Chief Olanrewaju, a veteran logistics entrepreneur based in Lagos, intends to establish a haulage and freight forwarding business to be known as 'Zest Logistics Limited'. Having managed a sole proprietorship for over two decades, he desires to retain sole ownership and control of the new company. He approached your law firm for professional advice regarding the incorporation of the company under the Companies and Allied Matters Act (CAMA) 2020. Specifically, Chief Olanrewaju seeks clarification on whether he can incorporate the company alone, the new legal requirements regarding share capital structure, the legal status of a pre-incorporation purchase contract he signed for two delivery vans last month on behalf of 'Zest Logistics Limited', and the necessary documentation for registration. REQUIRED: As the legal consultant, prepare a memorandum addressing the following issues under CAMA 2020: (a) Advise Chief Olanrewaju on the legal validity of single-member private companies under CAMA 2020. (5 Marks) (b) Explain the concepts of 'Minimum Issued Share Capital' under CAMA 2020 (replacing Authorized Share Capital) and state the legal thresholds for private and public companies. (5 Marks) (c) Analyze the statutory framework governing pre-incorporation contracts under Section 96 of CAMA 2020 and advise on how Zest Logistics Limited can effectively adopt or ratify the delivery van purchase contract. (6 Marks) (d) List FOUR (4) key documents/information required for electronic incorporation of a private limited company with the Corporate Affairs Commission (CAC). (4 Marks) (Total: 20 Marks)
A
B
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D