The Mondaq Comparative Guide To Restructuring And Insolvency

1. Legal framework

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

Restructuring and insolvency matters in Nigeria are primarily governed by the Companies and Allied Matters Act (CAMA) 2020. There are several other instruments governing restructuring and insolvency in Nigeria, including the following:

• General law:
  • the Companies Winding Up Rules 2012;
  • the Insolvency Regulation 2022; and
  • the Bankruptcy Act (for personal insolvency).
• Special regimes and provisions:
  • the Investment and Securities Act 2007;
  • the Securities and Exchange Commission Rules 2013;
  • the Banks and other Financial Institution Act 2020, as amended;