If you are running your business alone here in Nigeria, a business name is not your only option. The Companies and Allied Matters Act 2020 allows one person to form and incorporate a private company.
The further good news is that the controversy about the applicability of this innovative provision to older companies has been tested by litigation, and a Federal High Court has recently ruled that an existing Company is permitted to restructure its ownership in line with this new position.
The Court held that section 18(2) of the CAMA 2020, which permits private Companies to have a single shareholder, is not limited to private Companies incorporated after the commencement date of CAMA 2020 but applies to all private Companies incorporated under the now repealed CAMA 1990
If you and your lawyer have been able to come to an agreement that your business aims and objectives are best served by this structure, you are now permitted by law to embrace it, whether as a proposed or existing business, and enjoy the advantages it provides over the business name option.
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