Managing Director Contract Of Employment Template for Nigeria

The Managing Director Contract Of Employment is a crucial legal document used when appointing the highest-ranking executive officer in a Nigerian company. This contract type is essential for companies operating under Nigerian law, particularly those regulated by the Companies and Allied Matters Act (CAMA) 2020. It outlines the comprehensive terms of employment, including statutory duties, corporate governance responsibilities, remuneration packages, and performance expectations. The document serves both as an employment agreement and a governance tool, ensuring compliance with Nigerian corporate law while protecting both the company's and the director's interests. It is particularly important for establishing clear lines of authority, accountability, and performance metrics for the role of Managing Director.

1. Parties: Identification of the company and the Managing Director, including full legal names and addresses

2. Background: Context of the appointment and brief description of the company's business

3. Definitions: Key terms used throughout the agreement

4. Appointment and Term: Details of the role, effective date, and duration of appointment

5. Duties and Responsibilities: Comprehensive outline of the Managing Director's duties, including statutory obligations under CAMA 2020

6. Time Commitment: Expected working hours and availability requirements

7. Location: Primary work location and travel requirements

8. Remuneration: Base salary, review periods, and payment terms

9. Benefits and Allowances: Details of all benefits including pension, health insurance, and other perks

10. Expenses: Policy on business expenses and reimbursement

11. Leave Entitlement: Annual leave, public holidays, and other authorized absences

12. Confidentiality: Obligations regarding company confidential information

13. Intellectual Property: Ownership and protection of IP created during employment

14. Non-Competition and Non-Solicitation: Post-employment restrictions and their duration

15. Termination: Grounds for termination and notice periods

16. Company Policies: Compliance with company policies and procedures

17. Governing Law: Nigerian law as governing law and jurisdiction

18. General Provisions: Standard boilerplate clauses including entire agreement, amendments, and notices