Who is your Company Secretary?

Company Secretaries are generally responsible for efficiently administrating the company and ensuring compliance with statutory and regulatory requirements. They also ensure that decisions of the board of directors are implemented.

Section 330(1) of CAMA 2020 provides that every company except a small company shall have a secretary. However, it is advised that all companies have their secretaries.

It is important to choose a secretary that is well versed in the laid out procedures of operating a company in Nigeria and the regulatory compliance requirements. Choose a person who possesses knowledge of corporate issues and who understands the protocols of meetings, record keeping, documentation and correspondence.

Section 332 of CAMA 2020 saddles the directors of the company with the duty of choosing secretaries that have the requisite knowledge to discharge their duties as secretaries. It suggests Legal Practitioners, Accountants, Chartered Secretaries or their firms etc.

Choosing competence is so important and goes a long way in cutting cost for the company in future. For example, Default fees.

Business Legal comprises competent professionals readily available to proving bespoke professional advice and business support for your businesses. For enquires, visit our website at www.businesslegal.ng