ICANFinancial AccountingCompany Accounts and Statement of Financial Position2024

Under CAMA 2020, which of the following statements correctly describes the minimum share capital requirement for a public company incorporated in Nigeria?

AA public company must have a minimum share capital of ₦2,000,000CORRECT
BA public company must have a minimum share capital of ₦10,000,000
CA public company must have a minimum share capital of ₦500,000
DA public company must have a minimum share capital of ₦5,000,000
AI
Toaster Teacher
Why the answer is A, and why the others tempt you.
Section 27(2) of CAMA 2020 prescribes a minimum share capital of ₦2,000,000 for public companies. Private companies are required to have a minimum of ₦100,000. This replaced the previous requirements under CAMA 1990 and reflects the updated statutory provisions.
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