AN ANALYSIS OF THE LEGAL PROVISIONS REGULATING VIRTUAL ANNUAL GENERAL MEETINGS IN NIGERIA

Abstract

Companies around the world have had to adjust their modes of operation to take into account the significant business restrictions caused by the Covid-19 pandemic. In Nigeria, the laws governing corporate matters are unclear on the regulation of virtual AGM, particularly in public companies. This paper examines the sufficiency of the Nigerian corporate laws to regulate virtual annual general meetings in Nigerian companies. This examination was carried out by analyzing the provisions of the Companies and Allied Matters Act, 2020 on Virtual AGM, the CAC Guidelines and the NSE Guidance with a view to determining their adequacy in regulating Virtual AGM. The paper finds that there remain significant gaps in both the regulations and the practices regarding virtual annual general meetings in Nigeria. The paper concludes that in keeping with the global corporate governance standard, Nigeria ought to identify the current lacunae in the corporate regulatory system. The paper recommends that the CAMA 2020 and both the CAC and NSE practice directions be revised to accommodate the inclusion of virtual AGM in both public and private companies.