged property: floating chargeChapter 18
- 508Charged property: non-floating chargeChapter 18
- 509Hire-purchase propertyChapter 18
- 510Protection for secured or preferential creditorChapter 18
- 511Challenge to administrator’s conduct of companyChapter 18
- 512MisfeasanceChapter 18
- 513Automatic cessation of administrationChapter 18
- 514When to make order under section 513Chapter 18
- 515Meaning of consent for purposes of section 513(2)(b)Chapter 18
- 516Form and extent of consentChapter 18
- 517Cessation of administration by Court on application of administratorChapter 18
- 518Termination of administration where objective is achievedChapter 18
- 519Cessation of administration by Court on application of creditorsChapter 18
- 520Public interest winding-upChapter 18
- 521Moving from administration to creditors’ voluntary liquidationChapter 18
- 522Moving from administration to dissolutionChapter 18
- 523Discharge of administration order on cessation of administrationChapter 18
- 524Notice to the Commission on cessation of administrationChapter 18
- 525Resignation of administratorChapter 18
- 526Removal of administrator from officeChapter 18
- 527Administrator ceasing to be qualifiedChapter 18
- 528Supplying vacancy in office of administratorChapter 18
- 529Replacement of administrator appointed by Court orderChapter 18
- 530Replacement of administrator appointed by holder of floating chargeChapter 18
- 531Replacement of administrator appointed by companyChapter 18
- 532Replacement of administrator appointed by directorsChapter 18
- 533Replacement of administrator appointed by administration orderChapter 18
- 534Substitution of administrator by a competing floating charge-holderChapter 18
- 535Substitution of administrator appointed by company or directors by creditors’ meetingChapter 18
- 536Discharge from liability on vacation of officeChapter 18
- 537Charges and liabilities on vacation of officeChapter 18
- 538Joint and concurrent administratorsChapter 18
- 539Joint administratorsChapter 18
- 540Concurrent administratorsChapter 18
- 541Joint and concurrent administrators acting with administrator of companyChapter 18
- 542Presumption of validityChapter 18
- 543Majority decision of directorsChapter 18
- 544PenaltiesChapter 18
- 545Extension of time limitChapter 18
- 546Variation of timeChapter 18
- 547Period extended under sections 545 or 546Chapter 18
- 548Amendment of provision about timeChapter 18
- 549Interpretation of this ChapterChapter 18
- 550Disqualification for appointment as a receiver or managerChapter 19
- 551Power of the court to appoint official receiver for debenture holders and other creditorsChapter 19
- 552Appointment of receivers and managers by the CourtChapter 19
- 553Receivers and managers appointed out of CourtChapter 19
- 554Power of a receiver or manager appointed out of Court to apply to the Court for directionsChapter 19
- 555Notification to the Commission that a receiver or manager has been appointedChapter 19
- 556Duties and powers of receivers and managersChapter 19
- 557Liabilities of receivers and managers on contractsChapter 19
- 558Power of the Court to fix remuneration on application of liquidatorChapter 19
- 559Information where receiver or manager appointed in respect of a floating chargeChapter 19
- 560Special provisions as to statement submitted to receiverChapter 19
- 561Delivery to Commission of accounts of receivers and managersChapter 19
- 562Enforcement of duty of receivers and managers to make returns, etc.Chapter 19
- 563Construction of references to receivers and managersChapter 19
- 564Modes of winding-upChapter 20
- 565Liability as contributories of present and past membersChapter 20
- 566Definition of contributoryChapter 20
- 567Nature of liability of contributoryChapter 20
- 568Contributories in case of death of memberChapter 20
- 569Contributories in case of bankruptcy of memberChapter 20
- 570Jurisdiction as to winding-upChapter 21
