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 will [...]
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. The [...]
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 new [...]
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; A [...]
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 public [...]
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 323-329 [...]
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. Â Parties to a business transaction negotiate terms and conditions of their transaction and execute a formally binding [...]
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 taxes [...]
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. Â It signifies that a confidential relationship [...]
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 commercial quantities into Nigeria, the [...]
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 seeking [...]
REGISTRATIONÂ OFÂ SUBSIDIARYÂ COMPANYÂ INÂ 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 a [...]
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 Nigeria. [...]
FOREIGN COMPANY REGISTRATION IN NIGERIA A foreign company may open for business as a secondary establishment, such as an office, agency, branch, or subsidiary in Nigeria. However, such a company must fulfill certain legal requirements necessary to obtain local incorporation of the Nigerian branch or subsidiary as a separate legal entity. Registration of a company [...]
