Investogist
No Result
View All Result
Tuesday, November 25, 2025
  • News
    • All
    • Africa
    • Nigeria
    • World
    Policeman kill driver over N100 bribe in Anambra

    President Tinubu Pulls Police from VIPs, Approves 30,000 New Officers

    FG Closes 41 Unity Schools Amid Bandit Attacks

    FG Closes 41 Unity Schools Amid Bandit Attacks

    Nnamdi Kanu moved from DSS custody to Sokoto prison – Aloy Ejimakor

    Nnamdi Kanu moved from DSS custody to Sokoto prison – Aloy Ejimakor

    Gunmen abduct unidentified man in Anambra state

    Gunmen Storm St. Mary’s Catholic School Niger State, Abduct Unknown Number of Pupils and Teachers

    Nnamdi Kanu Lists Wike, Hope, Sanwo Olu and others as Witnesses in Terrorism Trial

    Federal High Court sentences Nnamdi Kanu to Life imprisonment

    Kanu says entering a defense is pointless, “no valid charges against me”

    Federal High Court Convicts Nnamdi Kanu of Terrorism

    Nnamdi Kanu Lists Wike, Hope, Sanwo Olu and others as Witnesses in Terrorism Trial

    Nnamdi Kanu Physically Removed from Court After Outbursts as Judge Reads Terrorism Verdict

    UK Court awards £20m Damages in favour of Nigeria against P&ID

    S&P Global revises Nigeria outlook from Stable to Positive

    Conoil Plc to Hold 55th AGM, Proposes N3.50 Dividend

    Conoil Plc to Hold 55th AGM, Proposes N3.50 Dividend

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    Nigeria Wins €185.7m Arbitration on Ajaokuta Steel Contract

    Nigeria Wins €185.7m Arbitration on Ajaokuta Steel Contract

    Headline Inflation in Nigeria rose to 22.04% in March

    Nigeria’s inflation eases to 16.05% in October 2025

    President Buhari hikes Petrol Price to N212 per litre through the PPPRA

    Federal Government suspends 15% import tax on imported petrol

    Nigeria Imposes 10% Tax on Short-Term Investment Interest

    Nigeria Imposes 10% Tax on Short-Term Investment Interest

    Nestlé Cuts 16,000 Jobs in a Major Restructuring; Stock Rises Nearly 8%

    Nestlé Cuts 16,000 Jobs in a Major Restructuring; Stock Rises Nearly 8%

    China Warns Against NATO Tariffs After Trump’s Suggestion to Target Chinese Imports

    Trump warns of trade cuts with China over soybeans

    The New Tax Acts and Tax ID – What You Need to Know

    Nigerians to enjoy benefits of new tax laws from January 2026 – Oyedele

    CBN Tightens Agent Banking Operations, Introduces Transaction Limits

    CBN Tightens Agent Banking Operations, Introduces Transaction Limits

    China Warns Against NATO Tariffs After Trump’s Suggestion to Target Chinese Imports

    China Warns Against NATO Tariffs After Trump’s Suggestion to Target Chinese Imports

    • Policies
    • Budgets
    • Economic Data
  • Business
    • All
    • Agriculture
    • Companies
    • Financial Education
    • Industry
    • Technology
    Acceptance for Champion Breweries Plc Take-Over Offer closes soon

    Champion Breweries Opens ₦15.9bn Rights Issue to Shareholders

    Acceptance for Champion Breweries Plc Take-Over Offer closes soon

    Champion Breweries returns to profitability with ₦2.74 billion profit after tax in half-year 2025

    Nigeria Wins €185.7m Arbitration on Ajaokuta Steel Contract

    Nigeria Wins €185.7m Arbitration on Ajaokuta Steel Contract

    Dangote Invests $700 Million in Sugar as South African CEO Thabo Mabe Assumes Leadership

    Dangote Invests $700 Million in Sugar as South African CEO Thabo Mabe Assumes Leadership

    All diaspora remittances must be received by beneficiaries in foreign currency only – CBN

    SUNU Assurances gets shareholder approval for capital raise

    TotalEnergies Acquires Additional Stake in Nigeria’s OPL 257 from Conoil

    TotalEnergies Acquires Additional Stake in Nigeria’s OPL 257 from Conoil

    FY 2020: Zenith Bank Plc rakes in N230.6 billion profit after tax

    Zenith Bank Plc addresses rumored acquisition in Kenya

    Dangote Sugar Refinery Announces Resignation of Ravindra Singhvi and Appoints Thabo Mabe as Successor

