Nigeria: Shareholders

The Court of Appeal has resolved a critical question that has persisted since CAMA 2020's enactment: whether private companies incorporated before the new legislation can operate with a single shareholder. This landmark decision clarifies the availability of the single-shareholder structure for all private companies, regardless of their incorporation date, offering significant implications for corporate ownership flexibility in Nigeria.

In a unanimous decision handed down on June 10, 2026, the Court of Appeal affirmed the judgment of the Federal High Court that Section 18(2) of the Companies and Allied Matters Act, 2020, as amended (“CAMA 2020”)  which permits private companies to have a single shareholder, applies to ALL private companies, whether incorporated before or after CAMA 2020.

A loan officer approves a facility for a long-standing customer, a trusted SME owner known for never defaulting. The business seems healthy, projections are strong, and the numbers look promising.

The CBN in its March 28, 2024 circular announced an upward review of the minimum capital requirements for banks in Nigeria, mandating banks to raise their minimum paid-up capital by March 31, 2026 as follows...

In a significant overhaul of the Nigerian tax framework, the Nigeria Tax Act, 2025 ("NTA" or "the Act"), among other pieces of legislation, were signed into law by the President of the Federal Republic of Nigeria on 26 June 2025.

Corporate Governance Comparative Guide for the jurisdiction of Nigeria, check out our comparative guides section to compare across multiple countries

The Financial Reporting Council of Nigeria (FRC), on Thursday 30 May 2024, issued the Small and Medium Enterprises Corporate Governance Guidelines (‘SME-CGG' or ‘the Guidelines').

In regulated corporate environments, regular meetings — such as Board meetings, Annual General Meetings (AGMs), and Extraordinary General Meetings (EGMs) — are essential to ensure compliance and effective corporate governance.

Nigeria's corporate landscape is experiencing a fundamental shift, marked by the formal adoption of virtual general meetings (VGMs) for public companies.