Do Companies Need A Company Secretary In Nigeria?

Which companies need a company secretary in Nigeria? It is important to ask the above question as it is vital to know what the law demands.

The CAMA 2020 conferred a formal status on company secretaries in Nigeria.

This article assesses from a legal perspective, whether it’s mandatory for companies to have corporate secretaries.

Importantly, S 330 of CAMA 2020 requires all companies in Nigeria to have a company secretary.

However, small companies are exempted. This may make you want to ask if your company qualifies as a small company that would not need a secretary.

This leads to the next important question that forms the next subheading of this article.

What Is A Small Company?

A small company is a private company with an annual turnover net asset value of not more than N120,00,000 and N60,000,000 respectively. Thus, this category of companies are exempted from having company secretaries.

The above presupposes that all public companies are therefore mandated to have a company secretary. Additionally, the Act has provided extra requirements for public companies. Here, secretaries to be appointed by public companies should be a member of ICAN, a legal practitioner and others as provided in the relevant law.

Regardless, the requirement as to company secretaries still apply to private companies that do not fall within the financial threshold provided above. It is also noteworthy that there are default fees and fines for companies who do not comply with these provisions.

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References

The Companies and Allied Matters Act 2020 available at https://www.cac.gov.ng/wp-content/uploads/2020/12/CAMA-NOTE-BOOK-FULL-VERSION.pdf accessed on September 1 2023

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