- 571Circumstances in which companies may be wound up by CourtChapter 21
- 572Definition of inability to pay debtsChapter 21
- 573Provisions as to application for winding-upChapter 21
- 574Powers of Court on hearing petitionChapter 21
- 575Power to stay or restrain proceedings against companyChapter 21
- 576Avoidance of dispositions of property after commencement of winding-upChapter 21
- 577Avoidance of attachmentsChapter 21
- 578Commencement of a winding-up by the CourtChapter 21
- 579Copy of order to be forwarded to CommissionChapter 21
- 580Actions stayed on winding-up orderChapter 21
- 581Effect of winding-up orderChapter 21
- 582Definition of official receiverChapter 21
- 583Statement of company’s affairs to be submitted to official receiverChapter 21
- 584Report by official receiverChapter 21
- 585Appointment, remuneration and title of liquidatorsChapter 21
- 586Custody of company’s propertyChapter 21
- 587Vesting of property of company in liquidatorChapter 21
- 588Powers of liquidatorChapter 21
- 589Liquidator to give information to official receiverChapter 21
- 590Exercise and control of liquidator’s powersChapter 21
- 591Payments by liquidator into companies’ liquidation accountChapter 21
- 592Audit of liquidator’s accountChapter 21
- 593Books to be kept by liquidatorChapter 21
- 594Release of liquidatorChapter 21
- 595Control over liquidatorsChapter 21
- 596Power to appoint committee of inspection after meeting of creditors and othersChapter 21
- 597Powers, etc. of committee of inspectionChapter 21
- 598Powers where no committee of inspection is appointedChapter 21
- 599Power to appoint special managerChapter 21
- 600Official receiver as receiver for debenture holdersChapter 21
- 601Power to stay winding-upChapter 21
- 602Settlement of list of contributories and application of assetsChapter 21
- 603Delivery of property to liquidatorChapter 21
- 604Payments by contributory to company and set-off allowanceChapter 21
- 605Power of Court to make callsChapter 21
- 606Power to order payment into companies’ liquidation accountChapter 21
- 607Order on contributory to be conclusive evidenceChapter 21
- 608Power to exclude creditors not proving in timeChapter 21
- 609Adjustment of rights of contributorsChapter 21
- 610Inspection of books by creditors and contributoriesChapter 21
- 611Power to order costs of winding-up to be paid out of assetsChapter 21
- 612Power to summon persons suspected of having property of company, etc.Chapter 21
- 613Power to order public examination of promoters, etc.Chapter 21
- 614Power to arrest absconding contributoryChapter 21
- 615Powers of Court cumulativeChapter 21
- 616Delegation to liquidator of certain powers of CourtChapter 21
- 617Dissolution of companyChapter 21
- 618Power to enforce ordersChapter 21
- 619Appeals from ordersChapter 21
- 620Circumstances in which company may be wound up voluntarilyChapter 22
- 621Notice of resolution to wind up voluntarilyChapter 22
- 622Commencement of voluntary winding-upChapter 22
- 623Effect of voluntary winding-up on business, etc., of companyChapter 22
- 624Avoidance of transfer, etc., after commencement of voluntary winding-upChapter 22
- 625Statutory declaration of solvency where proposal to wind up voluntarilyChapter 22
- 626Provisions applicable to a members’ voluntary winding-upChapter 22
- 627Power to appoint liquidatorsChapter 22
- 628Power to fill vacancy in office of liquidatorsChapter 22
- 629Liquidator to call creditors’ meeting on insolvencyChapter 22
- 630Liquidator to call general meeting at end of each yearChapter 22
- 631Final meeting and dissolutionChapter 22
- 632Alternative provisions as to annual and final meetings in insolvency casesChapter 22
- 633Books and accounts during members’ voluntary winding-upChapter 22
- 634Provisions applicable to creditors’ winding-up voluntarilyChapter 22
- 635Meeting of creditorsChapter 22
- 636Appointment of liquidator and cesser of directors’ powersChapter 22
- 637Appointment of committee of inspectionChapter 22
