Nigeria
Corporate Guide

Is there a requirement for a company to appoint an auditor in Nigeria?

Yes, further to section 401 of CAMA, every Nigerian company is required to appoint an auditor. By virtue of section 402, the audit requirements contained in the act (including the requirement to appoint an auditor) are not applicable to small companies or companies that have not carried on any business since incorporation (excluding insurance companies and banks).

Therefore, as provided in section 401, a company shall in each annual general meeting appoint an auditor or auditors to audit the financial statements of the company and to hold office from the conclusion of that meeting until the conclusion of the next annual general meeting. The first auditors of a company may be appointed by the directors at any time before the company is entitled to commence business and the appointed auditors shall hold office until the conclusion of the next annual general meeting of the company.