    Dangote Sugar Refinery Announces Resignation of Ravindra Singhvi and Appoints Thabo Mabe as Successor

    Nascon Allied Industries Plc reports N17.57 bn revenue in H1 2021

    NASCON Allied Industries Announces Major Leadership Change as Saka Becomes Managing Director

    • Companies
    • Industry
    • Technology
    • Financial Education
  • Markets
    • All
    • Commodities
    • Cryptocurrencies
    • Forex
    • Rates & Bonds
    • Stocks/Equities
    Fidson Healthcare Announces N21 Billion Rights Issue to Boost Capital Base

    Fidson Healthcare Announces N21 Billion Rights Issue to Boost Capital Base

    Silver and other Precious Metals Surges amid Economic concerns

    Silver and other Precious Metals Surges amid Economic concerns

    MTN Nigeria to pay over N200 billion final dividend for 2022

    List of Dividends announced in 2025, qualification and payment dates

    Nigerian Exchange Daily Market Report: ASI up by 0.15% on Wednesday

    Domestic Investors dominate transactions on the Nigerian Exchange in September 2025

    Wema Bank Plc rights issue opens for subscription

    Wema Bank Plc lists 4.5 billion new shares offered through private placement

    FG lists 4 border points in Ukraine Nigerians can cross to safety

    Trans-Nationwide Express Rights Issue: Trading Activated on NGX

    The Initiates Plc unveils Rights Issue and Public Offer to drive expansion in environmental services

    The Initiates Plc unveils Rights Issue and Public Offer to drive expansion in environmental services

    Again DMO offers N360 billion FGN bond for February

    FGN Savings Bond offer opens with up to 14.565% annual interest

    ASO Savings Posts N21M Q2 Profit Despite N51B Negative Equity

    ASO Savings Posts N21M Q2 Profit Despite N51B Negative Equity

    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Travel & Tours
    • Arts & Entertainment
    • Nature
    • Places & People
  • Opinion & Analysis
    • All
    • Columnists
    • Editorials
    • Investogist Business Saturday
    • Op-ed
    How does family of 6 survive with income of N250,000 a month

    How does family of 6 survive with income of N250,000 a month

    Trump wins a resounding victory in first Republican primary in Iowa

    How Donald Trump won the 2024 U.S Presidential Election

    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

    Security features of the new naira notes revealed by the CBN

    New hope for Naira fixed income savers?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Nigerian Exchange gains 5.37% in Tinubu’s first week, highest for any President since return to Democracy

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Just in: Bandits attack President Buhari’s convoy in Katsina, two injured

    2015 vs 2023 Data: Nigeria situation went from bad to worse under Buhari

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    APC won Abua-Odual and Ahoada East LGAs of Rivers State as announced – INEC’s IRev

    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Sports
    • Football
  • Vacancies
Investogist
  • News
    • All
    • Africa
    • Nigeria
    • World
    Policeman kill driver over N100 bribe in Anambra

    President Tinubu Pulls Police from VIPs, Approves 30,000 New Officers

    FG Closes 41 Unity Schools Amid Bandit Attacks

    FG Closes 41 Unity Schools Amid Bandit Attacks

    Nnamdi Kanu moved from DSS custody to Sokoto prison – Aloy Ejimakor

    Nnamdi Kanu moved from DSS custody to Sokoto prison – Aloy Ejimakor

    Gunmen abduct unidentified man in Anambra state

    Gunmen Storm St. Mary’s Catholic School Niger State, Abduct Unknown Number of Pupils and Teachers

    Nnamdi Kanu Lists Wike, Hope, Sanwo Olu and others as Witnesses in Terrorism Trial

    Federal High Court sentences Nnamdi Kanu to Life imprisonment

    Kanu says entering a defense is pointless, “no valid charges against me”

    Federal High Court Convicts Nnamdi Kanu of Terrorism

    Nnamdi Kanu Lists Wike, Hope, Sanwo Olu and others as Witnesses in Terrorism Trial

    Nnamdi Kanu Physically Removed from Court After Outbursts as Judge Reads Terrorism Verdict

    UK Court awards £20m Damages in favour of Nigeria against P&ID

    S&P Global revises Nigeria outlook from Stable to Positive

    Conoil Plc to Hold 55th AGM, Proposes N3.50 Dividend

    Conoil Plc to Hold 55th AGM, Proposes N3.50 Dividend

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    Nigeria Wins €185.7m Arbitration on Ajaokuta Steel Contract

