1. Overview of the Legal Framework & Regulatory Bodies on Corporate Law Practice in Nigeria.

Question 1

Companies and Allied Matters Act 2020

Answer 1

Corporate Affairs Commission- Registrar- General

Question 2

Investment and Securities Act 2007

Answer 2

Securities and Exchange Commission- Chairman

Question 3

Nigerian Investment Promotion
Commission Act

Answer 3

The Nigerian Investment
Promotion Commission (NIPC) - Executive Secretary

Question 4

Immigration Act

Answer 4

Nigerian Immigration Agency - Comptroller General

Question 5

National Office for Technology
Acquisition Promotion Act 2004

Answer 5

National Office for Technology
Acquisition Promotion - Director General

Question 6

Banks and other Financial
Institutions Act

Answer 6

Central Bank of Nigeria - Governor of the Central Bank

Question 7

Federal Inland Revenue Service
Act, 2007

Answer 7

Federal Inland Revenue Service - Executive Chairman

Question 8

National Insurance Commission
Act

Answer 8

National Insurance Commission - Chief Executive Officer

Question 9

Nigerian Communication
Commission Act

Answer 9

Nigerian Communication Commission - Chief Executive Officer

Question 10

Asset Management Corporation
Act, 2010

Answer 10

Asset Management Corporation
of Nigeria - Managing Director

Question 11

Federal High Court Act

Answer 11

Federal High Court - Chief Judge

Question 12

National Industrial Court Act

Answer 12

National Industrial Court - President

Question 13

Industrial Inspectorate Act

Answer 13

Industrial Inspectorate Division
of the Federal Ministry of Trade
& Investment - Director

Question 14

Mortgage Institutions Act

Answer 14

Federal Mortgage Bank - Managing Director

Question 15

Nigerian Copyright Act

Answer 15

Nigerian Copyright Commission

Question 16

Electric Power Sector Reform Act

Answer 16

Nigerian Electricity Regulation Commision

Question 17

Electric Power Sector Reform Act

Answer 17

Nigerian Electricity Regulation Commision

Question 18

Standard Organisation of Nigeria
Act

Answer 18

Standard Organisation of Nigeria

Question 19

Nigeria Deposit Insurance
Corporation Act

Answer 19

Nigeria Deposit Insurance
Corporation - Managing Director

Question 20

National Agency for Food & Drug
Administration & Control Act

Answer 20

National Agency for Food &
Drug Administration & Control - Director General

Question 21

Companies and Allied Matters Act 2020 has how many parts?

Answer 21

*Seven**

Question 22

Foreign Exchange Monetary &
Miscellaneous Provisions Act

Answer 22

Central Bank of Nigeria - Governor of the CBN

Question 23

PART A of CAMA

Answer 23

Covers the Corporate Affairs Commission

Question 24

PART A of CAMA

Answer 24

Covers the Corporate Affairs Commission

Question 25

PART B

Answer 25

Incorporation of Companies and Incidental Matters

Question 26

PART C

Answer 26

Limited Liability Partnership

Question 27

PART D

Answer 27

Limited Partnership

Question 28

PART E

Answer 28

Business Names

Question 29

PART F

Answer 29

Incorporated Trustees

Question 30

PART G

Answer 30

(General) Establishment, Etc. of Administrative Proceedings Committee

Question 31

Pre-action notice and restriction on levy of execution *Section 17* CAMA:

Answer 31

A suit shall not be commenced against the Commission before the expiration of **30 days** after a **written notice** of intention to commence the suit is served upon the Commission by the intending plaintiff or his agent. (2) The notice referred to in subsection (1) shall clearly state the— (a) cause of action; (b) particulars of the claim; (c) name and place of abode of the intending plaintiff; and (d) relief sought.

Question 32

**Form MISC 01** Companies Regulations 2021 - Application for Accreditation of Professional/Agent. The professionals authorised to transact business with the Cac relating to Part B are:

Answer 32

i. Legal practitioners ii. Chattered accountants iii. Chattered secretaries iv. A firm of any of the above professionals Accreditation is required in respect of matters relating to companies (Part B CAMA).

Question 33

Investment and Securities Tribunal

Answer 33

Established pursuant to **Section 274 ISA** For: Handling Capital Market Disputes It is a fast track court/tribunal- delivers judgement within **90 days**

Question 34

Nigerian Investment Promotion Commission Act functions include:

Answer 34

- Encouraging, promoting, and coordinating investment in the Nigerian economy. - prescribe incentives and benefits for various business sectors - keeps a register of all the enterprises the act applies to - Established the one-stop investment center (OSIC) for ease of registering alien companies - Collect, analyze, and disseminate investment opportunities and sources of investment capital in Nigeria