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CORPORATE AFFAIRS COMMISSION, COMPANIES REGULATION 2012

CORPORATE AFFAIRS COMMISSION

PUBLIC NOTICE

COMPANIES REGULATION 2012

This is to inform the general public particularly our esteemed customers that the Honourable Minister of Trade and Investment has approved Companies Regulation 2012 pursuant to Sections 16, 585 and 609 of the Companies and Allied Matters Act (CAMA) which has already been published in the Federal Republic of Nigeria Official Gazette No.75 Government Notice No-199 dated 19th September, 2012. The Regulation shall take effect from 1st January, 2013.

Some of the highlights of the Regulation are as follows:

  • Registration of Limited liability Companies can now be processed directly by the first Directors/Subscribers to Memorandum and Articles of Association similar to what obtains in the case of Business Names and Incorporated Trustees. This is part of the Federal Governments Investment Climate Reform Programme aimed at reducing cost of doing business in Nigeria.
  • It is now a requirement that the Subscribers/Directors of all companies under Part ‘A’ of CAMA and Trustees of Associations under Part ‘C’ of CAMA must submit recognized form of identification such as information page of International Passport, Drivers License or National Identity Card for all registration and relevant post registration applications .
  • The Commission’s registration forms have been redesigned to obtain more information from customers in line with the principles of ‘Know Your Customer’ (KYC) and global best practice.
  • Filing fees for some services have been slightly increased while penalties for late filing have been made stiffer to discourage late filing of documents and ensure timely and up to date filing of returns and other information with the Commission.

Copies of the Regulation are available for sale in all the Commission’s offices nationwide at the cost of =N=1000 while electronic copy could be viewed on the Commission’s web-site www.cac.gov.ng

Signed:

MANAGEMENT