Restructuring & Insolvency Comparative Guide

1 Legal framework

1.1 What domestic legislation governs restructuring and insolvency matters in your jurisdiction?

There is no standalone legislation that governs restructuring and insolvency in Nigeria. The statutes that govern restructuring and insolvency in Nigeria include:

• the Companies and Allied Matters Act (Cap C20, LFN) 2004 (CAMA);
• the Companies Winding-up Rules 2012;
• the Federal Competition and Consumer Protection Act 2019;
• the Investment and Securities Act 2007 (as amended in 2015);
• the Securities and Exchange Commission Rules 2013 (as amended in 2019);
• the Asset Management Corporation of Nigeria Act 2010 (as amended in 2015);
• the Finance Act 2020;
• the Banks and Other Financial Institutions Act (Cap B3 LFN) 2004;