An Overview of the Procedure for Changing the Status of a Company in Nigeria

Abstract

This article examines the procedure for changing the status of companies in Nigeria as provided for by the Companies and Allied Matters Act, (CAMA). The paper analysed the statutory provisions on the issue and notes that CAMA does not prescribe any prohibition as to the number of times a private company may convert to a public company and vice versa unlike in the case of change in the liability of the members. The paper further attempts to explain the procedure as regards the conversion of status under Nigerian law by giving explanations as to the real intention of the legislature and making suggestions which may help in updating the law in accordance with modern realities, placing emphasis on how to improve the lot of minority shareholders when a company is converting from a public company to a private company.