HOW TO CHANGE COMPANY NAME IN NIGERIA

After incorporating a company, owners may decide to change their company name, or it may be ordered by the Corporate Affairs Commission (CAC). When owners choose to change the company name, it is known as a voluntary change of name, while a compulsory change of name refers to when it is ordered by CAC. [...]

By |July 9th, 2024|Business Formation, Corporate Matters|Comments Off on HOW TO CHANGE COMPANY NAME IN NIGERIA

GOVERNMENT MANDATES CRYPTO FIRMS TO OPEN A LOCAL OFFICE IN NIGERIA

The Securities and Exchange Commission has revealed that crypto firms seeking licences will be required to establish local offices in Nigeria as well as have their chief executive officer resident in the country. This was disclosed in the new regulatory incubation framework, titled ‘A Framework on Accelerated Regulatory Incubation Program for the Onboarding of [...]

By |July 5th, 2024|Business Operation & Licenses, Corporate Matters|Comments Off on GOVERNMENT MANDATES CRYPTO FIRMS TO OPEN A LOCAL OFFICE IN NIGERIA

ANALYSING THE IMPACT OF CAMA 2020 PROVISIONS ON SMEs

The Companies and Allied Matters Act, 2020 (CAMA 2020) is a progressive development for Nigerian businesses, as it offers a strong framework for reforming ways of doing business in Nigeria. It introduces improved legislative and administrative bottlenecks that affect businesses especially Small and Medium Enterprises (SMEs).  This article explores the impact of CAMA 2020 [...]

By |June 27th, 2024|Business Formation, Corporate Matters|Comments Off on ANALYSING THE IMPACT OF CAMA 2020 PROVISIONS ON SMEs

PROCEDURES AND CATEGORIES FOR NMDPRA LICENSE & PERMIT

License and permits for different activities within Nigeria's midstream and downstream petroleum sectors is the responsibility of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). The process for applying for a particular license type determines the steps involved in getting an NMDPRA license. However, the following are the general procedures and requirements: Choose [...]

By |June 25th, 2024|Corporate Matters|Comments Off on PROCEDURES AND CATEGORIES FOR NMDPRA LICENSE & PERMIT

PROCEDURE FOR MONEY LENDING LICENSE IN NIGERIA – 2024

 In Nigeria, the financial services sector plays a critical role in the country's economy, providing essential services that facilitate commerce and trade. Among the various components of this sector, money lending is a significant one. Money lending involves providing loans to individuals or businesses, typically with interest. However, due to its potential for abuse [...]

By |June 19th, 2024|Corporate Matters|Comments Off on PROCEDURE FOR MONEY LENDING LICENSE IN NIGERIA – 2024

NUPRC PERMIT APPLICATION CATEGORIES & GUIDELINES – 2024

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) regulates upstream petroleum operations in Nigeria. Applying for a permit with NUPRC involves several steps, depending on the type of permit or license being sought. The NUPRC permit registration is processed online from their portal for most of the services under the categories. Essentially, there are three [...]

By |May 30th, 2024|Corporate Matters, Oil & Gas|Comments Off on NUPRC PERMIT APPLICATION CATEGORIES & GUIDELINES – 2024

PROCEDURE FOR CLOSING DOWN A COMPANY IN NIGERIA

Closing down a company in Nigeria is a significant decision that involves a structured legal process known as winding up. The Companies and Allied Matters Act (CAMA) 2020 and Insolvency Regulations 2022 govern the procedure for winding up a company. The government agency in charge of the winding-up process is the Corporate Affairs Commission (CAC). [...]

By |October 8th, 2023|Corporate Matters|Comments Off on PROCEDURE FOR CLOSING DOWN A COMPANY IN NIGERIA

Overview of Foreign Ownerships of a Company in Nigeria

Foreigner ownership of Nigerian companies refers to the ownership of a company registered in Nigeria by non-Nigerian individuals or entities. It is possible for foreign investors to own all or part of a Nigerian company, subject to the regulations and restrictions set by the Nigerian government. Foreign ownership of Nigerian companies is regulated by [...]

