Under the company and allied matters act 2020 a company is qualified as a small company if it's a private limited by shares company
Turnover of 120m or less and net assets of 60m or less, no foreign directors or shareholders, no government shareholder or nominee, all shareholders hold at least 51% percent of the shares. Remember all shares must be issued now.
So in the CAC regulations
A small company must not have a turnover of more than 1m or net assets 1m or less. Like I said earlier your company share capital can be 5m or 25m, but if your turnover and net assets are not more than 1m, you are automatically a small company.
If you have a foreigner as a director, you cannot qualify as a small company. Where a director is a Nigerian but has a foreign address or foreign means of ID, you are automatically a foreigner.
Small companies no longer expected to hold annual general meetings, small companies can have single shareholder and director. Also small companies can file annual returns without attachment of financial statements.
Big companies their turnover and net assets is more than 1m, they either have foreigners as directors or shareholders. Public limited companies are big companies.