Who can be a director of a company in Nigeria?

A director must be above 18 years of age, but below 70 years of age. However, under section 252(1) of the CAMA, any person who is appointed or to his knowledge proposed to be appointed director of a public company and who is 70 or more years old shall disclose this fact to the members at the general meeting.

Who can be a director of a company?

According to the Companies Act, only an individual can be appointed as a member of the board of directors. Usually, the appointment of directors is done by shareholders. A company, association, a legal firm with an artificial legal personality cannot be appointed as a director. It has to be a real person.

How are directors appointed in Nigeria?

Under Nigerian company law, the power to appoint and remove directors of a company is vested in the shareholders of the company at an annual general meeting.

Can a director be a company secretary in Nigeria?

Subject to the provisions of the Companies and Allied Matters Act 2004 (CAMA), a private company may appoint any competent person as its Secretary. … Therefore, any director of a company not resident in Nigeria is not eligible to be a company secretary under Nigerian law.

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Can a director of a company also be a secretary?

The roles of director and secretary in a company are not the same and involve different responsibilities. However, a director can also act as a company secretary, provided they carry out the necessary duties and obligations of both roles. A public company must have at least one company secretary.

Who Cannot be a director of a company?

You can’t become a director if: You are disqualified by the company’s articles of association – the rules that relate to the running of the company. You are an undischarged bankrupt. You have been disqualified from being a director by a court order.

Who is not eligible for director?

However, if a person has been convicted of any offence and has served a period of seven years or more, he shall not be eligible to be appointed as a director in any company. If an order has been passed disqualifying him from being appointed as a director by a court or Tribunal.

Can a company have one director in Nigeria?

Directors Restrictions: CAMA 2020 excludes small companies from the requirement of having a minimum of 2 directors as required under the previous Act. This means that small companies can now be registered with one director.

WHO removes directors in a company?

Section 168(1) of the Act states that the shareholders can remove a director by passing an ordinary resolution at a meeting of the company.

Who is a director under CAMA 2020?

Section 269 (1) of the Companies and Allied Matters Act (CAMA) 2020 defines a director as a person who is duly appointed by the company to direct and manage the business of the company. Every company is required to have a minimum of two directors (Section 271 CAMA).

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What is the age limit of directors?

Age limit. To become a director of the company there is no specified age limit. However, sec 157 of the company act provides minimum age to be 21 years. Any person with less than 21 years of age cannot become the company’s head.

Who is qualified to be a company secretary in Nigeria?

a legal practitioner; a member of Chartered Accountants of Nigeria; a person who has held the office of the company secretary of a public company for at least three years of the five years immediately preceding the appointment; or.

Can a lawyer be a company secretary?

(8) No Advocate and Solicitor is permitted to merely supervise a company secretarial firm, unless his/her law firm handles the secretarial work and secretarial fees are paid directly to the law firm.

Is it true that a public company can never have a company secretary?

Public company must have company secretary – Each public company must appoint at least one company secretary and at least one of its secretaries must ‘ordinarily reside’ in Australia. … Disqualified persons – Generally, a person disqualified from managing companies under Part 2D.

Can a company run without a director?

In some circumstances, a company can be left with no directors. This can happen for example if a sole director chooses to resign from the business, or if all directors are removed from office by the shareholders. Companies Act 2006 states that a private limited company must have at least one director.

What is the difference between a director and a company secretary?

However, the fundamental difference is that a director is ultimately responsible for the company complying with all relevant laws. A secretary is in charge of helping the director do this, by assisting in administrative roles. It is highly advised for a large proprietary or public company to have a company secretary.

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