Nigeria
Corporate Guide

What is the legislation that governs companies in Nigeria?

The primary legislation governing companies and businesses in Nigeria is the Companies and Allied Matters Act 3 of 2020 (as amended) (CAMA 2020), which repealed and replaced the Companies and Allied Matters Act CAP C20 LFN 2004. Section 1 of CAMA established the Corporate Affairs Commission (the CAC or the Commission) as the regulatory body responsible for the implementation of the provisions of CAMA 2020. 

In the exercise of its regulatory powers, the CAC issued the Companies Regulations 2021 (CR 2021) to provide a framework for the implementation of CAMA 2020. In addition to CAMA 2020 and CR 2021, other legislation on specific subject matters (e.g. tax, employment, immigration, and investments) and industry-specific laws regulate the operation of companies in Nigeria with respect to the subject matters to which they relate.

In 2023, the Federal Government of Nigeria signed into law the Business Facilitation Act (BFA) 2022, to resolve certain identified gaps in CAMA 2020, while fostering ease of doing business in Nigeria.