ICANBusiness LawCompany Law under CAMA 2020: Incorporation2021

Pursuant to Section 27(2)(a) of the Companies and Allied Matters Act (CAMA) 2020, what are the statutory minimum issued share capitals for a private company and a public company, respectively?

A₦10,000 for a private company and ₦500,000 for a public company
B₦100,000 for a private company and ₦2,000,000 for a public companyCORRECT
C₦500,000 for a private company and ₦5,000,000 for a public company
D₦1,000,000 for a private company and ₦10,000,000 for a public company
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Toaster Teacher
Why the answer is B, and why the others tempt you.
CAMA 2020 replaced the concept of 'authorized share capital' with 'minimum issued share capital'. Under Section 27(2)(a), the minimum issued share capital shall not be less than ₦100,000 in the case of a private company and ₦2,000,000 in the case of a public company.
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