Requirement of Special Resolution for Increase in Share Capital by the Corporate Affairs Commission (CAC): Did CAC Get It Wrong?

Abstract

Nothing appears to be truer than the fact that every man must and should have a limit. The same applies to governmental institutions, agencies and even regulatory agencies. It is with this in mind that it has become quite imperative and even more compelling to examine the powers of the Corporate Affairs Commission (CAC) and the limits of such powers, if any, as it relates to the enactment of subsidiary legislation, and specifically, the power to specify the nature of resolution to be used whenever there is a pressing need for a company to increase its share capital in Nigeria.