Posted in THEY SAY IT BETTER

ISSUES ARISING OUT OF S. 102 OF THE COMPANIES AND ALLIED MATTERS ACT AND S. 29 OF COMPANIES REGULATIONS.

By Tope Akinyode*

CORPORTE AFFAIRS COMMISSION LOGO
SOURCE: DAILYTRUST.COM.NG

SECTION 102 (1) OF THE COMPANIES AND ALLIED MATTERS ACT (CAMA), CAP. C20, LAWS OF THE FEDERATION OF NIGERIA (LFN), 2004 (“Section 102”) provides:

“102 (1) A company having a share capital, whether or not the shares have been converted into stock, may in general meeting and not otherwise, increase its share capital by new shares of such amount as it thinks expedient.” [Emphasis mine]

In relation to and for a better appreciation of the foregoing, SECTION 233(6) CAMA states that:

A company may, by its articles, provide that any matter not required by the articles or by this Act to be passed by a special resolution, shall be passed by an ordinary resolution.  

However, PARAGRAPH 29 OF THE COMPANIES REGULATIONS (“Paragraph 29”) also provides for the steps that are required of a company in order to increase its authorized capital. It states inter alia:

“Requirements for filing of notice of increase in authorized share capital shall include the following –

  1. Special resolution for increase in share capital signed by a director and secretary or two directors
  2. Updated annual return
  3. Updated section 553 where applicable
  4. Evidence of payment of FRC annual dues
  5. Payment of fees

If the two legislations highlighted above i.e, the Companies and Allied Matters Act (CAMA) and Companies Regulations (the “Regulations”) had adhered strictly to the same requirements for a Company to increase its share capital, this legal opinion would have been needless and would have amounted to a futile search for a thing which is not lost. In Nigeria’s corporate and companies’ firmament, the increase in shares of a running concern is common place. Hence, companies have had cause to worry over the appropriate procedure to adopt.

Read the full essay here.

 

*Tope Akinyode is a Legal Practitioner with areas cutting across “due dilligence”, debt recovery, and litigation. He also advises on Entertainment Law and Labour matters regularly. He can be reached at topeakinyode2@gmail.com.

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Posted in RANDOM ACCESS MEMORY (RAM)

ACCESS TO BOOKS

The Access to Books project is a community development initiative founded by Gamaliel Olayiwola Fasuyi* as his personal CDS project during his service year as a member of the Nigerian Youth Service Corps. In this article and the attached report, he talks about the process leading up to the actualisation of the project’s goals which is equipping the libraries of some of the government schools in his state.

In January 2017, I was posted to Edo State for my mandatory National Youth Service. To be honest, I wasn’t particularly happy about it as I anticipated staying put in Lagos or at least getting Ibadan. My Camp experience at Okada (Ovia North-east) left much to be desired due to the appalling living conditions of the hostels. Two things stood out in my three weeks in orientation – I was chosen as the Deputy Hall President, who was entrusted with the post of the line guard of the hall, and I was also privileged to join the elite OBS Crew in camp, there I met really wonderful people.

It has always been my wish to be part of a voluntary community project and NYSC CDS was a perfect scheme to kick start this journey. While performing my duties as a line guard, I was opportune to engage and chat with the school kids nearby on issues concerning quality of teaching, access to books and hope to further their education. It was at this point I had an idea of the kind of project I will love to embark on. I do believe that the benefits of reading cannot be overemphasized. Continue reading “ACCESS TO BOOKS”

Posted in RANDOM ACCESS MEMORY (RAM)

THE NATIONAL TAX DEBATE 4.0: SPECIAL EDITION

Stay updated. Read on the first three editions of the National Tax Debate here.

However, we don’t want to offend them, so go down to the lake and throw in a line. Open the mouth of the first fish you catch, and you will find a large silver coin.Take it and pay the tax for both of us.

This year, the theme of the National Tax Debate, which held between March 12 to 14, 2017, was – ‘Enhancing Taxpayers’ awareness through Student Tax Clubs.’  With the full fledged support of the Joint Tax Board at it 137th meeting tagged ‘Collaboration amongst Tax Authorities; Its impact on revenue generation and service delivery to Taxpayers’, the Tax Club sought to add the voices of the leaders of tomorrow to the taxpayers’ awareness enhancement conversation.  Every geopolitical zone was represented by a tertiary institution – Obafemi Awolowo University, University of Lagos, University of Ilorin, University of Benin, University of Nigeria, University of Maiduguri, Lagos State University, Babcock University, Usman Dan Fodio University and University of Abuja.

Continue reading “THE NATIONAL TAX DEBATE 4.0: SPECIAL EDITION”

Posted in THEY SAY IT BETTER

INCORRUPTIBLE JUDICIARY AS A CATALYST FOR AN EQUITABLE AND PROGRESSIVE SOCIETY

Every year, the Bible Society of Nigeria organises an essay for the members of the National Youth Service Corps. The contest seeks to encourage corp members to lend their voices in “analysing and proffering solutions to some of the socio-economic and political challenges in Nigeria using both biblical and intellectual approaches“.

This year, the title of the contest was, ‘INCORRUPTIBLE JUDICIARY AS A CATALYST FOR AN EQUITABLE AND PROGRESSIVE SOCIETY’.

The winner of this year’s contest, Alabi Rejoice Oluwadamilare, is willing to share the winning essay with us. It is an engaging piece and will definitely be worth your while.

ALABI REJOICE
SOURCE: ALABI REJOICE

For those who think that “all lawyers are liars”, Rejoice admonishes us to think again. In his words,

“…The demonization of the legal profession is in the writer’s opinion partly responsible for the judicial rut this nation is in. By directly and indirectly peddling the misconception that “no Christian can truly be a lawyer”, we sow the seeds of indifference in the young men and women who God intends to be judicial reformers. Since it is only lawyers that become judges and man the entire judiciary, the implication is that the life of Christ and the spirit of true incorruptible justice would continue to elude our judicial system until Christians take the gauntlet and build a new legal profession and by extension, a judiciary anchored on Christ. This writer therefore recommends that more and more of our young people are encouraged to take up the place of God on earth as administrators of justice. We cannot sit back idly and believe that ungodly men whose foundations are laid on faulty principles of selfishness, cronyism and other sharp practices will correct the anomaly of corruption in the judicial system...”

Click here for the entire essay.

Posted in THEY SAY IT BETTER

#WRITINGGAMESNG 2017

SOURCE: WOLE OLAYINKA

Goal.com, and the University of Sussex created a competition to ‘spur young Nigerians to write using football as a vehicle to explore their imagination.’ The title of this year’s competition, which was open from August 21 to September 11, 2017′ was – “Making Nigerian Football Attractive in a Digital Age”. 

Below, with his kind permission, I am sharing with you the entry of one of the shortlisted finalists. His name is Olawole Olayinka*. 

Wole Olayinka

Digitally Climbing Out of Obscurity

Ade races to the football field after school every day, denying himself the rich curry rice his mother prepares for lunch. He dreams of playing in the English Premier League someday. He is twelve years old. He knows there’s a professional football league in Nigeria but he doesn’t know much more than that.

Ade is not so different from the average Nigerian football fan; largely ignorant of what is happening on the local scene. Nigerian football has lost a lot of its attraction. The proliferation of digital technology has put all the glitz and glamour of foreign football leagues right at our finger tips thus back seating Nigerian football. Continue reading “#WRITINGGAMESNG 2017”