Legal and Regulatory Regime
Companies and Allied Matters Act (Chapter C20), LFN 2004 (“CAMA”) This is the principal statute regulating the establishment and operation of companies in Nigeria. The CAMA establishes the Corporate Affairs Commission
(“CAC”) as Nigeria’s companies’ registry, and the body responsible for the regulation and supervision of the formation, incorporation, registration, management and winding up of companies. The CAMA also makes provision for the registration of business names and the incorporation of trustees.
Foreign companies that wish to do business in Nigeria are required to do so through a separate locally incorporated entity. Section 54(1) of the CAMA provides that every foreign company intending to carry on business in Nigeria must take steps necessary to incorporate as a separate legal entity with the CAC. Section 56 of CAMA empowers the Federal Executive Council to grant exemptions from the mandatory incorporation requirement to a limited category of foreign companies. It is an offence for a foreign company to carry on business in Nigerian without being