ICAN Business Law 2024
Past Questions

Which of the following correctly describes the hierarchy of courts in Nigeria from the highest to the lowest in the federal judicial structure?

A legal practitioner in Lagos is researching the legislative powers of the National Assembly and the State Houses of Assembly in Nigeria. She discovers that a State House of Assembly has enacted a law…

The Companies and Allied Matters Act (CAMA) 2020 is a primary legislation and a key source of commercial law in Nigeria. In the context of the Nigerian legal system and sources of law, subsidiary legi…

Kalu voluntarily repaired a commercial delivery van belonging to Emeka without any prior request or agreement. Two weeks after the repairs were completed, Emeka expressed gratitude and promised in wri…

A del credere agent is a special class of mercantile agent who, in consideration of an extra commission known as a del credere commission, provides which of the following guarantees to the principal?

Zenon Ltd sold 500 bags of flour to Danladi Enterprises on 60 days credit terms. While the goods were in transit in the hands of an independent haulage carrier, Zenon Ltd discovered that Danladi Enter…

Under Section 18(2) of the Companies and Allied Matters Act (CAMA) 2020, what is the minimum number of persons required to form a private limited company in Nigeria?

Chief Kalu entered into a pre-incorporation lease contract on behalf of 'Apex Logistics Ltd', a company that was yet to be incorporated. After the company was successfully incorporated, it took no ste…

Eko Industrial Ltd has a total paid-up share capital of ₦10,000,000 comprising 10,000,000 ordinary shares of ₦1.00 each. A group of minority shareholders wishes to requisition an Extraordinary General…

Under Section 283 of the Companies and Allied Matters Act (CAMA) 2020, which of the following individuals is explicitly disqualified by statute from being appointed or acting as a director of a compan…

Under Section 765 of CAMA 2020, if a partner in a registered Limited Liability Partnership (LLP) commits a wrongful act or omission in the course of the LLP's business, what is the extent of personal …

In a pure master-and-servant contract of employment without statutory flavour, what is the established standard measure of damages recoverable by an employee for wrongful termination where the employe…

Adebayo offered to sell an industrial generator to Chidi for ₦1,500,000. In response, Chidi stated that he would purchase the generator for ₦1,200,000. Adebayo declined the lower price. Chidi subseque…

Under the provisions of the Companies and Allied Matters Act (CAMA) 2020, which of the following is the essential statutory requirement that distinguishes a Members' Voluntary Winding Up from a Credit…

On June 1, 2024, Eko Construction Limited in Lagos sent a written offer by registered post to Danladi Cement Company Limited in Kano, offering to purchase 10,000 metric tonnes of cement at ₦80,000 per…

Alhaja Kemi operates a lucrative building materials business in Ibadan, Oyo State. In January 2023, she orally agreed with her nephew, Tunde (a graduate architect working in Lagos), that if Tunde resi…

Express Logistics Ltd, a haulage company based in Kaduna, purchased five heavy-duty delivery vans from Chukwuma Motors Ltd for N80,000,000 to expand its fleet. During negotiations, the Managing Direct…

QUESTION 1 Chief Ojo, a high-net-worth investor, was considering purchasing a 60% controlling equity stake in Zenith Retail Nigeria Limited. To evaluate the investment, Chief Ojo directly engaged Bis…

Standard Allied Products Ltd is a private limited liability company incorporated under CAMA 2020 with a minimum issued share capital of ₦10,000,000 divided into 10,000,000 ordinary shares of ₦1.00 eac…

Kalu is a factory plant operator employed by Eko Steel Works Plc in Port Harcourt. While operating a heavy rolling machine whose safety guard had been reported broken two weeks prior, Kalu suffered a …