Nigeria, Africa`s largest economy and the second largest market, is a major investment destination. One of their biggest challenges is archaic economic laws. Fortunately, there have been remarkable and historically positive developments in business law over the past two years. On Tuesday, February 5, 2019, President Muhammadu Buhari enacted the Federal Competition and Consumer Protection Act (FCCPA) as Nigeria`s first antitrust and consumer protection law. An antitrust regime for Nigeria is expected to affect the entire West African market, as the Economic Community of West African States (ECOWAS) is working on a regional antitrust regulatory framework similar to the Common Market for Eastern and Southern Africa (COMESA). Friday, 7. In August 2020, the Nigerian President approved the Companies and Related Matters (Amendment) Act 2020, which effectively repeals the Companies and Related Matters Act 2004 (“CAMA 2020” of the “new CAMA”). This decision is celebrated as the most important development in Nigerian business law in thirty (30) years. Due to the fact that the Nigerian capital (known as Happy Town or The Federal Capital Territory, FCT) is not a state, it does not have a governor. Its courts, which are equivalent to state courts, have appointed their judges by the president and are therefore federal courts.
The courts of the FCT are: the High Court of the FCT, the Customary Court of Appeal of the FCT and the Sharia Court of Appeal of the FCT. The government requires businesses in certain industries to obtain permits, licences or certifications in order to offer goods and services in these sectors. This is to ensure the follow-up of the activity, the safety of the customers and the expertise of the parties involved according to the license requested. Some of these permits/licenses include: The Hausa kingdoms were a collection of states founded by the Hausa people and located between Niger and Lake Chad. Their story is reflected in the legend Bayajidda,[37] which describes the adventures of the hero Baghdadi Bayajidda, which resulted in the killing of the snake in the well of Daura and the marriage to the local queen Magajiya Daurama. While the hero had a child with the queen, Bawo, and another child with the queen`s maid, Karbagari. [38] [39] Stone axe heads, imported in large quantities from the north and used to open the forest to agricultural development, were revered by Yoruba descendants of Neolithic pioneers as “lightning” thrown onto earth by the gods. [20] There are several statutes that define the obligations of employers and employees, as well as mechanisms in the event of disputes, injuries or claims.
These include, but are not limited to, the 1999 Constitution (as amended), the 2004 Labour Code, the 2010 Employment Compensation Act, the 2014 Pension Reform Act and the National Labour Court. Article 7 of the Labour Code requires an employer to provide its employees with a contract of employment setting out the conditions of employment, and article 12 of the Labour Code provides that an employer may be held liable for injuries caused to an employee by the negligence or acts of another employee. The Kingdom of Nri is considered the basis of Igbo culture and the oldest kingdom in Nigeria. [50] Nri and Aguleri, from which the Igbo creation myth originates, are located in the territory of the Umueri clan, whose lineages go back to the patriarchal royal figure Eri. [51] The origin of Eri is unclear, although he has been described as a “celestial being” sent by Chukwu (God). [51] [52] He was characterized as the first to give social order to the people of Anambra. [52] In summary, all sectors and industries are covered by the Act. This includes all offshore agreements that affect Nigeria, all business transactions taking place in Nigeria, as well as the acquisition of assets that change the control of a Nigerian company. However, it is important to note that the FCCPA does not apply to professional services regulated by a professional association, such as legal and accounting services.
The Igala are an ethnic group in Nigeria. Their homeland, the ancient kingdom of Igala, is an approximately triangular area of about 14,000 km2 (5,400 sq mi) at the corner formed by the Benue and Niger rivers. The area was formerly the Igala Division of Kabba Province and is now part of Kogi State. Its capital is Idah in Kogi State. The Igala people are mainly found in Kogi State. They are found in Idah, Igalamela/Odolu, Ajaka, Ofu, Olamaboro, Dekina, Bassa, Ankpa, Omala, Lokoja, Ibaji, Ajaokuta, Lokoja and Kotonkarfe in Kogi State. Other states where Igalas can be found are Anambergris, Delta and Benue states. The royal stool of Olu de Warri was founded by an Igala prince.
The Hausa kingdoms began as seven states which, according to Bayajidda legend, were founded by the six sons of Bawo, the only son of the hero and queen Magajiya Daurama, in addition to the hero`s son, Biram or Ibrahim, from a previous marriage. [40] The states included only kingdoms inhabited by Hausa speakers: after the civil war, the country turned to the task of economic development. U.S. intelligence agencies concluded in November 1970 that.” The Nigerian civil war ended with relatively little resentment. The Igbos have been accepted as fellow citizens in many parts of Nigeria, but not in parts of former Biafra where they were once dominant. Iboland is an overcrowded and economically weak region where mass unemployment is likely to continue for many years to come. [87] This is defined by the Companies and Related Matters Act 2020 (CAMA), which is responsible for business formation in Nigeria. This agency is usually the first port of call for any business in Nigeria. Before a person or company can operate in Nigeria, it must be duly registered with the CAC where it discloses the details of its owners, the type of business, the address of said company, details of directors and secretaries, registered capital, rules governing the company, etc.
depending on the form of the registered company. CAMA 2020 introduced new forms that a business or non-profit organization in Nigeria can take, including corporations, limited liability companies, limited partnerships, trade names and incorporated trustees. The law requires the filing of annual returns to monitor the affairs of the corporation and determine whether it is still in business for the year, as well as notifications of board resolutions that may result in a change in the corporation`s management. Foreign investors are encouraged to know that CAMA 2020 seeks to bring transparency and certainty to doing business in Nigeria. Individuals with significant control (i.e. Persons holding 5% or more of the voting rights in private and public companies11 and limited liability partnerships must now be disclosed.12 The CAC will also maintain a register of such persons containing information received from companies, which will increase transparency and prevent illegal acts such as “asset protection”. CAMA 2020 enshrines strict corporate governance principles for publicly traded companies with the separation of the CEO and Chairman and limitation of multiple directorships (a person cannot be a director in more than five listed companies).13 In particular, larger transactions in private companies, such as restructurings, are subject to a transparent framework in which a special resolution for approval is required.14 Shares must be held by members with a “Right of First Refusal” before they are sold externally. In addition, shareholders cannot sell more than 50% of the company`s shares to a buyer who is not willing to buy the rest on the same terms.
Assets exceeding 50% of the total value of the company`s assets require unanimous approval by members.15 These are important provisions that foreign investors must comply with for financial planning purposes. The introduction of the FCCPA repeals all aspects of the provisions of the Investment and Securities Act of 2007 (“ISA”), which empowered the Securities Exchange Commission to become the primary merger regulator. The Act is now the primary legislation for all mergers, acquisitions and joint ventures, with the assistance of regulations and guidelines issued by the Commission from time to time. Sectoral laws such as the Nigerian Communications Commission Act 2003 and the Electricity Sector Reform Act 2005 will be deprived of authority to regulate competition. The Act maintains the distinction between notifiable and non-notifiable mergers of ISAs.