This article broadly discusses legal due diligence in the context of a limited liability company share acquisition governed by Nigerian law. It reflects the general legal and regulatory framework as at 2026, including changes introduced by the Nigeria Tax Act 2025. Nigerian law — particularly around tax — has been changing quickly, and the specific provisions applicable to any transaction should always be verified with current legal and tax advice rather than relied on from a general article such as this one.

Businesses increasingly need to work together without merging. Two companies might want to combine complementary skills, share resources, or jointly pursue opportunities for clients — without forming a joint venture, partnership, or new corporate entity. This pattern shows up across every region. In Europe, SAP and Google Cloud operate under a long-running strategic partnership, significantly expanded in 2021 and repeatedly deepened since, most recently in April 2026 to jointly deploy multi-agent AI tools across their platforms — with each company remaining fully independent throughout, contributing its own technology under a framework of agreed, evolving integrations rather than shared ownership.

The Companies and Allied Matters Act 2020 (CAMA 2020) represents a watershed moment in Nigerian corporate law, repealing and replacing the Companies and Allied Matters Act 1990. Among its most significant reforms are provisions codifying and expanding the duties of company directors. Prior to CAMA 2020, directors’ duties existed primarily under common law and equitable principles developed through centuries of case law. While this provided flexibility, it also created uncertainty. Directors and their advisers had to navigate complex jurisprudence spanning decades to understand their obligations.