Messrs. Ade, Babatunde, and Chidi intend to incorporate Apex Logistics Limited, a private limited liability company, under the Companies and Allied Matters Act (CAMA) 2020. In advising the promoters on the statutory requirements for the memorandum of association, which of the following statements correctly reflects the legal requirement regarding share capital under the Act?
AThe company must state an authorized share capital of not less than ₦10,000 in its memorandum of association.
BThe company must state a minimum issued share capital of not less than ₦100,000, which must be taken up by the subscribers.CORRECT
CThe company must have an authorized share capital of not less than ₦100,000, of which at least 25% must be paid up upon incorporation.
DThe company must have a minimum issued share capital of ₦500,000, fully paid up before the Certificate of Incorporation is issued.