FREQUENTLY ASKED QUESTIONS
How soon must a public company deliver to the Commission a statutory report prepared in furtherance to a statutory meeting?
Within 14 days after sending copies of the statutory report to its members. The Repealed Act did not stipulate a timeline although it stated that the statutory report should be delivered to the Commission “forthwith” delivery of same to its members.
What is the time frame for conducting a Statutory General Meeting where a Member who wishes a resolution to be passed on a matter arising from the Statutory Report?
The Company can only hold the Statutory Meeting after the expiration of the 21-days’ notice given by the member of his intention to pass such a resolution.
Must all Companies hold Annual General Meeting?(“CAC”)?
A small company is a company that is (i) a private company (ii) with a turnover of not more than N120million (or such amounts as may be fixed by the Commission from time to time), (iii) a net assets value of not more than N60million (or such amounts as may be fixed by the Commission from time to time) (iv) none of its members are non-Nigerians (v) none of its members are a government, government corporation or agency and (vi) in the case of a company having share capital, the directors between themselves hold at least 51% of its equity capital.