Best Corporate Governance Lawyers in Makurdi

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CHAMAN LAW FIRM
Makurdi, Nigeria

Founded in 2019
15 people in their team
English
CHAMAN LAW FIRM is a world class and one of the leading and top law firms in Nigeria.  In Support of clients on substantial matters, we deploy well-configured attorney teams with domestic and international experience and expertise. We are known for excellence in the practice of law and...
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About Corporate Governance Law in Makurdi, Nigeria

Corporate governance refers to the system of rules, practices, and processes by which companies are directed and controlled. In Makurdi, Nigeria, as in other parts of the country, corporate governance encompasses the legal and ethical framework that guides the management and oversight of businesses, ensuring transparency, accountability, and integrity in corporate affairs. Effective corporate governance is vital for fostering investor confidence, preventing corporate scandals, and promoting sustainable economic growth within the region.

Why You May Need a Lawyer

Individuals and businesses operating in Makurdi may require legal assistance in corporate governance for various reasons. Some common situations include:

- Forming a new company and understanding the legal requirements for structure and compliance - Drafting and reviewing corporate governance documents such as articles of association, board resolutions, and shareholder agreements - Navigating regulatory compliance issues, including filings with the Corporate Affairs Commission (CAC) - Resolving disputes among directors, shareholders, or stakeholders - Responding to investigations or audits by regulatory authorities - Implementing best practices in risk management, internal controls, and corporate ethics - Ensuring compliance with anti-money laundering and anti-corruption laws - Assisting with mergers, acquisitions, and restructurings - Advising on directors' duties and potential liabilities - Providing training and support on governance reforms and regulatory updates

Local Laws Overview

In Makurdi, the legal foundation for corporate governance is primarily set by the Companies and Allied Matters Act (CAMA) 2020, which applies throughout Nigeria. This law provides detailed guidelines on company formation, management structure, duties of directors, and the rights of shareholders. Other relevant statutory provisions and regulations include the Nigerian Code of Corporate Governance 2018 and sector-specific guidelines, such as those issued by the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN).

Local companies must adhere to requirements for record keeping, annual filings, board composition, and reporting of financial statements. There are also specific provisions regarding directors' fiduciary duties, shareholder protection, conflict of interest disclosure, and procedures for resolving internal conflicts. Non-compliance with these regulations can result in penalties, legal action, or loss of corporate status.

Frequently Asked Questions

What is the importance of corporate governance for companies in Makurdi?

Corporate governance helps ensure that companies are run in a transparent and accountable manner, minimizing disputes, attracting investment, and safeguarding stakeholders' interests.

What legal requirements must a company in Makurdi meet for proper corporate governance?

A company must adhere to CAMA provisions, keep accurate records, conduct regular meetings, follow proper decision-making procedures, and ensure timely filings with the Corporate Affairs Commission.

Who is responsible for corporate governance in a company?

The board of directors is primarily responsible for establishing and implementing corporate governance policies, but shareholders and management also play important roles.

Can foreign investors be part of a company's board in Makurdi?

Yes, foreign nationals can serve as directors of Nigerian companies, subject to CAMA and any specific regulatory requirements for the business sector involved.

What happens if a company fails to comply with corporate governance laws?

Non-compliance may result in sanctions from regulatory authorities, fines, disqualification of directors, or even winding up of the company.

What are the rights of shareholders in corporate governance?

Shareholders have rights to receive information, attend and vote at meetings, appoint and remove directors, and share in company profits according to their shareholding.

How often should companies hold board and shareholders’ meetings?

At least one annual general meeting (AGM) for shareholders is required each year, with additional board and committee meetings advisable to ensure effective oversight.

Are there local regulations unique to Makurdi regarding corporate governance?

While most regulations are national in scope, companies in Makurdi may need to comply with additional state or municipal business registration and tax requirements.

How can company disputes be resolved?

Disputes may be resolved through internal company procedures, alternative dispute resolution methods such as mediation or arbitration, or litigation in courts.

Can a sole proprietorship benefit from corporate governance principles?

Yes, while not legally required, adopting good governance practices helps sole proprietors manage risks and grow their businesses more sustainably.

Additional Resources

- Corporate Affairs Commission (CAC): Provides information and services for company registration and compliance - Securities and Exchange Commission (SEC): Regulates public companies and offers guidelines on governance - Benue State Chamber of Commerce, Industry, Mines and Agriculture (BECCIMA): Offers support and advocacy for businesses in Makurdi - Nigerian Bar Association (NBA) Makurdi Branch: Resource for connecting with qualified corporate lawyers - Federal High Court, Makurdi Division: Handles corporate law matters and disputes

Next Steps

If you require legal assistance with corporate governance in Makurdi, start by identifying the specific areas where you need guidance. Gather all relevant company documents and records to support your case. You should then consult a qualified corporate lawyer who understands the local and national regulatory landscape. They will provide tailored advice, help you comply with regulations, represent you in any disputes, and update you on changes in the law. Being proactive about corporate governance is essential for your business’s long-term success and compliance.

Lawzana helps you find the best lawyers and law firms in Makurdi through a curated and pre-screened list of qualified legal professionals. Our platform offers rankings and detailed profiles of attorneys and law firms, allowing you to compare based on practice areas, including Corporate Governance, experience, and client feedback. Each profile includes a description of the firm's areas of practice, client reviews, team members and partners, year of establishment, spoken languages, office locations, contact information, social media presence, and any published articles or resources. Most firms on our platform speak English and are experienced in both local and international legal matters. Get a quote from top-rated law firms in Makurdi, Nigeria - quickly, securely, and without unnecessary hassle.

Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation. We disclaim all liability for actions taken or not taken based on the content of this page. If you believe any information is incorrect or outdated, please contact us, and we will review and update it where appropriate.