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

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

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1
Q

Companies and Allied Matters Act 2020

A

Corporate Affairs Commission- Registrar- General

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2
Q

Investment and Securities Act 2007

A

Securities and Exchange Commission- Chairman

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3
Q

Nigerian Investment Promotion
Commission Act

A

The Nigerian Investment
Promotion Commission (NIPC) - Executive Secretary

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4
Q

Immigration Act

A

Nigerian Immigration Agency - Comptroller General

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5
Q

National Office for Technology
Acquisition Promotion Act 2004

A

National Office for Technology
Acquisition Promotion - Director General

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6
Q

Banks and other Financial
Institutions Act

A

Central Bank of Nigeria - Governor of the Central Bank

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7
Q

Federal Inland Revenue Service
Act, 2007

A

Federal Inland Revenue Service - Executive Chairman

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8
Q

National Insurance Commission
Act

A

National Insurance Commission - Chief Executive Officer

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9
Q

Nigerian Communication
Commission Act

A

Nigerian Communication Commission - Chief Executive Officer

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10
Q

Asset Management Corporation
Act, 2010

A

Asset Management Corporation
of Nigeria - Managing Director

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11
Q

Federal High Court Act

A

Federal High Court - Chief Judge

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12
Q

National Industrial Court Act

A

National Industrial Court - President

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13
Q

Industrial Inspectorate Act

A

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

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14
Q

Mortgage Institutions Act

A

Federal Mortgage Bank - Managing Director

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15
Q

Nigerian Copyright Act

A

Nigerian Copyright Commission

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16
Q

Electric Power Sector Reform Act

A

Nigerian Electricity Regulation Commision

17
Q

Electric Power Sector Reform Act

A

Nigerian Electricity Regulation Commision

18
Q

Standard Organisation of Nigeria
Act

A

Standard Organisation of Nigeria

19
Q

Nigeria Deposit Insurance
Corporation Act

A

Nigeria Deposit Insurance
Corporation - Managing Director

20
Q

National Agency for Food & Drug
Administration & Control Act

A

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

21
Q

Companies and Allied Matters Act 2020 has how many parts?

A

*Seven**

22
Q

Foreign Exchange Monetary &
Miscellaneous Provisions Act

A

Central Bank of Nigeria - Governor of the CBN

23
Q

PART A of CAMA

A

Covers the Corporate Affairs Commission

24
Q

PART A of CAMA

A

Covers the Corporate Affairs Commission

25
Q

PART B

A

Incorporation of Companies and Incidental Matters

26
Q

PART C

A

Limited Liability Partnership

27
Q

PART D

A

Limited Partnership

28
Q

PART E

A

Business Names

29
Q

PART F

A

Incorporated Trustees

30
Q

PART G

A

(General) Establishment, Etc. of Administrative Proceedings Committee

31
Q

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

A

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.

32
Q

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:

A

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).

33
Q

Investment and Securities Tribunal

A

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

34
Q

Nigerian Investment Promotion Commission Act functions include:

A
  • 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

Corporate Law (10 decks)

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