- 638Fixing of liquidators’ remunerationChapter 22
- 639Power to fill vacancy in the office of liquidatorChapter 22
- 640Liquidator to call meetings of company and others at the end of each yearChapter 22
- 641Final meeting and dissolutionChapter 22
- 642Provisions applicable to every voluntary winding-upChapter 22
- 643Distribution of property of companyChapter 22
- 644Powers of liquidator in every voluntary winding-upChapter 22
- 645Power of Court to appoint liquidatorChapter 22
- 646Power to apply to Court to determine questions or exercise powersChapter 22
- 647Costs of voluntary winding-upChapter 22
- 648Saving of rights of creditors and contributoriesChapter 22
- 649Power to order winding-up subject to supervisionChapter 23
- 650Effect of petition for winding-up subject to supervisionChapter 23
- 651Application of sections 576 and 577Chapter 23
- 652Power of Court to appoint and remove liquidatorsChapter 23
- 653Effect of supervision orderChapter 23
- 654Liquidator to give notice of appointmentChapter 24
- 655Debts of all descriptions may be provedChapter 24
- 656Application of bankruptcy rules in certain casesChapter 24
- 657Preferential paymentsChapter 24
- 658Fraudulent preferenceChapter 24
- 659Transactions at an undervalueChapter 24
- 660Liabilities and rights of certain fraudulently preferred personsChapter 24
- 661Avoidance of attachments on winding-up subject to supervision of the CourtChapter 24
- 662Effect of floating chargeChapter 24
- 663Disclaimer of onerous propertyChapter 24
- 664Persons injuredChapter 24
- 665Supplies of gas, water, electricity, etc.Chapter 24
- 666Restriction of rights of creditor as to execution, etc., on winding-up of companyChapter 24
- 667Duty of sheriff as to goods taken in executionChapter 24
- 668Offences by officers of company in liquidationChapter 24
- 669Falsification of booksChapter 24
- 670Frauds by officers of companies in liquidationChapter 24
- 671Liability where proper accounts not keptChapter 24
- 672Responsibility for fraudulent tradingChapter 24
- 673Wrongful tradingChapter 24
- 674Power of Court to assess damages against delinquent directorsChapter 24
- 675Prosecution of delinquent officers and members of a companyChapter 24
- 676Disqualifications for appointment as liquidatorChapter 24
- 677Corrupt inducement affecting appointment as liquidatorChapter 24
- 678Enforcement of duty of liquidator to make returnsChapter 24
- 679Notification that a company is in liquidationChapter 24
- 680Exemption from stamp dutyChapter 24
- 681Books of company to be evidenceChapter 24
- 682Disposal of books and other papers of companyChapter 24
- 683Information as to pending liquidations and disposal of unclaimed assetsChapter 24
- 684Resolutions passed at adjourned meetings of creditorsChapter 24
- 685Power to make over assets to employeesChapter 24
- 686Meetings to ascertain wishes of creditors and othersChapter 24
- 687Judicial notice of signatures of officers of CourtChapter 24
- 688Judicial notice of signatures of certain government officialsChapter 24
- 689Special commissioners for receiving evidenceChapter 24
- 690Affidavits in Nigeria and elsewhereChapter 24
- 691Power of Court to void dissolution of companyChapter 24
- 692Power of Commission to strike off defunct companyChapter 24
- 693Property of dissolved company to be declared as bona vacantiaChapter 24
- 694Companies liquidation account definedChapter 24
- 695Investment of surplus funds in government securitiesChapter 24
- 696Separate accounts of particular estatesChapter 24
- 697Returns by officers in winding-upChapter 24
- 698Annual accounts of company winding-up and disposalChapter 24
- 699Winding-up of unregistered companyChapter 25
- 700Contributories in winding-up unregistered companyChapter 25
- 701Power of Court to stay or restrain proceedingsChapter 25
- 702Action stayed on winding-up orderChapter 25
- 703Provisions of this Part to be cumulativeChapter 25
- 704Acting as insolvency practitionerChapter 26
