₦airaland Forum

datguru: Nice share

Thanks

sheffyUTD: You did not respond to my other questions

It could take up to 1 week to get that done at the CAC. With regards pricing, it depends on the professional you engage and how he bonds with you with his professional fees; but on the average N10,000.

All of itt.

sheffyUTD: Good information. Thanks

Please what is the minimum page an article of association should have and basics info, if I want to re-write my firm's own, what will it take (time, cost, etc).

The Articles of Association are the rules about running the company that the shareholders and the directors (and company secretary) have to abide by. There are no standard mimimum number of pages that an article of association can be, but recently the CAC refused a lengthy copy we submitted to them on behalf of a client. They often accept a 5 to 6 pages MEMART. Well, this happened at the CAC, Abuja office; perhaps, the situation is different in other zones.

https://businessworldng.com/new/wp-content/uploads/2013/07/Nigerian-banks.jpg

The Nigeria’s banking sector has witnessed a significant rise in the last 5 years and the sector is one of the most advanced financial sectors in Africa. Thanks to the banking reforms of the previous and current Central Bank of Nigeria governors. Opening a bank account for your business in Nigeria is easy and quite straight forward as long as all the required documentation is provided to officials at your preferred bank.

Currently, the Federal Republic of Nigeria boasts of 23 Money Deposit Banks. These banks offer a variety of products to their customers in a bid to win customer patronage and loyalty.

For the purpose of this post, I will reel out the basic requirements for opening a bank account for a private limited liability company in Nigeria. Without these requirements, you might not be able to have a bank account for your business.

Having examined the account opening packages of a number of these money deposit banks, the following required documentation is common to them:

A duly completed Account Opening Form: The account opening form consists of a series of questionnaires aimed at collecting important and private information about an intending bank customer – the company and the promoters of the company. It is similar to the Know-Your-Customer. In this document, the customer is expected to provide information ranging from the name of the corporate applicant, registered address, details of directors, next of kin, to standing instruction.

Certificate of Incorporation: The Certificate of Incorporation is a legal document which represents an evidence of registration at the Corporate Affairs Commission. Usually printed on a special paper, the Certificate of Incorporation consists of details such as the company’s RC Number, the Name of the Company, the date of Incorporation, the Certificate’s serial number, authenticity features, and the Registrar General’s signature.

Certified True Copies of the Memorandum and Articles of Association: The Memorandum and Articles of Association is a document that spells out the objectives of the company and a statement made by each subscriber confirming their intention to form a company and become a member of that company. The MEMART as it is commonly called, is the legal document that governs the company and the outside.

Certified True Copies of: Form Co2 (Details of Shareholding & Allotment); Form Co7 (Particulars of Directors) and Form 2.1 (Particulars of Company Secretary): The importance of these forms is that they consist of information about the company and its directors such as you have submitted to the Corporate Affairs Commission. Hence, they must be a Certified True Copy of the exact documentation in CAC’s custody. Apart from Form Co2 & Co7, banks now request a copy of Form 2.1 where the company secretary is stated.

Board Resolution: Nigerian banks will usually request you provide an extract of meeting where the bank was unanimously appointed as the company’s preferred banker. Although some banks already have a format of this resolution included in the account opening package given to you, others will request that you present a copy of this on your company’s letterhead, signed by an authorized signatory or by the company’s managing director.

Specimen Signature Cards: The specimen signature card is an official copy of your signature that is kept on file and if needed in the future can be used to verify if a signature is genuine.

Individual Means of Identification of the Directors/Signatories: Among list of identification document accept in Nigerian banks include the data page of a valid national passport, a valid driver’s license, and a valid national identification card. Some banks may accept a Voter’s Registration Card or a recognized identity card of your employer. However, non-Nigerians are usually requested to provide the data page of their national passport.

Two Passport-sized Photographs of each Signatory to the Account: This does not need any further explanation. However, you will do well to ensure that you provide a recent, coloured 2×2 inches (51x51mm) picture.

Utility Bill of the Business Address: The banks will request you provide an evidence of your business address in order to check-mate the tendency of a customer giving out fictitious business addresses. Documents usually accepted as an evidence include a recent (not more that 3 months) electricity bill stating clearly the address of your business, water bill and waste disposal bill. In addition, officials of these banks often do a physical confirmation of the business address at an unscheduled time.

