The body responsible for the regulation of companies in nigeria is the corporate affairs commission c. Its southern coast is on the gulf of guinea in the atlantic ocean. On a positive note, a number of amendment bills pending before the national assembly already seek to address some of the issues highlighted in this presentation. It was labeled then as the companies amendment and extension act of. It is a practice that was hardly known to customary law. The act provided for the first time that a company could be incorporated by registration without obtaining a royal charter or sanction by a special act of parliament. Gabrich global is pleased to bring to you the history of the nigerian petroleum industry this week. The university of ibadan was the first university to open in nigeria, and its scholars set up the history departments at most of nigeria s other universities, spreading the ibadan historiography. Later in 1968, the companies decree took over from the 1922 company act.
Nigeria is a federal republic composed of 36 states and the federal capital territory fct. Stock companies act 1855 which introduced the principle of limited liability of. In nigeria, nobody can dispute the fact that though this taxes are been collected, they are. These are rules which provide for the internal organization of the company. It was known then as the companies amendment and extension act of 1917. Taxation in nigeria and history of taxation in nigeria a tax in nigeria is a compulsory levy imposed by the federal government of nigeria on individuals and corporate entities in respective of return of service expected from the government. In 2015 citizens elected president muhammadu buhari of the all progressives congress party to a fouryear term in the first successful democratic transfer of power from a sitting president in the countrys history. Several dominant themes in nigerian history are essential for understanding contemporary nigerian politics and society. Currently, the recognized company law in nigeria is the companies and allied matters decree of 1990. This will help to isolate the extent to which the operations of nigerian enterprises are subjected to the provisions of the company law and capital market legislation.
A history of nigeria is an impressive book, the more so because its ambitions initially appear straightforward. Toyin falola and matthew heaton describe their project as a general background survey of the broad themes of nigerias history from the beginnings of human habitation to the early twentyfirst century p. Before 1912, there was no local companies statute in force in nigeria but only foreign companies operated in the country and they were governed by the laws of their different countries. A company thus has legal rights and obligations in the same way that a natural person does. It dates back only to the latter half of the 19 th century.
Companies and partnerships compared a a company can be created only by certain prescribed methods most. The companies income tax act in this act referred to as the principal act is amended as set out in this act. The position of company secretary evolved with company practice and is now established by law. Icsi house, 22, institutional area, lodi road, new delhi 110 003. The history and development of company law in nigeria answers. The history of nigerian company law could be briefly traced to the joint stock companies act 1855 which introduced the principle of limited liability of companies and the role of deed of settlement was highly practiced in the united. The constitution of nigeria is the supreme law of the country. Both acts were then repealed and replaced in 1922 by the companies act of 1922. Nigeria joined the ranks of oil producers in 1958 when its first oil field came on stream producing 5,100 bpd. Nigeria, some states have attempted to adopt sharia law as their state law. The two of them were replaced by the companies act of 1922 in 1922. The company law of this areas changes with the changing society. The federation comprises 36 states and 1 federal capital territory, where the capital, abuja, is located.
It is a general believe and existing fact that, a country or state without a law is prone to more sin and it is not punishable as there was no provision to sanction erring individual or organization, on the note of this, we shall be discussing on the history of company law in nigeria, how it came to existence and module operand to company law. Nigeria joined the organisation of petroleum exporting countries opec in 1971 and established the nigerian national petroleum company nnpc in 1977, a state owned and controlled company which is a major player in both the upstream and downstream sectors. C and it is responsible for overseeing the companies and matters decree of 1990. It was labeled then as the companies amendment and extension act of 1917. The operation is supposed to be safe in a controlled environment yet, the company has thrown away health and safety measures and has contributed greatly to damage the health of its workers and the citizens of the. It is a general believe and existing fact that, a country or state without a law is prone to more sin and it is not punishable as there was no provision to sanction erring individual or organization, on the note of this, we shall be discussing on the history of. A company is a corporation an artificial person created by law. Nigeria has its own constitution which was established on 29 may 1999. Administrative appeals tribunal act 1975 australia.
