Can I be a sole Director and shareholder in my Company

Currently, sole Director or shareholder is not yet allowed in Nigeria. Minimum number required is two. Shares can however be allotted as desired so far as 25% of the shares are allotted. This means, if the company has one million share capital, 999,999 can be allotted to one shareholder while the remaining 1 goes to the second shareholder

Update: CAMA 2020 was recently signed into law which allows for sole ownership of a company. This means we can now have a company with only one director and one shareholder. However, while we wait for this law to be gazetted, we continue with the minimum requirements of two directors/shareholders. Upon gazette, the new CAMA will be implemented.

Can my underage child be a director in my company ?

A director in any company in Nigeria must be 18 years and above. So a minor cannot be a director. However minors including a day old child can be shareholders in a company and can own any amount of shares.

Do I need proficiency certificate to register specialized companies?

The requirement for proficiency certificate to register specialized companies has been abolished.

For example, to register a hospital, one needed license from the Medical and Dental Council

For engineering companies, one needed COREN

For advertising companies, one needed APCON

This is no longer the case. You can register any company of any specialized services presently without proficiency certificate. You will however ensure you meet the minimum share capital requirement

What is the minimum share capital requirement to register a financial company

Here are a few companies and the minimum share requirement

  1. Fund/Portfolio Managers – 150 million
  2. Commercial bank (regional) – 10 billion
  3. Commercial bank (National) – 25 billion
  4. Commercial bank (International) – 50 billion
  5. Issuing House – 200 million
  6. Individual Investment adviser – 2 million
  7. Consultant (Individual) – 500,000
  8. Consultant (Corporate) – 5 Million
  9. Microfinance Bank unit – 20 million
  10. Microfinance Bank State – 100 million
  11. Microfinance Bank National – 2 billion
  12. Bureau De Change – 35 million
  13. Finance company – 20 million
  14. Freight Forwarding – 5 million
  15. Shipping company or agent – 25 million
Can I overhaul the whole information provided at the incorporation of my company and register new information altogether?

Yes. That is done through post incorporation registrations. Post incorporation registrations involve change of directors, secretary, shareholders, registered address, alteration of objects of the company, increase or reduction of share capital

Can my landlord evict me from the premises without the 6 months required notice?

Once tenancy has expired, a tenant is only entitled to a 7 days notice to quit and a further 7 days notice of owner’s intention to recover his premises.

However, before the expiration of tenancy, a tenant is entitled to the 6 months statutory notice to quit

I have been married for less than two years, can I divorce my spouse?

Couples can be separated within the first two years of marriage if the marriage has broken down beyond repairs. However, divorce is only allowed after the first two years of marriage. The Matrimonial Causes Act seeks to protect the institution of marriage with this rule and give opportunity to the couples to make efforts in restoring their marriage. There are however exceptions to this 2 year rule. For example, where one party was forced into the marriage or where one party was legally married to another at the time of the marriage, or committed adultery, divorce can commence at any time. There are 14 exceptions to note.