Most investors contemplating to do business in Nigeria usually wish to know whether foreigner can be a director of a Nigerian company. The answer to this question is Yes.
The Nigerian governing law for company registration or business formation is the Companies and Allied Matters Act (CAMA) LFN 2004. The CAMA allows a foreigner to establish a company in Nigeria and own same 100%. The law also does not preclude a foreigner from being a director in a Nigerian company. Consequently, a foreigner seeking to do business in Nigeria can be a director of a Nigerian company.
However, a foreign director may not be appointed as a Managing Director of a company or be a signatory to a bank account unless such a person has obtained a requisite work permit, specifically the Combined Expatriate Residence Permit and Aliens Card (CERPAC).
The Corporate Affairs Commission (CAC) is the government agency in charge of incorporation of a company in Nigeria.
In our previous write up, we explained a procedure for incorporation of a foreign subsidiary company in Nigeria
In closing, foreigners seeking to establish a new company in Nigeria or become a Director of an existing Nigerian company may seek further consultation with the business lawyers in Nigeria for proper advisory.
By Corporate & Commercial Law Team at Resolution Law Firm