    Nigeria Wins €185.7m Arbitration on Ajaokuta Steel Contract

    Headline Inflation in Nigeria rose to 22.04% in March

    Nigeria’s inflation eases to 16.05% in October 2025

    President Buhari hikes Petrol Price to N212 per litre through the PPPRA

    Federal Government suspends 15% import tax on imported petrol

    Nigeria Imposes 10% Tax on Short-Term Investment Interest

    Nigeria Imposes 10% Tax on Short-Term Investment Interest

    Nestlé Cuts 16,000 Jobs in a Major Restructuring; Stock Rises Nearly 8%

    Nestlé Cuts 16,000 Jobs in a Major Restructuring; Stock Rises Nearly 8%

    China Warns Against NATO Tariffs After Trump’s Suggestion to Target Chinese Imports

    Trump warns of trade cuts with China over soybeans

    The New Tax Acts and Tax ID – What You Need to Know

    Nigerians to enjoy benefits of new tax laws from January 2026 – Oyedele

    CBN Tightens Agent Banking Operations, Introduces Transaction Limits

    CBN Tightens Agent Banking Operations, Introduces Transaction Limits

    China Warns Against NATO Tariffs After Trump’s Suggestion to Target Chinese Imports

    China Warns Against NATO Tariffs After Trump’s Suggestion to Target Chinese Imports

    • Policies
    • Budgets
    • Economic Data
  • Business
    • All
    • Agriculture
    • Companies
    • Financial Education
    • Industry
    • Technology
    Acceptance for Champion Breweries Plc Take-Over Offer closes soon

    Champion Breweries Opens ₦15.9bn Rights Issue to Shareholders

    Acceptance for Champion Breweries Plc Take-Over Offer closes soon

    Champion Breweries returns to profitability with ₦2.74 billion profit after tax in half-year 2025

    Nigeria Wins €185.7m Arbitration on Ajaokuta Steel Contract

    Nigeria Wins €185.7m Arbitration on Ajaokuta Steel Contract

    Dangote Invests $700 Million in Sugar as South African CEO Thabo Mabe Assumes Leadership

    Dangote Invests $700 Million in Sugar as South African CEO Thabo Mabe Assumes Leadership

    All diaspora remittances must be received by beneficiaries in foreign currency only – CBN

    SUNU Assurances gets shareholder approval for capital raise

    TotalEnergies Acquires Additional Stake in Nigeria’s OPL 257 from Conoil

    TotalEnergies Acquires Additional Stake in Nigeria’s OPL 257 from Conoil

    FY 2020: Zenith Bank Plc rakes in N230.6 billion profit after tax

    Zenith Bank Plc addresses rumored acquisition in Kenya

    Dangote Sugar Refinery Announces Resignation of Ravindra Singhvi and Appoints Thabo Mabe as Successor

    Dangote Sugar Refinery Announces Resignation of Ravindra Singhvi and Appoints Thabo Mabe as Successor

    Nascon Allied Industries Plc reports N17.57 bn revenue in H1 2021

    NASCON Allied Industries Announces Major Leadership Change as Saka Becomes Managing Director

    • Companies
    • Industry
    • Technology
    • Financial Education
  • Markets
    • All
    • Commodities
    • Cryptocurrencies
    • Forex
    • Rates & Bonds
    • Stocks/Equities
    Fidson Healthcare Announces N21 Billion Rights Issue to Boost Capital Base

    Fidson Healthcare Announces N21 Billion Rights Issue to Boost Capital Base

    Silver and other Precious Metals Surges amid Economic concerns

    Silver and other Precious Metals Surges amid Economic concerns

    MTN Nigeria to pay over N200 billion final dividend for 2022

    List of Dividends announced in 2025, qualification and payment dates

    Nigerian Exchange Daily Market Report: ASI up by 0.15% on Wednesday

    Domestic Investors dominate transactions on the Nigerian Exchange in September 2025

    Wema Bank Plc rights issue opens for subscription

    Wema Bank Plc lists 4.5 billion new shares offered through private placement

    FG lists 4 border points in Ukraine Nigerians can cross to safety

    Trans-Nationwide Express Rights Issue: Trading Activated on NGX

    The Initiates Plc unveils Rights Issue and Public Offer to drive expansion in environmental services

    The Initiates Plc unveils Rights Issue and Public Offer to drive expansion in environmental services

