The Allotment Agreement is a fundamental document in Nigerian corporate practice, used when a company issues new shares to investors or existing shareholders. This document is essential in both private and public companies, particularly during capital raising, restructuring, or investment rounds. The agreement ensures compliance with the Companies and Allied Matters Act (CAMA) 2020 and other relevant Nigerian regulations, documenting the terms of share issuance, payment obligations, and the rights attached to the shares being allotted. It serves as a critical tool in protecting both the issuing company's and the investors' interests, providing clear evidence of the share allocation process and the conditions attached to it. The document is particularly important in the Nigerian context where corporate governance and regulatory compliance are closely scrutinized.
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1. Parties: Identification of the company issuing shares and the allottee(s)
2. Background: Context of the share allotment, including relevant corporate approvals and authority
3. Definitions: Key terms used throughout the agreement
4. Share Allotment Details: Specific details of shares being allotted, including number, class, and nominal value
5. Consideration: Payment terms and consideration for the shares
6. Conditions Precedent: Conditions that must be satisfied before the allotment becomes effective
7. Completion: Process and timing for completing the allotment
8. Representations and Warranties: Standard warranties from both the company and the allottee
9. Regulatory Compliance: Compliance with CAMA 2020 and other relevant regulations
10. Notices: Process for serving notices under the agreement
11. Governing Law and Jurisdiction: Confirmation of Nigerian law as governing law and jurisdiction
1. Pre-emptive Rights: Required if existing shareholders have pre-emptive rights that need to be addressed
2. Share Transfer Restrictions: Include if there are specific restrictions on transfer of the allotted shares
3. Tag-Along Rights: Include if minority shareholders are given the right to join in the sale of shares
4. Drag-Along Rights: Include if majority shareholders can force minority shareholders to join in the sale
5. Dividend Rights: Include if there are specific dividend rights attached to the allotted shares
6. Share Certificate Provisions: Include if physical share certificates will be issued
7. Corporate Governance Rights: Include if the allotment comes with specific voting or board representation rights
1. Schedule 1 - Share Details: Detailed description of shares being allotted, including class, rights, and restrictions
2. Schedule 2 - Form of Share Certificate: Template of the share certificate to be issued
3. Schedule 3 - Corporate Authorizations: Copies of board and shareholder resolutions authorizing the allotment
4. Schedule 4 - Payment Details: Bank account and payment information for the share consideration
5. Schedule 5 - Completion Requirements: Checklist of documents and actions required for completion
6. Appendix A - CAC Forms: Relevant Corporate Affairs Commission forms for filing the allotment
7. Appendix B - Shareholders' Agreement: If applicable, copy of or reference to the existing shareholders' agreement
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