On 7 August 2020, a new company legislation was signed into law. The federal law, has amended the thirty (30) years old, Companies and Allied Matters Act 1990, that came into existence since 2 January 1990.
By the new Companies and Allied Matters Act 1990, a single person can now start, promote, register and own a private company, by being the sole shareholder and director of his/her private company. Before now, a company must have at least 2 persons as shareholders and directors.
This change is believed to positively affect the ease of doing business in Nigeria. Hopefully, it will move up Nigeria’s ranks 131 out of 190 countries on the World Bank Doing Business Index.
My authorities are:
1. Sections 18(2) of the Companies and Allied Matters Act, 1990.
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