By provisions of Section 26(1) of CAMA 2020, a company limited by guarantee is a company formed for the promotion of commerce, art, science, religion, sports, culture, education, research, charity or other similar objects. The income and property are to be applied solely towards the promotion of its object and no portion is to be … Continue reading THE CORPORATE CONCEPT OF COMPANIES LIMITED BY GUARANTEE
The Act repeals the Money Laundering (Prohibition) Act, 2011 and enacts the Money Laundering (Prevention and Prohibition) Act, 2022 to provide comprehensive legal and institutional framework for the prevention and prohibition of money laundering in Nigeria and establish the Special Control Unit under the Economic and Financial Crimes Commission. NOTABLE PROVISIONS OF THE ACT Prohibition … Continue reading NOTABLE PROVISIONS OF THE MONEY LAUNDERING (PREVENTION AND PROHIBITION) ACT, 2022
With the advent of the 21st century, technology has taken over almost every aspect of human activities and more transactions have become digitised globally. Today the world’s richest men, Jeff Bezos and Elon Musk amongst others have built their fortune from technology thereby paving the way for many fast-rising tech start-ups and Fintech companies in … Continue reading REGULATORY AND COMPLIANCE REQUIREMENTS FOR TECH START UPS IN NIGERIA.
Introduction. ‘EUC’ is an acronym for End User Certificate. EUC is an official document used when importing restricted products and controlled goods into Nigeria. Some websites gave the meaning of EUC with the inclusion of the two phrases ‘restricted products’ and ‘controlled goods’, while some used just one of the phrases. The phrase restricted product … Continue reading End User Certificate for restricted goods & controlled items in Nigeria
INTRODUCTION Today many profit-oriented ventures are either registered as a business name or incorporated as a company, paying tax and enjoying the incidence of doing business in Nigeria. Many lawyers whose forte is within the terrain corporate law Practice would agree that one question they continue to answer everyday from Nigerians who intend to go … Continue reading UNDERSTANDING THE DIFFERENCES BETWEEN A LIMITED LIABILITY COMPANY AND A BUSINESS NAME