For over thirty years, Nigeria’s companies’ legislation, the Companies and Allied Matters Act (CAMA 2004) did not attract any major legislative attention, despite changes in the business landscape during the period. Whilst England’s Companies Act 1985 (CA) which it was modelled after was succeeded by the CA 2006, Nigeria did not prioritise amending or repealing CAMA 2004. Unsurprisingly, the lethargic situation attracted the criticisms of many commentators - that CAMA 2004 was outdated and no longer ‘fit for purpose’ in Nigeria’s corporate and
commercial environment - especially given her “ease of doing business” improvement cum reform ambitions.
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