    Again DMO offers N360 billion FGN bond for February

    FGN Savings Bond offer opens with up to 14.565% annual interest

    ASO Savings Posts N21M Q2 Profit Despite N51B Negative Equity

    ASO Savings Posts N21M Q2 Profit Despite N51B Negative Equity

    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Travel & Tours
    • Arts & Entertainment
    • Nature
    • Places & People
  • Opinion & Analysis
    • All
    • Columnists
    • Editorials
    • Investogist Business Saturday
    • Op-ed
    How does family of 6 survive with income of N250,000 a month

    How does family of 6 survive with income of N250,000 a month

    Trump wins a resounding victory in first Republican primary in Iowa

    How Donald Trump won the 2024 U.S Presidential Election

    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

    Security features of the new naira notes revealed by the CBN

    New hope for Naira fixed income savers?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Nigerian Exchange gains 5.37% in Tinubu’s first week, highest for any President since return to Democracy

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Just in: Bandits attack President Buhari’s convoy in Katsina, two injured

    2015 vs 2023 Data: Nigeria situation went from bad to worse under Buhari

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    APC won Abua-Odual and Ahoada East LGAs of Rivers State as announced – INEC’s IRev

    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Sports
    • Football
  • Vacancies
No Result
View All Result
Investogist
No Result
View All Result
Home Opinion & Analysis Investogist Business Saturday

Barr. Amaka discusses Nigeria’s Business Laws and Tax System: What every Business Owner should Know: Part 3

On Investogist Business Saturday Forum

Tuesday, 5 May 2020, 4:30 am
in Investogist Business Saturday, Opinion & Analysis
0
Barr. Amaka discusses Nigeria’s Business Laws and Tax System: What every Business Owner should Know: Part 3
Share Share Share Share Send as Email

Hi everyone. I am Barr. Amaka Obizolu, the principal partner of Amaka Obizolu & Co., today we continue our discussion on Nigerian Business Law and Tax System.

HOW TO BECOME A MEMBER OF A COMAPNY
An investor who desires to become a member of a company can through subscription, allotment, purchase and transfer, transmission (inheritance). In all he must agree in writing to be a member and his name entered in the register of members.

Note that upon incorporation, your copies of Memorandum, Articles of association, Statement of authorized share capital must be stamped as that marks the creation of a “contractual relationship under seal” between the company, its members and it’s officers.

One major effect on the certificate of incorporation is that it’s a prima facie evidence that all conditions precedent to the registration of a company has been fulfilled, therefore where the certificate of incorporation of a company is lost, the company may apply to the commission for a certified true copy of the certificate by making the following available:

  1. Cover letter on the company letter head
  2. Affidavit of loss
  3. Police report
  4. Resolution of the director to apply for the Certified True Copy
  5. A copy of the Memorandum and Articles (if available).

At this juncture, it is salient to know other major benefits of incorporation of a Limited company. As soon as a company is registered, the company becomes a body corporate, has legal personality, can sue and be sued in its own name, has perpetual succession and as such a common seal.

  • Also read: Barr. Amaka discusses Nigeria’s Business Laws and Tax System: What every Business Owner should Know: Part 1

Who is a promoter in a company? Any person who undertakes to form a company with reference to a given project as to set it going and who takes the necessary steps to accomplish that purpose. As a promoter of a company, it is advisable to ensure a pre-incorporation contract is entered *prior* to the formation of a company, as that agreement remains binding even after the incorporation in order to recover debts, but where there is no such pre-incorporation contract, your action for recovery is in futility.

Some examples of pre-incorporation contracts are payment of promoters expenses, Shareholders agreement, Take over agreement, Formation agreement, Joint venture agreement etc.

  • Read more: Barr. Amaka discusses Nigeria’s Business Laws and Tax System: What every Business Owner should Know: Part 2

Please note that Memorandum and Articles of Association (Memo) and Joint Venture agreement are different, while Memo is an incorporation document, Joint Venture Agreement (JVA) is not, therefore it is very important that the terms of the JVA are incorporated into the Memo in order that the members of the company have strong desire to perform the terms of the JVA.

On statutory filings – There are days within which every company is expected to carry out filings to avoid being penalized, and they includes:

  1. Every resolution is filed within 15 days
  2. Court orders are filed within 14 days from the day the order is pronounced
  3. Change of directors or secretary is filed  within 14 days
  4. Registration of charges is done within 90 days
  5. Return of allotment of shares is done within 1 month of any allotment.
  6. Annual returns  is filed within 42 days of the Annual General Meeting (AGM)
  7. Appointment of auditors is done within one week
  8. Removal of auditors is filed within 14 days.

