At as this time 2016, the recognized company law in nigeria is the companies and allied matters decree of 1990. Try one of the apps below to open or edit this item. The first companies ordinance was introduced in southern nigeria lagos in 1912. It sought to revisit case laws and statutes on the various commercial tr ansactions in nigeria. While the predominant concern in a business law course is substantive law, we will first consider the basics of procedural law, the form or organization of the legal system and its methods of conducting trials. Paper presented at the conference on corporate governance, accra, ghana, 29 30 january, 2001. T his textbook presents business students with an introduction to the legal system. It was labeled then as the companies amendment and extension act of.
Tax types in nigeria is what many nigerians are not aware of. In other to reinforce responsible behaviour various laws have been put in place for the protection of the environment. Article history abstract received 10 july, 20 received in revised form 20 september, 20 accepted 27 september, 20. This study examines corporate social responsibility csr in nigeria in the light of legal regulations, case laws and governmental policies. As an individual or a business in nigeria, you are liable to the payment of any tax and you fail to pay it, ignorance of the law cannot be used as a genuine excuse for such act of omission. As the csr bill continues to make progress through the national assembly, corporate nigeria may remain sceptical of its real value.
The principle and nature of law of contract in nigeria. There are four distinct legal systems in nigeria, which include english law, common law, customary law, and sharia islamic law. When the common law was being developed, no one ever thought that a corporation. This will make csr to be taken seriously and seen as obligatory as against nonobligatory. Items comments rate s 401 30% small company tax rate s 406 20%. These laws have far reaching effects on the criminal liability of corporate bodies in nigeria. Its focus is to provide orderly and possibly expeditious methods for citizens to assert and defend their claims in court. Corporate law also known as business law or enterprise law or sometimes company law is the body of law governing the rights, relations, and conduct of persons, companies, organizations and businesses. Law of contract 14 definition and puiposes 14 principles and nature of law of contract 14 scope of law of contract 15 classification of contracts. So you see, despite the fact that there are talks here and there about corporate social responsibilities, most companies in nigeria are not aware of what it. The very first company law came up in nigeria in 1912. Corporate social responsibility and the legal regulation.
Corporate governance laws and regulations nigeria covers common issues in corporate governance laws and regulations including transparency and reporting and corporate social responsibility in 33 jurisdictions. Nevertheless, an understanding of national laws, including corporate law, remains vital to ensure companies understand and comply with their national legal. In nigeria, parties trading in derivatives must properly document their transactions and state the rights and obligations of all parties to the transactions. This is in spite of the various pending memoranda and proposals for tax law reform submitted to the federal government by different stakeholders, such as nigerian insurers association, association of food, beverages and. Doc problem affecting corporate governance in nigeria. We evaluate the standard of corporate governance in nigeria using the oecd scoring instrument in section iv and conclude in section v. For the purposes of this guide, we will deal with only a private company limited by shares. It will examine the existing role that the nigerian law plays for the sustenance of the practise of csr among its companies.
Nigeria has its own constitution which was established on 29 may 1999. Secrets of successful corporate law practice, by legal. Pdf developing of company law and practice in nigeria. It is payable by companies that are registered in nigeria and non resident entities carrying on business in nigeria. Laws of the federation of nigeria an act to provide for the exploration of petroleum from the territorial waters and the continental shelf of nigeria and to vest the ownership of, and all onshore and offshore revenue from petroleum resources derivable therefrom in the federal government and for all other matters incidental thereto. Lawnigeria nigerian legal resources, intelligence and. Bank strikes and the law in nigeria published in the edo state university law journal 199394 vol.
The companies and allied matters act cap c20 has been a major law regulating corporate governance in nigeria. This is in spite of the fact that ignorance is not an excuse of the law. However, if such corporate entities are resident outside nigeria, only the income attributable to their operations in nigeria is taxable. Companies and allied matters act arrangement of sections part a companies part i corporate affairs commission section 1. There are 3 principal institutions or bodies which are statutorily vested with regulatory, supervisory and controlling authority over companies and their activities in nigeria. It is multisegment free access center for intelligence and instruments relating to nigeria s legal and policy circuit. What civil procedure does is that one must know how to present his case no matter how good the case seems, that is, knowing.
