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All companies registered in Nigeria are required to have a company secretary by the provision of Section 330(1) of the Companies and Allied Matters Act, 2020. However, small companies whose turnover is not more than N120,000,000 (One Hundred and Twenty Million Naira) and whose net assets value is not more than N60,000,000 (Sixty Million Naira) are exempted.
In the case of a public company, section 332 of the Companies and Allied Matters Act, 2020 provides for the requisite qualification of a person must possess to hold the position of a company secretary as follows:
The services rendered by a company secretary are quite extensive and form the foundation for the smooth operation of company business. Some of these services include:
Conclusively, a company secretary is an integral part of the operations of a company who is indispensable for the effective administration of the affairs of a company. Section 333 of the Companies and Allied Matters Act vests the power to appoint and remove a company secretary in the directors of the company. A company secretary must be resident in Nigeria, therefore, any person not residing or having his/hr herfice in Nigeria is not entitled to be a company secretary in Nigeria.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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