A CRITICALAPPRAISALAND DEVELOPMENT OF THE ORIGIN OF THE NIGERIAN COMPANY LAW

Trade and businesses are among the most regulated sectors of the Nigerian economy. This is not unconnected to the fact that companies and associations have a wide spectre of stakeholders which means that their activities affect beyond just their members but permeates the entire society. Some of these activities over the years become too notorious to be overlooked in the determination of the relevancy of provisions of law to guide the corporate sector; just as in other sectors. Businesses and charitable organizations are monitored from inception to death by a number of bodies guided by extant laws chief of which are the Companies and Allied Matters Act (CAMA) and the Investment and Securities Act (ISA). Recently, the CAMA was repealed and re-enacted to fortify the old law with the realities of he emerging business world after years of yearnings and criticisms. This work adopts a doctrinal approach in analysing the role of past events in shaping the country’s corporate sector. The paper finds that the major components of Nigeria’s company law as encapsulated especially in the CAMA are major restatements and collection of principles, doctrines and adopted practices that have evolved over the course of history even before Nigeria gained her independence in 1960. Albeit there are already criticisms regarding some provisions in the CAMA, it is on a whole very responsive to the present realities of the corporate sector. The work concludes that whilst there will always be criticisms trailing every law, to which the current company law under the regime of CAMA and ISA is not immune, the benefits of lessons learnt from history are evident in the present state of Nigeria’s company law. The paper finally recommends for a more responsive approach to law making in the corporate sector.