The law of nigeria consists of courts, offences, and various types of laws. This study examined corporate social responsibility and communityindustry relations from both a sociological jurisprudence prism using selected communities in akwa ibom state, nigeria. The various business structures allowed in nigeria are registered business name, company limited by shares, company limited by guarantee, unlimited company all companies may be private or public, and incorporated trustees. Board of directors and corporate governance in nigeria. Later in 1968, the companies decree took over from the 1922 company act.
These are the corporate affairs commission cac, securities and exchange commission sec, and nigerian investment promotion commission nipc. Understanding withholding tax wht in nigeria therefore, you must know about. These will help you run your business legally in accordance with the tax laws and regulations in nigeria. Laws of the federation of nigeria petroleum act 1990. Developingof company law ard practice in nigeria dr chris w igwe preface development of company law and practi ce in nigeria x rays corporate law. A critical appraisal of the doctrine of corporate personality under the nigerian company law akinola bukola, lecturer nigerian law school, augustine nnamani campus, enugu introduction the purpose of this work is to examine the practical, statutory and judicial application of the unique doctrine of corporate personality under the nigerian. The nigeria corporate affairs commission cac is responsible for regulating the company and allied matters decree of 1990. There is a provision for a registrargeneral of the commission who must be a person who has qualified to practice law in nigeria for not less than 10 years and he must have had experience in company law practice or administration for not less than eight years. Pdf on jan 1, 2017, uchechukwu nwosu and others published business law in nigeria. The federal inland revenue service firs is the federal government agency in nigeria responsible for the administration and collection of taxes. The constitution of nigeria is the supreme law of the country. This was then ammended in 1917 to cover the whole country companies amendment and extension act of 1917.
Both acts were then repealed and replaced in 1922 by the companies act of 1922. Nigerian companies act 1968 was based on the 1948 english companies act. To start, here are two basic facts about taxation in nigeria. Ademola oyejide and adedoyin soyibo development policy centre ibadan, nigeria. Board of directors and corporate governance in nigeria kunle aina department of private and business law, faculty of law, university of ibadan, ibadan, nigeria. Pdf a synopsis on corporate law, property practice and. Corporate social responsibility and the legal regulation in nigeria 3 association. In 2011, the cbn issued the guidelines for fx derivatives in the nigerian financial markets. The principal law is the companies income tax act cita which imposes cit on profits accruing in, derived from, brought into or received in nigeria. Introduction to nigeria company law part 1 this was then ammended in 1917 to cover the whole country companies amendment and extension act of 1917. A synopsis on corporate law, property practice and law in practice. Corporate governance in nigeria1 nigerian law guru.
The term refers to the legal practice of law relating to. All resident corporate entities are required to pay tax on all incomes or profits made by them from a source within and outside nigeriato the federal government cita, 2007. As at today, the recognized company law in nigeria is the companies and allied matters decree of 1990. Corporate governance is concerned with the reconciliation of con. Advanced business law and the legal environment is an uptodate textbook with coverage of legal and regulatory issues that are more technical than the topics in the authors foundations of business law and the legal environment. The corporate affairs commission cac is responsible for regulating the company and allied matters decree of 1990. A company thus has legal rights and obligations in the same way that a natural person. Secrets of successful corporate law practice, by legal expert secrets of successful corporate law practice, by legal expert on may 18, 2017 2. Laws, and acts enacted by various state governments and the federal government.
This same law got amended some 5 years later in 1917 and it was then able to cover all parts of nigeria. Corporate social responsibility is in the interest of every business entity, but nigeria should approach it in the context of global practices. Nigerian corporate law has not efficiently functioned rather it is characterized by a high degree of failed business modules, inter and intra firm corruption and. Another important influence on english company law was the passing of the. These laws stipulate criminal sanctions for noncompliance as opposed to voluntary adherence. Mention the legal effects of these types of partnership. The major parties involved in corporate governance in nigeria are the board of directors, the management and shareholders, creditors, customers, and regulators or government agencies. Overview of the civil litigation in nigeria civil procedure is one of our bodies of adjectival laws.
In order to maximize the textbooks usefulness for its primary target audience, bosnian students, the authors decided to draw on bosnian law, jurisprudence, and legal. In writing the article secondary data drawn from books, case laws, statutes, unpublished material s and the internet were relied upon. A students approach to income tax business activities 2019 pdf download nigeria download free frank woods business accounting volume 1 book in pdf and epub free download. The guidelines regulate the activities of authorised dealers of foreign exchange i. An act to establish the corporate affairs commission, provide for the incorporation.