By |April 10th, 2023|Business Formation, Business Operation & Licenses, Corporate Matters|Comments Off on Overview of Foreign Ownerships of a Company in Nigeria

CBN BANS SALE OF FOREX TO BDCs, SUSPENDS ISSUANCE OF BDC LICENSE

The Central Bank of Nigeria says it has ended the sales of forex to Bureau De Change operators, saying the parallel market has become a conduit for illicit forex flows and graft. The bank said it will also no longer process applications for BDC licences in the country. Weekly sales of foreign exchange by the CBN [...]

By |July 27th, 2021|Corporate Matters, News & Updates|Comments Off on CBN BANS SALE OF FOREX TO BDCs, SUSPENDS ISSUANCE OF BDC LICENSE

OVERVIEW OF CAC SHARE CAPITAL THRESHOLD FOR COMPANY REGISTRATION

CAC SHARE CAPITAL THRESHOLD FOR COMPANY REGISTRATION ON NIGERIA Persons interested in registering a company in certain industries and economic sectors in Nigeria are required by statutes and other regulations to have a minimum share capital threshold before such a company can be registered and deemed eligible to carry on business in those industries. [...]

By |July 3rd, 2021|Business Formation, Corporate Matters|Comments Off on OVERVIEW OF CAC SHARE CAPITAL THRESHOLD FOR COMPANY REGISTRATION

CBN REQUIREMENTS FOR FINTECH & PAYMENT SOLUTION LICENCE IN NIGERIA 2021

The Central Bank of Nigeria (CBN) being the regulatory body saddled with the statutory duty of administering the affairs of the financial activities in Nigeria in fulfilment of its duties published the new requirements to obtain a licence to operate a Financial Technology (Fintech) Company in Nigeria on May 24, 2021. Pursuant to the [...]

By |June 10th, 2021|Corporate Matters|Comments Off on CBN REQUIREMENTS FOR FINTECH & PAYMENT SOLUTION LICENCE IN NIGERIA 2021

PROCEDURE FOR STRIKING OFF A DEFUNCT COMPANY IN NIGERIA

Under the Companies and Allied Matters Act (CAMA) 2020, the owners of a defunct company may apply for striking OFF a defunct company from the Nigerian company register provided such a defunct company that has not commenced business and has no undischarged obligations A defunct company under the Companies and Allied Matters Act is; [...]

By |May 2nd, 2021|Corporate Matters|Comments Off on PROCEDURE FOR STRIKING OFF A DEFUNCT COMPANY IN NIGERIA

PROCEDURE FOR PRIVATE PLACEMENT IN NIGERIA

The general methods by which a Company’s securities can be offered to the public in Nigeria are through; Direct offer to the public, Offer for sale, Placing, Right issue, and Private placement. We shall briefly examine the procedure for private placement in Nigeria. A private placement is a method of offering shares by a [...]

By |April 17th, 2021|Capital Market Operators, Corporate Matters|Comments Off on PROCEDURE FOR PRIVATE PLACEMENT IN NIGERIA

Restriction of Personal and Protected Information for Companies in Nigeria

The Companies and Allied Matters Act, 2020 (CAMA) has made provisions to protect the information of individuals specified by them as private or restricted. This is laudable, considering the recent trends of data breaches, identity theft, fraud which are enhanced by having access to such information and laws enforcing privacy and data protection. Sections [...]

By |January 10th, 2021|Corporate Matters|Comments Off on Restriction of Personal and Protected Information for Companies in Nigeria

UNDERSTANDING BUSINESS AGREEMENT IN NIGERIA

BUSINESS AGREEMENT IN NIGERIA PARTNERSHIP AGREEMENT A business agreement is entered into or created by parties who are desirous of entering into a business relationship to accomplish a specific task or business goal while retaining their separate identities.  Parties to a business transaction negotiate terms and conditions of their transaction and execute a formally [...]

By |November 15th, 2020|Corporate Matters, Legal Services|Comments Off on UNDERSTANDING BUSINESS AGREEMENT IN NIGERIA

HOW TO OBTAIN TAX CLEARANCE CERTIFICATE IN NIGERIA

FIRS TAX CLEARANCE CERTIFICATE A Tax Clearance Certificate in Nigeria is basically a document stating that an entity does not owe tax for a period of time specified in the certificate. The tax clearance is a certificate of clearance, indicating one has been cleared for a period of time because it has paid its [...]