Power of Attorney (optional): A power of attorney is the power or right you give to an individual or agency to act on your behalf or to represent you or your company at the bank in situations that warrant it. Such circumstances may include collection of statements of account, submission of confidential documents, account balances and subsequent liaison with the bank.

Letter of Indemnity (where applicable): A letter of indemnity is a legal document guaranteeing that contractual provisions will be met, otherwise financial reparation will be made. The Letter of Indemnity is usually included in the account opening package so you don’t need to prepare one all by yourself. All you need to do is append your signature to it agreeing to the terms and conditions. However, you might need to study the terms and conditions very well and ask questions from your professional adviser should you have any doubt.

Two Independent and Satisfactorily Completed Reference by Corporate Account Holders: You will also be required to provide two independent bank references who will attest to your suitability to operate a corporate bank account. The referees must be a private limited company in Nigeria and operating a bank account for at least 6 months in your preferred bank or other banks in Nigeria. References are often confirmed by banks.

Residence/Work Permit (for non-Nigerians): Any foreigner who own a Nigerian company and wish to be a signatory to a corporate account in any Nigerian bank will be required to present a copy of their residence/work permits.

SCULM Registration (where applicable): The SCULM is an abbreviation of the Standard Control Unit against Money Laundering. Banks are required to obtain an evidence of SCULM registration for certain nature of businesses. These nature of businesses include: dealers in jewelleries, luxury goods, professional service providers and consulting firms, hotels & hospitality, vehicle dealers, real estate, construction companies, supermarkets, etc. The SCUML is an arm of the Economic and Financial Crimes Commission and the agency is charged with the responsibility of monitoring, supervising, and regulating activities of Designated Non-Financial Institutions in line with the Money Laundering Prohibition Act 2011.

Tax Identification Number: You will also be required to provide the tax identification number issued to your company at the Federal Inland Revenue Service (FIRS).

Initial Deposit: Finally, a specified account opening initial deposit will be required of you to complete this banking process. There is no standard figure placed by these banks. However, initial deposits is known to range from N5,000 ($32) to as high as N250,000 ($1563) depending on the bank in question and the branch location. It is worthy of mention that the quality of a bank is not linked to the amount requested as initial deposits. Certain charges are usually also deducted from the initial deposits such as issuance of cheque book, company search at the Corporate Affairs Commission, Internet Banking Token, etc.

Once all these requirements have been presented by you, the bank account will be opened in 2 to 3 days or at most 1 week after all the documents have been duly verified by the bank.

SOURCE

https://businessworldng.com/new/wp-content/uploads/2013/07/Nigerian-banks.jpg
The Nigeria’s banking sector has witnessed a significant rise in the last 5 years and the sector is one of the most advanced financial sectors in Africa. Thanks to the banking reforms of the previous and current Central Bank of Nigeria governors. Opening a bank account for your business in Nigeria is easy and quite straight forward as long as all the required documentation is provided to officials at your preferred bank.

Currently, the Federal Republic of Nigeria boasts of 23 Money Deposit Banks. These banks offer a variety of products to their customers in a bid to win customer patronage and loyalty.

For the purpose of this post, I will reel out the basic requirements for opening a bank account for a private limited liability company in Nigeria. Without these requirements, you might not be able to have a bank account for your business.

Having examined the account opening packages of a number of these money deposit banks, the following required documentation is common to them:

1. A duly completed Account Opening Form: The account opening form consists of a series of questionnaires aimed at collecting important and private information about an intending bank customer – the company and the promoters of the company. It is similar to the Know-Your-Customer. In this document, the customer is expected to provide information ranging from the name of the corporate applicant, registered address, details of directors, next of kin, to standing instruction.

2. Certificate of Incorporation: The Certificate of Incorporation is a legal document which represents an evidence of registration at the Corporate Affairs Commission. Usually printed on a special paper, the Certificate of Incorporation consists of details such as the company’s RC Number, the Name of the Company, the date of Incorporation, the Certificate’s serial number, authenticity features, and the Registrar General’s signature.

3. Certified True Copies of the Memorandum and Articles of Association: The Memorandum and Articles of Association is a document that spells out the objectives of the company and a statement made by each subscriber confirming their intention to form a company and become a member of that company. The MEMART as it is commonly called, is the legal document that governs the company and the outside.