- 705Qualification of insolvency practitionerChapter 26
- 706Recognition of professional body by the CommissionChapter 26
- 707Application for authorisation to act as insolvency practitionerChapter 26
- 708Commission to notify the party of the refusal or withdrawal of authorisationChapter 26
- 709Review of Commission’s decisionChapter 26
- 710Definition of arrangementChapter 27
- 711Arrangement or compromise between two or more companiesChapter 27
- 712Provisions applicable to schemes or contracts involving transfer of shares in a companyChapter 27
- 713Provisions applicable to dissenting shareholdersChapter 27
- 714Arrangement on sale of company’s property during members’ voluntary winding-upChapter 27
- 715Power to compromise with creditors and membersChapter 27
- 716Information as to compromise with creditors and membersChapter 27
- 717Moratorium on creditors’ voluntary winding-up in a scheme of arrangementChapter 27
- 718Definition of applicable conceptsChapter 28
- 719Powers of a financial regulatory authorityChapter 28
- 720Enforceability of a qualified financial contractChapter 28
- 721Enforceability of netting agreementsChapter 28
- 722Application of this PartChapter 29
- 723Act to override memorandum, articlesChapter 29
- 724Application of Act to companies registered under former enactmentsChapter 29
- 725Application of Act to companies registered but not formedChapter 29
- 726Application of Act to unlimited companies registered under former enactmentsChapter 29
- 727Restricted in this Schedule application of Act to unregistered companiesChapter 29
- 728Registered and head office of companyChapter 29
- 729Publication of name by companyChapter 29
- 730FeesChapter 29
- 731Form of registerChapter 29
- 732Rules of Court for winding-up of companiesChapter 29
- 733Certain companies to publish statement in prescribed formChapter 29
- 734Prosecution of offencesChapter 29
- 735Production of documents where offences suspectedChapter 29
- 736Costs in actions by certain limited companiesChapter 29
- 737Saving for privileged communicationsChapter 29
- 738Power of Court to grant relief in certain casesChapter 29
- 739Penalty for improper use of certain wordsChapter 29
- 740Extended effect of penalty for offence of fraudulent tradingChapter 29
- 741Application of finesChapter 29
- 742Application by the Commission to the Court for directionsChapter 29
- 743Alteration and application of Schedules, tables and formsChapter 29
- 744Enforcement of duty of company to make returns to CommissionChapter 29
- 745Power of company to provide for employees on cessation or transfer of businessChapter 29
- 746Limited liability partnership to be body corporate
- 747Partners
- 748Minimum number of partners
- 749Designated partner
- 750Liabilities of designated partners
- 751Changes in designated partners
- 752Penalty for contravention of sections 749 to 751
- 753Incorporation documents
- 754Incorporation by registration
- 755Registered office of limited liability partnership and change therein
- 756Effect of registration
- 757Name
- 758Reservation of name and change of name
- 759Penalty for improper use of words, limited liability partnership or LLP
- 760Publication of name and limited liability
- 761Eligibility to be partners
- 762Relationship of the partners
- 763Cessation of partnership interest
- 764Registration of changes in partners
- 765Partner as agent
- 766Extent of liability of limited liability partnership
- 767Extent of liability of partner
- 768Holding out
- 769Unlimited liability in case of fraud
- 770Form of contribution
- 771Obligation to contribute
- 772Maintenance of books of accounts, other records and audit
- 773Annual return
- 774Partner’s transferable interest
- 775Investigation of the affairs of limited liability partnership
- 776Application by partners for investigation
- 777Firm, body corporate or association not to be appointed as inspector
- 778Power of inspectors to carry out investigation into affairs of related entities, etc.