Developingof company law ard practice in nigeria dr chris w igwe preface. Nigerias flag consists of three equal vertical bands of green, white, and green. Nigeria has a long history, with its roots in early civilisations of distinguished artistry. The result also, revealed a significant positive relationship at 5% level of significance between petroleum profit tax, company income tax and economic growth, but a negative relationship between economic growth and customs and excise duties. The plateau area around jos was a meeting point for cultural influences from the upper niger valley where agriculture developed independently as early as 5000 bce and from egypt. The earliest known piece of company legislation of significance in nigeria was the companies act of 1912 which at first applied only to the colony of lagos. Recommended citation ekhator, eghosa osa 2016 public regulation of the oil and gas industry in nigeria.
Companies amendment and extension act of 1917, another law was brought up and. Nigerian companies act 1968 was based on the 1948 english companies act. English law in nigeria is derived from the colonial nigeria, while common law is a development from its post colonial independence. This section contains free ebooks and guides on law books, some of the resources in this section can be viewed online and some of them can be downloaded. History of the legal profession in nigeria law repository. Oil was discovered in nigeria in 1956 at oloibiri in the niger delta after half a.
An act to establish the corporate affairs commission, provide for the incorporation of. The same law got refined 5 years later in 1917 and it was then be able to cover all parts of nigeria. A company cannot be registered as a public company unless it has a minimum allotted share capital of. The discovery was made by shellbp, at the time the sole concessionaire. Trust law and the administration of real property in nigeria ibrahim abdulkarim department of private law, faculty of law ahmadu bello university, zaria, nigeria email. There are four distinct legal systems in nigeria, which include english law, common law, customary law, and sharia law. The nigerian company law is part of its heritage from the english legal system imposed since the colonial days. Development of company law and practice in nigeria xrays corporate law practice in nigeria from the pre colonial era to the colonial era and to what is obtainable presently. Subsection 4, previously subsection 9, renumbered by 2007 no. The first companies ordinance was introduced in southern nigeria lagos in 1912. This same law got amended some 5 years later in 1917 and it was then able to cover all parts of nigeria. Corporate governance in nigeria1 nigerian law guru. This is as a result of our historical links with great britain.
The legal profession in nigeria derives its origin from the english legal system and legal profession. This was then ammended in 1917 to cover the whole country companies amendment and extension act of 1917. This revised edition is an improvement on the first edition published in. Introduction to nigeria company law part 1 this was then ammended in 1917 to cover the whole country companies amendment and extension act of 1917. In a gombe state community in northern nigeria, a chinese mining company mines gypsum, and other minerals used in cement production. The history of modern company law in england began in 1844 when the joint stock companies act was passed. Although the years since nigerias return to civilian rule in 1999 have seen an increased interest in its history and politics, nigeria remains one of the most underresearched african countries. The history of nigerian company law could be briefly traced to the joint.
The law of nigeria consists of courts, offences, and various types of laws. However, the companies ordinance of 1912 was only in force in the colony of lagos. The legal personality principle is a universal legal concept, which postulates that an incorporated company is, as a matter of law a separate legal entity distinct from the individuals who are its shareholders and directors, and are in control of. And for related matters 16th day of april, 2007 enacted by the national assembly of the federal republic of nigeria 1. Its scholars also wrote the textbooks that were used at all levels of the nigerian education system for many years. The very first company law came up in nigeria in 1912. According to history, the very first nigeria company law was announced in 1912. Pdf developing of company law and practice in nigeria.
Nigeria was able to reap instant riches from its oil production. Constitutional law and military rule in nigeria ibadan. What was once almost nonexistent now helps keep the company running smoothly. Unit 4 employer and employee duties and obligations unit 1 history and sources of n i g e r i an labour l a w contents 1. Become familiar with the history of the nigerian judicial system the focus on the judiciary is particularly important for the law student because this is the area of governance within which the lawyer is most active. Important issues of company law and securities law in nigeria. First, the spread of islam, predominantly in the north but later in southwestern nigeria as well, began a. The history and development of company law in nigeria. Customary law is derived from indigenous traditional norms and practices, including the dispute resolution meetings of precolonial yoruba land secret societies and the ekpe and okonko of igboland and ibibioland. The appointment of a company secretary became mandatory for the first time in nigeria, through the instrumentality of section 169 of the companies act. Taxation in nigeria plus history of taxation in nigeria.
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