By |September 4th, 2020|Corporate Matters, Taxation|Comments Off on HOW TO OBTAIN TAX CLEARANCE CERTIFICATE IN NIGERIA

NON DISCLOSURE AGREEMENT IN NIGERIA

A non disclosure agreement in Nigeria also known as Confidentiality Agreement is a legal contract or agreement between parties with the sole purpose of legally forbidding parties from disclosing confidential information that has been shared together in the course of a commercial or employment relationship to any third party.  It signifies that a confidential [...]

By |September 4th, 2020|Corporate Matters|Comments Off on NON DISCLOSURE AGREEMENT IN NIGERIA

HOW TO OBTAIN IMPORT LICENSE IN NIGERIA

IMPORT PROCEDURE IN NIGERIA   HOW TO OBTAIN IMPORT LICENSE IN NIGERIA   An Import license in Nigeria is the approval issued by the various agencies of government, which regulate and determine the goods that can be brought into the country.   Import Procedure in Nigeria   Before any goods can be imported in [...]

By |September 4th, 2020|Corporate Matters|Comments Off on HOW TO OBTAIN IMPORT LICENSE IN NIGERIA

CAN A FOREIGNER OPEN A BANK ACCOUNT IN NIGERIA?

Yes, a foreigner can open a bank account in Nigeria, but upon fulfilling conditions to operate a bank account in Nigeria in accordance with the extant laws and the Central Bank of Nigerian's regulations. Everybody knows the importance of a bank account. Most foreign companies seeking to set up subsidiary companies and foreign individuals [...]

By |September 4th, 2020|Corporate Matters|Comments Off on CAN A FOREIGNER OPEN A BANK ACCOUNT IN NIGERIA?

HOW TO REGISTER A SUBSIDIARY COMPANY IN NIGERIA

REGISTRATION OF SUBSIDIARY COMPANY IN NIGERIA The process of registering a subsidiary company in Nigeria must be commenced by a holding company. A holding company is a parent company owning more than 50% shares in another company (subsidiary) in order to control its policies and management. A subsidiary company is one owned and controlled by another company, known as [...]

By |September 4th, 2020|Corporate Matters|Comments Off on HOW TO REGISTER A SUBSIDIARY COMPANY IN NIGERIA

CORPORATE LAW FIRMS IN LAGOS| CORPORATE LAWYERS IN NIGERIA

CORPORATE LAW FIRM IN LAGOS Resolution Law Firm is one of the foremost corporate law firms in Nigeria. The firm's corporate lawyers in Nigeria assist clients in various aspects of corporate law and other ancillary matters in Nigeria. The concept and practice of corporate law involve general corporate matters, which include registration of companies, [...]

By |September 4th, 2020|Corporate Matters|Comments Off on CORPORATE LAW FIRMS IN LAGOS| CORPORATE LAWYERS IN NIGERIA

HOW TO CHECK IF A COMPANY IS REGISTERED IN NIGERIA

The question of how to know if a company is registered in Nigeria is one often asked by intending individuals or corporate bodies looking to do business or venture into an agreement with another company claiming legality. The write-ups will briefly summarize a process on how to check if a company is registered in [...]

By |September 4th, 2020|Corporate Matters|Comments Off on HOW TO CHECK IF A COMPANY IS REGISTERED IN NIGERIA

FOREIGN COMPANY REGISTRATION IN NIGERIA & BUSINESS SET UP PROCESS

HOW TO REGISTER A FOREIGN COMPANY IN NIGERIA Foreign company registration in Nigeria is the main option a foreign entity/company can acquire a separate legal entity in Nigeria and legitimately carry on business. A foreign company may open for business as a secondary establishment, such as a representative office, agency, branch, or subsidiary in Nigeria. [...]

By |September 4th, 2020|Business Formation, Corporate Matters|Comments Off on FOREIGN COMPANY REGISTRATION IN NIGERIA & BUSINESS SET UP PROCESS
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