AsabaPropertyAg:
Please house, there is an issue delaying my company registration since February 2020, I paid an Agent #85,000 to register a Company and a Business Name for me and after 3 weeks my Business Name certificate was received but before this time my Company Name has been Approved and payment made to C.A.C for the registration, the name was reserved and approved then court fees, Firs fees and Stamp duty all paid attached with the type of business I intend doing with the company and submitted, I was hoping in few days time the company Certificate will be issue according to the Agent, I was shocked after 2 days the Agent called me to come to his office,when I got there he showed me the denial page and the reason is that my company Name has "TRUST" in it and as such that 1 million share capital is too small that with "TRUST" in it, I need 300,000,000 share capital before I can register the company, please house note that in my reserved and approved company name there is also a part of it with "INVESTORS" on it, my question is,why didn't they made it known during company Name search and reservation or even before approving it for payment as in the case of registering PLC, CONGLOMERATE, HOLDINGS ETC, another question, is the fault from the Agent or from me for choosing a company name I want. The Agent called somebody from C.A.C according to him, the person said I should reserve another name and ask C.A.C to transfer the details and the payment to the new Reserved company name and we did it but C.A.C rejected it saying that they don't do such thing, the Agent writes to C.A.C through there Website, he showed me everything. Before I decided to register this new company I have one registered 7 years ago with 1,000,000 share capital, now I said let me register a new company with higher share capital because I don't know the difference so that in future if there are business or contracts that needs more share capital I may apply for people will not start blaming me for not registering company with more than 1 million share capital since I have one with 1 million share capital, I called somebody that works in a bank as front teller, he didn't know much about the difference before i went to my bank where my company Account is domiciled to enquire what is the difference between company with 1,000,000 share capital and company with above 1,000,000 and I asked for the person in charge of corporate accounts and I told him my reason for visiting, he said there is no difference but from the way he answered I knew he was not sure, I said look I have a corporate account with this bank but I want to register another for some contracts that I am expecting from a political office holder which I would not like to use my existing company to execute, he then I ask me like how much I am expecting and I said over ONE BILLION NAIRA, he said I should give him my corporate account number and when he checked my existing corporate account he said this account can take over ONE BILLION NAIRA, but I know my corporate account have not received more than 5,000,000 once before. Lastly, please what should I do to resolve this, the Agent said we should apply for refund from C.A.C and he wrote a letter which I signed for refund before lockdown and till now no news from C.A.C. Please house, I would be very glad if anyone can explain to me in a layman's language the difference between 1,000,000 share capital and anything above 1,000,000 share capital. I have searched the internet for the difference but I don't really understand all most the explanations given.

AsabaPropertyAg:
Wole212@ Good morning sir, the agent is not a lawyer. Thank you sir

AsabaPropertyAg:
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