MEMBERSHIP OF COMPANIES IN NIGERIA: AN APPRAISAL OF THE PROVISIONS OF THE COMPANIES AND ALLIED MATTERS ACT (CAMA) 2020

Abstract

In ordinary commercial usage, the term member denotes a person who holds shares in a company. The members or shareholders are the real owners of a company. They collectively constitute the company as a corporate body. This paper looked at who a member of a company is with respect to those qualified to be members, mode of membership, the rights of members, register of members, the class of person(s) or individual(s) that are not qualified to be members, the statutorily allowed number of member(s) and the location of the members register. Relevant terms were also defined and reference made to the statutory provisions for membership and case law authorities, with recommendations on areas Nigeria can improve on the existing statutory provisions with respect to membership of a company.