ICANBusiness LawCompany Law: Directors, Meetings and Shares2023

Apex Logistics Plc is in the process of completing its registration with the Corporate Affairs Commission (CAC). In accordance with Section 124(1) of the Companies and Allied Matters Act (CAMA) 2020, what is the minimum issued share capital required for the incorporation of a public limited company in Nigeria?

A₦500,000
B₦1,000,000
C₦2,000,000CORRECT
D₦5,000,000
AI
Toaster Teacher
Why the answer is C, and why the others tempt you.
Section 124(1) of the Companies and Allied Matters Act (CAMA) 2020 abolished the concept of authorized share capital and introduced minimum issued share capital. Under the Act, the minimum issued share capital is ₦100,000 for a private company and ₦2,000,000 for a public company.
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