Corporate Personality in Nigerian Law: The Salomon Principle and the Veil of Incorporation
Every year in Nigeria, thousands of companies are incorporated through the Corporate Affairs Commission. The promoters sign the memorandum of association, pay the prescribed fees, and receive their certificate of incorporation. What many of them do not immediately grasp is that something remarkable has happened at the moment that certificate is issued: a new legal person has come into existence. Not a human person, but a person nonetheless, one capable of owning property, entering contracts, suing and being sued, and outliving every human being who created it. This is the doctrine of corporate personality, and it is the single most foundational...
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