CORPORATE PERSONALITY AND EMERGING TRENDS ON THE STATUS OF SINGLE-MEMBER COMPANY UNDER THE COMPANIES AND ALLIED MATTERS ACT, 2020

Abstract

The Single-Member Company rule creates tensions with corporate personality doctrine and regulatory frameworks designed for multi-member structures. This paper seeks to resolve issues about the compatibility of SMC rules with corporate personality and the adequacy of legal frameworks addressing SMC governance challenges in Nigeria. The paper adopts the doctrinal methodology through examination of single member company provisions in the Company and Allied Matters Act 2020 and what obtains in selected jurisdictions. The problems and prospects of single member company were examined. The paper recommends that the benefits of corporate personality are not undermined by abuse, among others.