Legal Framework & Regulatory Bodies on Corporate Law Practice in Nigeria

Of the applicable laws, it should be noted that common law also applies but when there is a clash between statute and common law, then the statute must prevail. The Supreme Court held in Patkun Ind Ltd v Niger Shoes Ltd that “where a statutory provision is in conflict with, or differs from common law, the common law gives way to the statute… where a common law right has been enacted into a statutory provision, it is to the statutory provision so made that resort must be had, and not to the common law.”

Applicable Laws & Regulatory Bodies

Applicable Law	Regulatory Body	Admin Head
Companies and Allied Matters Act 2020	Corporate Affairs Commission	Registrar-General
Investments and Securities Act 2007	Securities and Exchange Commission	Chairman
Nigerian Investment Promotion Commission Act	Nigerian Investment Promotion Commission (NIPC)	Executive Secretary
Foreign Exchange Monetary & Miscellaneous Provisions Act	Central Bank of Nigeria	Governor of the CBN
Immigration Act	Nigerian Immigration Service	Comptroller-General
National Office for Technology Acquisition Promotion Act 2004	National Office for Technology Acquisition & Promotion	Director-General
Industrial Inspectorate Act	Industrial Inspectorate Division of the Federal Ministry of Trade & Investment	Director
Constitution of the Federal Republic of Nigeria	-	-
Federal High Court Act	Federal High Court	Chief Judge
Banks and other Financial Institutions Act (BOFIA)	Central Bank of Nigeria	Governor of the CBN
Asset Management Corporation Act, 2010	Asset Management Corporation of Nigeria (AMCON)	Managing Director – S.10(1)(b) AMCON
Insurance Act 2020	National Insurance Commission	Chief Executive Officer
National Industrial Court Act	National Industrial Court	President
Federal Inland Revenue Service Act, 2007	Federal Inland Revenue Service	Executive Chairman
National Insurance Commission Act	National Insurance Commission (NAICOM)	Chief Executive Officer
Nigerian Communication Commission Act	Nigerian Communication Commission	Chief Executive Officer
NAFDAC Act	National Agency for Food & Drug Administration & Control	Director General
Mortgage Institutions Act	Federal Mortgage Bank	Managing Director
Nigerian Copyright Act	Nigerian Copyright Commission	Director General
Nigerian Maritime Administration & Safety Agency Act	NIMASA	Director General
Electric Power Sector Reform Act	Nigerian Electricity Regulation Commission	Chairman
Standard Organisation of Nigeria Act	Standard Organisation of Nigeria	Director General
Nigeria Deposit Insurance Corporation Act	Nigeria Deposit Insurance Corporation	Managing Director
Infrastructure Concession Regulatory Commission Act	Infrastructure Concession Regulatory Commission	Director General
Nigeria Export Processing Zones Act	Nigeria Export Processing Zones Authority (NEPZA)	Managing Director
Nigeria Export Promotion Council Act	Nigeria Export Promotion Council	Executive Director
National Automotive Council (Amendment) Act	National Automotive Council	Director General
Financial Reporting Council Act	Financial Reporting Council	Executive Secretary

Other relevant statutes include: Stamp Duties Act; Land Use Act; Companies Income Tax (Amendment) Act; Export Incentives & Miscellaneous Provisions Act; Food, Drugs & Other Related Product Act; Nigeria Minerals Mining Act; Petroleum Industry Act 2021; Petroleum Profit Tax Act; Capital Gains Tax Act; and Education Tax Act.