APR 2022 NEWS
OREVAOGHENE OJUH AND OGHOGHO MAKINDE
Pursuant to the Companies and Allied Matters Act (“CAMA”) 2020, the requirement for companies to have an ‘authorized share capital’ has been replaced with ‘minimum issued share capital’ principle.
Section 124 of CAMA 2020 which replaces section 99 of CAMA 2004 provides that no company shall have a share capital which is less than its minimum issued share capital and requires that every company with unissued shares, must not later than six (6) months from the commencement of CAMA 2020, issue shares up to an amount not below its minimum issued share capital.
