FOREIGN BUSINESS OWNERS MUST OBTAIN SPECIFIC PERMITS AND QOUTAS FROM NIGERIA’S MINISTRY OF INTERIOR. THIS POST COVERS EVERYTHING YOU NEED TO KNOW
To operate seamlessly in Nigeria, foreign-owned companies must obtain business permits and other required licenses. Foreigners seeking to work as employees or control companies in Nigeria must also get expatriate quotas through those companies. The Federal Ministry of Interior in Nigeria controls foreign business activity and immigration by issuing permits that determine the number of […]
PROCEDURE FOR WRITING A WILL IN NIGERIA
When writing a will in Nigeria, there are important legal requirements to consider regarding how a deceased person’s estate will be handled. The person making the will, known as the testator, can use the document to control their assets after death, protect loved ones’ interests, express final wishes, prevent disputes between heirs, and avoid issues […]
PROCEDURE FOR TRADEMARK REGISTRATION IN NIGERIA
A Trademark is a type of intellectual property utilized to differentiate the products or services of one company from those of another. It can manifest in various forms such as logo, a word or phrase, a slogan, a sound, or even a colour. Essentially, a trademark acts as a symbol that signifies the origin […]
PROCEDURE FOR BUYING PROPERTY IN NIGERIA
Purchasing property in a developing country like Nigeria can seem daunting given the complexities involved. Proper planning and guidance, however, makes the process manageable. Here are key steps for an informed property investment: Determine Budget With prices varying widely, first establish your budget range factoring in location preferences, property types, size, amenities, financing pre-approvals […]
REAL ESTATE INVESTMENT TRUSTS IN NIGERIA
Real Estate Investment Trusts (REITs) have revolutionized property investing by allowing individuals to gain exposure without the capital intensity of direct ownership. REITs are entities that own and often manage income-generating real estate assets. By pooling funds from multiple investors, they provide a vehicle to earn dividends from property markets minus the burdens of acquiring, […]
New NIBSS Policy Bars Unlicensed Fintechs From Bank Transfer Channels:
The Nigerian Interbank Settlement System (NIBSS) recently released a new policy mandating banks to remove non-deposit taking fintechs from the National Instant Payments (NIP) funds transfer system. This impacts players like switching companies, payment processors and super-agents facilitating transfers through channels like USSD, mobile apps and web. As per the NIBSS circular, allowing such fintechs […]
New Minimum Capital Requirements for Foreign Companies Operating in Nigeria
The Corporate Affairs Commission (CAC) of Nigeria recently issued an important public notice that introduces more stringent capital requirements for companies with any amount of foreign ownership or participation. As per the notice, the CAC will now mandate a minimum paid-up capital of 100 million Naira (around $124,000 USD) for any newly incorporating […]
Company Incorporation in Nigeria�
In Nigeria, the Corporate Affairs Commission (CAC) holds the sole authority for registering companies, as granted by the Companies and Allied Matters Act 2020 (CAMA). All business registration applications must be filed directly with the CAC through their online portal systems. Entrepreneurs have two options: registering via a CAC-accredited agent’s portal, or setting up an individual self-service portal specifically to complete the company registration process.�
Filing Annual Returns In Nigeria: Implication Of Non-compliance
In Nigeria, it is a statutory requirement for all businesses, private limited companies, and trustee organisations to file annual returns every year. This is in accordance with the Companies and Allied Matters Act (CAMA) 2020, which states in Chapter 16 that all companies in Nigeria must submit the prescribed form with the necessary information to the Corporate Affairs Commission (CAC).