10 Questions
When was Lagos ceded to the British Crown?
1876
What was established in 1900 and 1902 for Southern and Northern Nigeria respectively?
A Supreme Court
What was the main purpose of the Companies Ordinance 1912?
To foster the principles of cooperative trading and effort in Nigeria
What was applicable in the protectorates according to the Supreme Court Proclamation?
The common law, and the doctrines of equity and the statues of general application which were in force in England on the 1st January 1900
What was the significance of the year 1876 in the history of Nigeria Company Law?
The promulgation of the Supreme Court Ordinance
What was the year when the Companies Ordinance 1922 was extended to the rest of the country?
Not specified in the content
What was the outcome of the amalgamation of Southern and Northern Nigeria in 1914?
A single Supreme Court was established for the whole country
What was the name of the statute that regulated company law in England in 1900?
Companies Act 1862
How many principal Companies' statutes were brought into force since 1912?
Four
When was the Companies and Allied Matters Act first enacted?
1990
Study Notes
History of Company Legislation in Nigeria
- The history of Nigeria Company Law is linked to the evolution of English Joint Stock Companies.
Period Before 1912
- 1876 marked the beginning of legal regulation of company activities in Nigeria.
- Prior to 1876, there were no local laws governing companies in Nigeria, and foreign companies operated with their foreign status.
- The Supreme Court Ordinance of 1876 introduced a legal system and received English laws, including the common law and doctrines of equity.
- Section 14 of the Ordinance stated that English laws applicable on July 24, 1874, would be in force in Lagos.
- The Supreme Court Proclamation of 1900 and 1902 introduced a Supreme Court for Southern and Northern Nigeria, respectively, with provisions making English common law, equity, and statutes applicable in the protectorates.
- In 1914, the two protectorates were amalgamated, and a Proclamation was issued to cover the whole country, with Section 14 stating that English common law, equity, and statutes applicable on January 1, 1900, would be in force.
English Law and Nigerian Company Law
- English common law and doctrines of equity applied to company law in England were made applicable in Nigeria.
- The Companies Act 1862, which regulated company law in England, became part of the received English law in 1900.
Principal Companies' Statutes in Nigeria
- Four principal Companies' statutes have been brought into force since 1900: The Companies' Ordinance 1912, The Companies' Ordinance 1922, The Companies Act 1968, and The Companies and Allied Matters Act, 1990 (now revised as Companies and Allied Matters Act 2004).
The Companies Ordinance 1912
- This was the first companies' statute in Nigeria, applied to the colony of Lagos and later to the rest of the country.
- It provided for the incorporation of companies by registration, with the object of fostering cooperative trading and effort in the country.
The Companies Ordinance 1922
- This ordinance was introduced after World War I, first applied to the colony of Lagos, and later extended to the rest of the country.
- In 1963, it was designated as the Companies Act and continued to regulate companies until its replacement.
This quiz explores the history of company law in Nigeria, tracing its roots to English joint stock company evolution and development, including two distinct periods before 1912 and from 1921 to date.
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