The President on Friday 7, August 2020 signed into law the Companies and Allied Matters Bill, 2020. The new Companies and Allied Matters Act 2020 (the Act) repeals and replaces the extant Companies and Allied Matters Act, 1990.
Some of the provisions of the Act include the following:
- Private companies (including foreign-owned private companies) can now be single shareholder companies.
- Requirement for the issuance of authorised share capital has been replaced with minimum share capital.
- The electronic filing of documents, electronic share transfer, and virtual annual general meetings are now possible; so these are no longer subject to the express provisions of the articles of association.
- Introduction of limited partnerships and limited liability partnerships with corporate limited liability.
- A single director of a public company cannot be the chairman and chief executive officer.