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Home » Nigeria CAMA 2020 » Section 80 Companies and Allied Matters Act 2020

Section 80 Companies and Allied Matters Act 2020

Section 80 CAMA 2020

Section 80 Companies and Allied Matters Act is about Power to exempt foreign companies. It is under Chapter 3 (Foreign Companies) of PART B (Incorporation of Companies and Incidental Matters) of the Act.

Power to exempt foreign companies

(1) A foreign company may apply to the Minister for exemption from the provisions of section 78 of this Act if that foreign company belongs to one of the following categories, that is—

(a) foreign companies other than those specified in paragraph (d), invited to Nigeria by or with the approval of the Federal Government to execute any specified individual project ;

(b) foreign companies which are in Nigeria for the execution of specific individual loan projects on behalf of a donor country or international organisation ;

(c) foreign government-owned companies engaged solely in export promotion activities ; and
(d) engineering consultants and technical experts engaged on any individual specialist project under contract with any of the governments in the Federation or any of their agencies or with any other body or person, where such contract has been approved by the Federal Government.

(2) An application for exemption under this section shall be in writing addressed to the Minister and shall set out—
(a) the name and place of business of the foreign company outside Nigeria ;
(b) the name and place of business or the proposed name and place of business of the foreign company in Nigeria ;
(c) the name and address of each director, partner or other principal officer of the foreign company ;

(d) a certified copy of the charter, statutes, or memorandum and articles of association of the company, or other instrument constituting or defining the constitution of the company and if the instrument is not written in the English language, a certified translation thereof;

(e) the names and addresses of one or more persons resident in Nigeria authorised to accept, on behalf of the foreign company, service of processes and any notice required to be served on the company;

See also  Section 179 Companies and Allied Matters Act 2020

(f ) the business or proposed business in Nigeria of the foreign company and the duration of such business ;
(g) particulars of any project previously carried out by the company as an exempted foreign company ; and
(h) such other particulars as may be required by the Minister or Secretary
to the Government of the Federation.

(3) Where the Minister, upon the receipt of an application for exemption, is of the opinion that the circumstances are such as to render it expedient that such an exemption should be granted, the Minister, subject to such conditions as he may prescribe, exempt the foreign company from the obligations imposed by or under this Act.

(4) Every exemption granted under this section shall specify the period or, as the case may be, the project or series of projects, for which it is granted and shall lapse at the end of such period or upon the completion of such project or series of projects.

(5) The Minister may at any time revoke any exemption granted to any company if he is of the opinion that the company has contravened any provision of this Act or has failed to meet any condition contained in the exemption order or for any other good or sufficient reason.

(6) The Minister shall cause to be published in the Federal Government Gazette the name of any company—
(a) to which an exemption has been granted and the period or, as the case may be, the project or series of projects for which the exemption is granted ; and
(b) which exemption has been revoked and the effective date of such revocation.

(7) Every exempted company shall deliver to the Commission upon payment of a prescribed fee a notice of its exemption within 30 days of the grant of such exemption.

See also  Section 122 Companies and Allied Matters Act 2020

(8) If an exempted company fails to comply with the provisions of subsection (7), it is liable to such penalty as the Commission shall specify by regulation for every day during which the default continues.

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