Search terms: Company & Commercial, Nigeria
The Nigerian Investment Promotion Commission aims to promote and monitor foreign investments in Nigeria. The commission's one-stop shop was introduced to facilitate the grant of the permits, licences and approvals that foreigners must obtain to conduct business in Nigeria. It is hoped that the provision of transparent and efficient services will lead to a more attractive investment environment.
The Corporate Affairs Commission was established by the Companies and Allied Matters Act to regulate the formation and management of companies in Nigeria. Reforms recently carried out by the commission have introduced a more efficient company registration procedure. The reforms also provide an enabling environment for investors wishing to benefit from Nigeria's abundant investment opportunities.
A recent Court of Appeal decision, upholding a judgment of the Lagos Federal High Court, highlights the important issue of the rights of a company director with regard to the company. The issue is whether, although the company exists as a separate legal entity, its powers may be overshadowed by the rights of one of its directors.
The Securities and Exchange Commission and the Corporate Affairs Commission have adopted a Code of Best Practices for Corporate Governance, which aims to enhance corporate discipline, transparency and accountability within Nigerian companies. The code is directed mainly at directors, but also assigns responsibilities to other stakeholders.
Including: Legal Framework; Importing Capital; Protecting Foreign Investors; Repatriation of Capital