Hi Nairalanders,
So, I'm in the process of opening a corporate bank account with a certain Nigerian bank using the certificate of business registration of my late father's old company. I have finished filling the forms and the bank staff said I have to provide a TIN as well. I'm fortunate to even have the original copy of the business registration certificate so I don't remember or have the company TIN. The bank staff assured me she could procure the TIN for me if I give her 2k. I did. I also gave her cash as opening balance but she said she will submit the account opening form as soon as the TIN is out. That was last week Thursday. Today, she just informed me that those registering the TIN are demanding 10k because the company I submitted is old. Precisely, my father's company was registered in 1975. Is someone trying to screw me? Can the fact that the company is old make TIN registration difficult? Please someone with experience should advice me.

ibinaboonline:
Hi Nairalanders,
So, I'm in the process of opening a corporate bank account with a certain Nigerian bank using the certificate of business registration of my late father's old company. I have finished filling the forms and the bank staff said I have to provide a TIN as well. I'm fortunate to even have the original copy of the business registration certificate so I don't remember or have the company TIN. The bank staff assured me she could procure the TIN for me if I give her 2k. I did. I also gave her cash as opening balance but she said she will submit the account opening form as soon as the TIN is out. That was last week Thursday. Today, she just informed me that those registering the TIN are demanding 10k because the company I submitted is old. Precisely, my father's company was registered in 1975. Is someone trying to screw me? Can the fact that the company is old make TIN registration difficult? Please someone with experience should advice me.

These days when you register a new company they automatically generate a TIN for you therefore the fact that thos company is old could present some challenges


By the way I hope you have considered some potential challenges that you may encounter if you decide to use your father's business viz

- You will need to provide a copy of the memo and articles of Association of the company and a copy of the Form CO7 which must show that you are a director in the company.

- If your father entered any contracts with this business name which has some contingency liabilities they may crystallise and become a liability for you.

- If the business has some outstanding debts or loans they automatically become yours

Thank you very much
Although your response is coming much later than I had anticipated, I'm glad for the pointers you provided. I managed to generate TIN for the old company but the bank eventually declined to use the company citing the same things you mentioned; the absence of my name as the company director, so I had to register a new company. The process is still ongoing as I type this.

SavageResponse:


These days when you register a new company they automatically generate a TIN for you therefore the fact that thos company is old could present some challenges


By the way I hope you have considered some potential challenges that you may encounter if you decide to use your father's business viz

- You will need to provide a copy of the memo and articles of Association of the company and a copy of the Form CO7 which must show that you are a director in the company.

- If your father entered any contracts with this business name which has some contingency liabilities they may crystallise and become a liability for you.

- If the business has some outstanding debts or loans they automatically become yours