Corporate Affairs Commission, Nigeria
The Corporate Affairs Commission (CAC) of Nigeria was established in 1990 vide Companies and Allied Matters Decree no 1 (CAMD) 1990[1] as amended, now on Act cap C20 Laws of federation of Nigeria.[2] It is an autonomous body charged with the responsibility to regulate the formation and management of companies in Nigeria. It carry out its functions through accredited members of Association of National Accountants of Nigeria, Institute of Chartered Accountants of Nigeria, Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) and the Nigerian Bar Association (NBA). It is headed by a Registrar-General. Prior to the enactment of CAMA, these activities were carried on under the Companies Act 1968.(CA 1948)[3]
Membership
The commission is made up of 10 members each representing the respective stakeholders,like the accountancy profession, the legal profession and the business community.
Services
Corporate Affairs Commission(CAC) Services are categorized in parts:
PART A - Registry PART B - Registration of Business Names PART C - Registration of Incorporated Trustees (NGO’s)
These categories covers the following services:
- Incorporation of Companies (Private or Public Company, Limited by guarantee)
- Registration of Business Name
- Registration of Incorporated Trustees
- Same Day Incorporation Services under which companies are registered within one day
- Conducting searches
- Issuance of Certified True Copies of filed documents
- Registration of share capital increases, mortgages, etc.
- Processing the statutory filings of Annual Returns, increase, changes in the memo and articles, addresses, etc.
- Arrange or conduct investigations into the affairs of any company where the interests of the shareholders and the public so demand.
- Management and winding-up of companies.
- Monitoring the Compliance with the CAMA by companies.
- Sale of all statutory forms and publications of the Commission
- Responding to enquiries and complaints in respect of the services of the Commission.
- Handling preliminary process of accreditation of Lawyers, Chartered Accountants and Chartered Secretaries who are the recognized
professionals and direct users of the Companies Registry.
TYPES OF COMPANIES Four(4) types of companies are recognized for business ventures in Nigeria, namely:
Private Limited Company (LTD) Public Limited Company (PLC) Companies limited by guarantee and Unlimited Companies.
The minimum membership for each of these companies is two and the maximum for private companies is fifty members while there is no upper limit for public companies. A minimum share capital of ten thousand Naira is prescribed for private companies and five hundred thousand Naira for public companies with a minimum subscription of 25% of the shares.