ICANBusiness LawPartnership Law2025

Under Section 749(1) of the Companies and Allied Matters Act (CAMA) 2020, every Limited Liability Partnership (LLP) incorporated in Nigeria must maintain a minimum number of designated partners. What is this statutory minimum requirement?

AAt least two designated partners, both of whom must be resident in Nigeria
BAt least two designated partners, at least one of whom shall be resident in NigeriaCORRECT
CAt least three designated partners, with at least two resident in Nigeria
DAt least one designated partner who must be a Nigerian citizen resident in Nigeria
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Why the answer is B, and why the others tempt you.
Section 749(1) of CAMA 2020 explicitly requires every Limited Liability Partnership to have at least two designated partners. Subsection (2) further specifies that at least one of the designated partners must be resident in Nigeria.
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