Nigerian company law is
part of Nigerian heritage from the English legal system imposed since colonial
days. Before 1912, there was no local companies’ statute in force in Nigeria
but only foreign companies operated in the country and they were governed by
the laws of their different countries.
The first local
companies legislation was promulgated in 1912 as the Companies Ordinance 1912
which was based on the U. K. Companies Act 1908 which was then the current
statute in England. This Ordinance applied only to the colony of Lagos, and in
1917, it was amended and extended to apply to the whole country. In 1922, the
two Ordinances were repealed and replaced with the Companies Ordinance 1922
which was subsequently amended in 1929, 1941 and 1954. In 1968, the Companies
Act Cap. 37 of the 1958 Laws was repealed and replaced by the Companies Act
1968. The 1968 Act was a marked improvement on the previous law. For example,
it made mandatory provisions for accounts and encouraged greater accountability
of directors and more effective participation of shareholders in the affairs of
the company. (click on any of the pictures on the right hand side or left for more insight).The most fundamental change made by the Act was the introduction
of Part X, which required foreign companies intending to carry on business in
Nigeria to be incorporated locally. This Act was however replaced by the
Companies and Allied Matters Act, 1990 now redesigned to Companies and Allied Matters
Act, 1990 and now 2004. click on any picture at your right hand side or left for more insight.
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