Ensuring Compliance with Modern Business Practices: FHC Upholds Single-Shareholder Transition for Pre-CAMA 2020 Companies
IN CASE YOU MISSED IT
On Tuesday, July 30, 2024, the Federal High Court sitting in Abuja delivered a judgment stating that the Corporate Affairs Commission (CAC) lacks the authority to prevent companies incorporated prior to the enactment of the Companies and Allied Matters Act (CAMA) 2020 from transitioning to single-shareholder statuses. The FHC determined that section 18(2) of the CAMA 2020 applies to all private companies, including those incorporated before the enactment of CAMA 2020.
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