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JAMB Commerce 1999 Question 5

Question 5

Business Units

A common requirement for public and private limited companies in Nigeria is that

  1. A.a shareholder cannot transfer his shares to someone else without permission from other shareholders
  2. B.their annual accounts are made available to the Corporate Affairs Commission
  3. C.shares can be offered for sale on the stock exchange
  4. D.shares can be offered for sale through an issuing house.
Show the answer and explanation

Answer: B (their annual accounts are made available to the Corporate Affairs Commission)

Explanation

Every registered company, public or private, must file annual returns and accounts with the Corporate Affairs Commission; A applies only to private companies and C, D only to public ones.