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Corporate Matters

Ibe, Chido and Associates > Corporate Matters

STEP BY STEP GUIDE ON HOW TO OBTAIN AN OIL EXPLORATION LICENSE FROM DEPARTMENT OF PETROLEUM RESOURCES (DPR) IN NIGERIA

The Lucrative oil and gas industry of Nigeria has produced such industry heavyweights as African Petroleum Plc, Oando Group, and Capital Oil Plc etc. The Government of Nigeria Being reliant on revenue accruable from the Sector has made it compulsory for all participants in the oil exploration sub-sector of our economy to ensure that obtaining an OIL EXPLORATION LICENSE from DPR is mandatory for all stakeholders. Below is a step by step guide a Consultant must trail in order to secure the license for an Investor in the sector. The Investment company must indicate an interest to participate in the Oil...

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HOW TO REMOVE A DIRECTOR FROM A CORPORATE LEGAL ENTITY

Companies and allied matters Act in Section 244(1) (2) describes a Director as a person or persons suitably appointed by the company to Direct and supervise the business of the company whether in executive or non-executive capacity. It is important to note that non-executive Directors can be told apart from the former based on the fact that they do not have contracts of employment with the shareholders (owners) of the company and do not have fixed salaries unlike their executive colleagues.  They are paid based on an amount agreed by members of the company at the annual general meeting through a...

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HOW TO AVOID CORPORATE AFFAIRS COMMISSION (CAC) QUERY ON FILED APPLICATIONS

Applications filed in Corporate Affairs Commission (CAC) may well be for change in Directorship, transfer of shares (allotment of shares is no longer satisfactory), change of registered address, appointment of secretary, change of Company’s name etc. Once these applications are filed for verification at CAC as a fresh application, the internal management procedure of the commission entails that the application is assigned to a staff known as a verification officer. A verification officer is an experienced staff of the Commission who is not below the rank of a manager These are the steps every verification officer will take to ensure that all information submitted by an applicant in the course...

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HOW A FOREIGN INVESTOR CAN PARTICIPATE IN THE GROWING NIGERIAN ECONOMY BY REGISTERING AT THE CORPORATE AFFAIRS COMMISSION (CAC) AND NIGERIA INVESTMENT PROMOTION COMMISSION.

A Foreign Investor can participate in the growth of the Nigerian economy. It is immaterial whether such investment drive is motivated by an individual or a foreign corporate entity.  It is relatable based on the topic of discourse to take a critical look at some of the legal requirements such investor must fulfill in order not to be in constant brush with law enforcement agencies. The first step a foreign investor has to take in order to participate in the bubbling Nigerian economy is to incorporate a company with the corporate affairs commission of Nigeria. The effect of carrying on Business without registration is that such investor will be guilty...

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HOW AN INVESTOR CAN BUY SHARES FROM HIS OR HER DREAM COMPANY

Money is an important factor of production and in economic parlance; money is the end product of a value chain. It is of the essence therefore to affirm that buying share requires funds, which customarily is within the prerogative of Investors, but the actual means of sharing of wealth from the profit made will depend on the common opinion of members. The next question on the mind of an investor who is willing to invest in an investment opportunity will be how to become a member of such Company which affords him or her opportunity to influence resolution and policies of the company. In every Company, the subscribers to the...

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ARTICLES OF ASSOCIATION: CONSTITUTION FOR A REGISTERED COMPANY LIMITED BY SHARES OR BY GUARANTEE

It has always been the norm for a new country to agree on certain terms that would constitute a guiding principle for all citizens. In most situations, such guiding principles are collated and compiled into a document mostly referred to as the constitution which regulates other laws. On the other hand, an article of association in a registered company plays the same role a constitution assumes in a sovereign nation. It then becomes a huge responsibility for the subscribers (First owners on the company listed in the memorandum and articles of association) to ensure that the article captures the right, duties and responsibilities every member of the board must assume...

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FORMATION OF A COMPANY BY A FOREIGN INVESTOR IN NIGERIA

Company formation has always been a global trend. According to the Guinness book of world records, the First Company to be established in the world was a Japanese hot- spring Hotel known as Nisiyama Onsen Keiunkan in 705AD  This trend has continued for ages because of Man's desire to create value which in turn results to wealth. The following are some of the reasons why it’s legally beneficial to have a Business outfit incorporated by a Foreign investor in Nigeria whereby the Liability (profit or loss) of Members are Limited to the exact number of shares owned by such individual; Benefits Limited fiscal liability – A Foreign Investors...

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