- 779Production of documents and evidence
- 780Seizure of documents by inspector
- 781Inspector’s report
- 782Power to bring civil proceedings on limited liability partnership’s behalf
- 783Criminal proceedings and other proceedings by the Attorney-General of the Federation
- 784Power of the Commission to present winding-up petition
- 785Expenses of investigation
- 786Application for winding-up of limited liability partnership
- 787Inspector’s report to be evidence
- 788Foreign limited liability partnerships
- 789Winding-up and dissolution
- 790Circumstances in which limited liability partnership may be wound up by Court
- 791Disclosure of significant control in a limited liability partnership
- 792Business transactions of partner with limited liability partnership
- 793Power of the Commission to strike defunct limited liability partnership off register
- 794Power to make rules
- 795Constitution of limited partnerships
- 796Partners in a limited partnership
- 797Limited partnership to be registered
- 798Application for registration
- 799Certificate of registration
- 800Registration of changes in partnership
- 801Notice of change in status of general partner or assignment of share of limited partner
- 802Name of limited partnership
- 803Reservation of name and change of name of limited partnership
- 804Penalty for improper use of words “limited partnership” or “LP”
- 805Commission to keep register
- 806Modification of general law in case of limited partnerships
- 807Application of Part C
- 808Law as to private partnerships to apply where not excluded by this Act
- 809Inspection, etc. of documents
- 810Liability for false statement
- 811Establishment of business names registry in each state
- 812Appointment of head of office and other officers of business names registry
- 813Functions of the head of office
- 814Registration of business names
- 815Procedure for registration
- 816Entry of business name in the register
- 817Certificate of registration
- 818Registration of changes
- 819Removal of name from register
- 820Publication of true name
- 821Liability of person in default
- 822Annual returns
- 823Incorporation of trustees of certain communities, bodies and associations
- 824Classification of associations
- 825Method of application
- 826Qualification of trustees
- 827Constitution
- 828Advertisement and objections
- 829Registration and certificate
- 830Effect of registration and certificate
- 831Related associations
- 832Change of name or object
- 833Alteration of provisions of the constitution
- 834Replacement and appointment of additional trustees
- 835Changes in contravention of certain provisions of this Part of this Act
- 836Council or governing body
- 837Exercise of powers of trustee
- 838Application of income and property
- 839Suspension of trustees, etc., appointment of interim manager, etc.
- 840Common seal
- 841Contract of corporate body
- 842Accounts of dissolved incorporated trustees
- 843Accounts which cease to be dormant before transfer
- 844Dormant bank accounts: supplementary
- 845Bi-annual statement of affairs
- 846Accounting records and statement of accounts
- 847Preservation of accounting records
- 848Annual returns
- 849Merger of associations
- 850Dissolution of a corporate body formed under this Act
- 851Establishment, etc. of administrative proceedings committee
- 852Prohibited and restricted names
- 853Duty to seek comments of government department or other body
- 854Permitted characters
- 855Misleading information, etc.
- 856Misleading indication of activities
- 857Objection to the registered name of a company, limited liability partnership, limited partnership, business name or incorporated trustees
- 858Decision of administrative proceedings committee to be made available to the public
- 859Resubmission of lost or destroyed registered documents
- 860Electronic documents
- 861Preservation of documents and inspection
- 862Penalty for false statements or information
- 863Penalty for carrying on business without registration
- 864Retention of records archived in soft copies
- 865Access to premises, etc.
- 866Power to compound offences
- 867Regulations
- 868Interpretation
- 869Repeal and savings
- 870Citation
- Schedule 1Form and content of company’s financial statementsSections 378 and 380
- Schedule 2Miscellaneous matters to be disclosed in notes to company financial statementsSections 361 (1) (a), 382 and 407 (4)
- Schedule 3Particulars in company financial statements of loan and other transactions favouring directors and officersSections 383, 384 and 407 (4)
- Schedule 4Matters to be dealt with in directors’ reportSections 385 and 398 (5)
- Schedule 5Matters to be expressly stated in auditors’ reportSection 404 (2)
- Schedule 6Modified financial statements of companies qualifying as small companiesSections 393, 396 (1), 397 (6)(a) and 398 (5)
- Schedule 7Contents and form of annual returns of a company having shares other than a small companySection 418 (3)
- Schedule 8Annual return of a small companySection 419
- Schedule 9Annual return of a company limited by guaranteeSection 420
- Schedule 10Powers of AdministratorSections 475 (2)(d), 511 (5)(a) and 520 (4)(a)
- Schedule 11Powers of receivers and managers of the whole or Substantially the whole of the company’s propertySection 474 (3)(d), 497, 503, 556(3)
- Schedule 12Provisions not applicable on winding-up under supervision of the courtSection 653
- Schedule 13Provision of this Act applying to unregistered companiesSection 727 (1)
- Schedule 14Forms of statement to be published by banking and insurance companies and deposit, provident or benefit societiesSection 733 (1)
- Schedule 15Provisions regarding matters relating to mutual rights and duties of partners and limited liability partnership and its partners applicable in the absence of any agreement on such mattersSection 762 (4)
The seven Parts of CAMA 2020
Part B holds almost everything most companies need. The other Parts cover the Commission, other business forms and registration rules.
