Nigeria
Corporate Guide

Is there a requirement for a company to appoint a company secretary in Nigeria?

Except in the case of a small company, every Nigerian company is required to appoint a company secretary.

Section 394(3) of CAMA 2020 provides the qualifying conditions of a small company, as follows:

• the company shall be a private company;
• the company’s turnover for the relevant financial year is not more than NGN 120 million (approximately USD 78,000) or such amount as may be fixed by the Commission;
• its net assets value is not more than NGN 60 million (approximately USD 39,000) or such amount as may be fixed by the Commission from time to time;
• none of its members is an alien;
• none of its members is a government, government corporation and agency or its nominee; and
• in the case of a company having a share capital, the directors between themselves hold at least 51% of its equity share capital.

Accordingly, any company that does not qualify as a small company shall be required to appoint a company secretary.