The effect of default is any if the above is penalty fee, or in some cases the company can apply to court for an extension of time within which to carry out the filling.

Please note that under the Act, all companies are free to be re-registered either from limited to unlimited company, private to public company, public to private etc., but a limited liability once re-registered as unlimited cannot be re-registered back as a limited company.  Same with an unlimited company which cannot be re-registered as a public or guarantee company unless it first re-registered as private company then to public company.

  • Read further: J. Crew becomes the first Big Retailer to Bow to Coronavirus in US – Declares Bankruptcy

Note that there are steps for the above re-registrations which cannot be discussed here for the purpose of time.

Also note that after every re-registration, the commission will issue a new certificate of incorporation, and the company is expected to reflect the changes in the letter heads, notices and seals.

As provided in Section 45 of the Act, the following alterations can be done by the company; Change of object clause, Change of name, increase in share capital, reduction in share capital and alteration of articles.  Before doing any of the above as contained in your memo, the company secretary must first study the articles to ensure that the company has the power to do so, otherwise the article should be altered first.

  • Read more: N132.69 Billion Staked in March as Domestic Investors turn to the Stock Investment

Be advised here that after a special resolution for the alteration has been passed, SC 46(1)(2) empowers dissident members holding a minimum of 15% of the  nominal value of the issued share capital of the company who voted against the resolution to apply to court by way of petition within 28 days for it’s cancellation.

Do you know that you have a right as the first registered company to raise an objection restricting the use of a name bearing the same registered name with yours? Oh Yes, and how? By simply instructing your solicitor to make a letter of objection to the commission within 6 months of incorporation of the new company at the federal high court for passing off.

Join us for the fourth instalment in the following day to discuss “How to increase the company share capital”.

Presented by:

Amaka C. Obizolu Mrs. (LL.B, BL)

+234 803 5404 780

Related Posts:

  • IMG-20200503-WA0009
    Barr. Amaka discusses Nigeria's Business Laws and…
  • Amaka
    Barr. Amaka discusses Nigeria's Business Laws and…
  • Amaka
    Barr. Amaka discusses Nigeria's Business Laws and…
  • Amaka
    Barr. Amaka discusses Nigeria's Business Laws and…
Previous Post

Coronavirus Update – World Leaders Pledge Over $8 billion for Vaccine; Nigeria Records 245 new cases

Next Post

Nigerian Bourse – Investors Gain N374.9 billion as Brent Crude Sells above $30

Next Post
Volume of Shares Traded Hit Record Low as Investors Stood on the Fence

Nigerian Bourse - Investors Gain N374.9 billion as Brent Crude Sells above $30

Please login to join discussion
  • Trending
  • Comments
  • Latest
MTN Nigeria to pay over N200 billion final dividend for 2022

List of Dividends announced in 2025, qualification and payment dates

Acceptance for Champion Breweries Plc Take-Over Offer closes soon

Champion Breweries Opens ₦15.9bn Rights Issue to Shareholders

Veritas Kapital Assurance Plc to consider mergers/acquisitions to shore up capital

Veritas Kapital Assurance Plc to raise ₦15 Billion capital by way of Private Placement

Security features of the new naira notes revealed by the CBN

New hope for Naira fixed income savers?

Acceptance for Champion Breweries Plc Take-Over Offer closes soon

Champion Breweries Opens ₦15.9bn Rights Issue to Shareholders

Policeman kill driver over N100 bribe in Anambra

President Tinubu Pulls Police from VIPs, Approves 30,000 New Officers

Acceptance for Champion Breweries Plc Take-Over Offer closes soon

Champion Breweries returns to profitability with ₦2.74 billion profit after tax in half-year 2025

FG Closes 41 Unity Schools Amid Bandit Attacks

FG Closes 41 Unity Schools Amid Bandit Attacks

Quick Links

News
Economy
Markets
Business
Opinion & Analysis

Newsletter Signup

Contact Investogist

info@investogist.com

  • About Us
  • Terms & Conditions
  • Privacy Policy
  • Contact Us

Copyright © 2025 investogist.com, All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • News
    • Nigeria
    • Africa
    • World
  • Economy
    • Policies
    • Budgets
    • Economic Data
  • Business
    • Companies
    • Industry
    • Technology
    • Financial Education
  • Markets
    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Travel & Tours
    • Arts & Entertainment
    • Nature
    • Places & People
  • Opinion & Analysis
    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Sports
    • Football
  • Vacancies

Copyright © 2025 investogist.com, All Rights Reserved