- ACorporate Affairs CommissionThe CAC: its board, the Registrar-General, its funds, and how to sue the Commission.ss. 1-17
- BIncorporation of companies and incidental mattersForming, financing and running a company, through to rescue and winding up.ss. 18-745
- CLimited liability partnershipsForming and running an LLP, partners’ liability and investigations.ss. 746-794
- DLimited partnershipsGeneral and limited partners, registration and changes.ss. 795-810
- EBusiness namesRegistering a business name, changes, removal and annual returns.ss. 811-822
- FIncorporated trusteesTrustees of communities, bodies and associations that register as incorporated trustees.ss. 823-850
- GGeneralProhibited and restricted names, false statements, trading without registration.ss. 851-870
Numbers worth knowing
The figures people search for most, taken from the gazetted text.
| Figure | What it limits | Section |
|---|---|---|
| ₦100,000 | Minimum issued share capital of a private company | s. 27(2) |
| ₦2,000,000 | Minimum issued share capital of a public company | s. 27(2) |
| 50 | Most members a private company may have, not counting employees | s. 22(3) |
| 60 days | Longest a company name can be reserved | s. 31(2) |
| ₦100,000 | Least that a guarantee company’s members must promise in total | s. 26(12) |
| ₦200,000 | Unpaid debt that lets a creditor demand payment and start the clock to wind a company up. The sum is now set by CAC regulation, and ₦200,000 applies until one is made | s. 572(a) |
Start with a question
See all questions- How much share capital does a company need?s. 27(2)
- Can one person form a company in Nigeria?s. 18(2)
- How do I reserve a company name?s. 31
- What must a company’s name end with?s. 29
- Who cannot join in forming a company?s. 20
- When must a company hold its annual general meeting?s. 237
- How much notice does a company meeting need?s. 241
- What is a written resolution?s. 259
- What does a company secretary do?s. 335
- What is a shadow director?s. 270
- Who is disqualified from being a director?ss. 279-283
- How is a director removed?s. 288
- Can a company lend money to a director?s. 296
- What counts as a small company?s. 394
- Is my company exempt from audit?s. 402
- When are annual returns due?s. 421
- What is the penalty for not filing annual returns?s. 425
- What is administration?ss. 443-549
- When is a company unable to pay its debts?s. 572
- How can the Commission strike a company off?s. 692
Questions about the Act
Is CAMA 2020 the same as the 1990 Act?
No. CAMA 2020 repeals and replaces the Companies and Allied Matters Act, Cap. C20, Laws of the Federation of Nigeria 2004. Older books and notes may still describe the 1990 rules, so check which Act a source is using.
When did CAMA 2020 take effect?
The Act is dated 7 August 2020, and the gazetted text gives that date as its commencement. It was published as Act No. 3 of 2020 in Official Gazette No. 124, Lagos, 10 August 2020.
Where can I read the official text?
The Federal Government Printer published the Act in the Official Gazette. Each guide on this site names the section it explains, so you can check the exact words.
Source: the Companies and Allied Matters Act 2020 as published in the Official Gazette.