Overview

The Companies Regulation 2012, made pursuant to sections 16, 585 and 609 of the Companies and Allied Matters Act (CAMA) LFN 2004, codifies established practices and conventions not fully addressed by CAMA. It was developed by a committee constituted in 2008 to standardize processes, review statutory forms and fees, and incorporate Know Your Customer (KYC) principles. Key changes include revised filing fees based on company classification, increased penalties for late filing of annual returns, electronic filing provisions, standardized memorandum and articles of association, requirements for using restricted words like 'Group' and 'Holding', and mandatory identification for subscribers and directors. The regulation was first made in 2010, approved by Minister Jubril Martins-Kuye, effective January 1, 2011, but was revised in 2012 with fee reductions and form amendments (CAC 2, 2.4, 3) adding nature of business codes and business addresses. Approved by Minister Olusegun Aganga on May 28, 2012, with a grace period until November 1, 2012. The document includes an arrangement of sections covering interpretation, document delivery, electronic filing, payments, identification, company registration, and use of restricted names.

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