Nigerian Bar Final Corporate Law Practice Questions - Nigerian Bar Final (Bar Part II) Corporate Law Practice Exam

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Under Section 394 of CAMA 2020, which of the following criteria must a private company satisfy to qualify as a small company?

Its turnover is not more than ₦120 million and its net assets are not more than ₦60 million Its turnover is not more than ₦10 million and its net assets are not more than ₦5 million Its turnover is not more than ₦500 million and its net assets are not more than ₦250 million Its turnover is not more than ₦50 million and its net assets are not more than ₦25 million

Correct Answer:

Its turnover is not more than ₦120 million and its net assets are not more than ₦60 million

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