4. Certified True Copies of: Form Co2 (Details of Shareholding & Allotment); Form Co7 (Particulars of Directors) and Form 2.1 (Particulars of Company Secretary): The importance of these forms is that they consist of information about the company and its directors such as you have submitted to the Corporate Affairs Commission. Hence, they must be a Certified True Copy of the exact documentation in CAC’s custody. Apart from Form Co2 & Co7, banks now request a copy of Form 2.1 where the company secretary is stated.

5. Board Resolution: Nigerian banks will usually request you provide an extract of meeting where the bank was unanimously appointed as the company’s preferred banker. Although some banks already have a format of this resolution included in the account opening package given to you, others will request that you present a copy of this on your company’s letterhead, signed by an authorized signatory or by the company’s managing director.

6. Specimen Signature Cards: The specimen signature card is an official copy of your signature that is kept on file and if needed in the future can be used to verify if a signature is genuine.

7. Individual Means of Identification of the Directors/Signatories: Among list of identification document accept in Nigerian banks include the data page of a valid national passport, a valid driver’s license, and a valid national identification card. Some banks may accept a Voter’s Registration Card or a recognized identity card of your employer. However, non-Nigerians are usually requested to provide the data page of their national passport.

8. Two Passport-sized Photographs of each Signatory to the Account: This does not need any further explanation. However, you will do well to ensure that you provide a recent, coloured 2×2 inches (51x51mm) picture.

9. Utility Bill of the Business Address: The banks will request you provide an evidence of your business address in order to check-mate the tendency of a customer giving out fictitious business addresses. Documents usually accepted as an evidence include a recent (not more that 3 months) electricity bill stating clearly the address of your business, water bill and waste disposal bill. In addition, officials of these banks often do a physical confirmation of the business address at an unscheduled time.

10. Power of Attorney (optional): A power of attorney is the power or right you give to an individual or agency to act on your behalf or to represent you or your company at the bank in situations that warrant it. Such circumstances may include collection of statements of account, submission of confidential documents, account balances and subsequent liaison with the bank.

11. Letter of Indemnity (where applicable): A letter of indemnity is a legal document guaranteeing that contractual provisions will be met, otherwise financial reparation will be made. The Letter of Indemnity is usually included in the account opening package so you don’t need to prepare one all by yourself. All you need to do is append your signature to it agreeing to the terms and conditions. However, you might need to study the terms and conditions very well and ask questions from your professional adviser should you have any doubt.

12. Two Independent and Satisfactorily Completed Reference by Corporate Account Holders: You will also be required to provide two independent bank references who will attest to your suitability to operate a corporate bank account. The referees must be a private limited company in Nigeria and operating a bank account for at least 6 months in your preferred bank or other banks in Nigeria. References are often confirmed by banks.

13. Residence/Work Permit (for non-Nigerians): Any foreigner who own a Nigerian company and wish to be a signatory to a corporate account in any Nigerian bank will be required to present a copy of their residence/work permits.

14. SCULM Registration (where applicable): The SCULM is an abbreviation of the Standard Control Unit against Money Laundering. Banks are required to obtain an evidence of SCULM registration for certain nature of businesses. These nature of businesses include: dealers in jewelleries, luxury goods, professional service providers and consulting firms, hotels & hospitality, vehicle dealers, real estate, construction companies, supermarkets, etc. The SCUML is an arm of the Economic and Financial Crimes Commission and the agency is charged with the responsibility of monitoring, supervising, and regulating activities of Designated Non-Financial Institutions in line with the Money Laundering Prohibition Act 2011.

15. Tax Identification Number: You will also be required to provide the tax identification number issued to your company at the Federal Inland Revenue Service (FIRS).

16. Initial Deposit: Finally, a specified account opening initial deposit will be required of you to complete this banking process. There is no standard figure placed by these banks. However, initial deposits is known to range from N5,000 ($32) to as high as N250,000 ($1563) depending on the bank in question and the branch location. It is worthy of mention that the quality of a bank is not linked to the amount requested as initial deposits. Certain charges are usually also deducted from the initial deposits such as issuance of cheque book, company search at the Corporate Affairs Commission, Internet Banking Token, etc.

Once all these requirements have been presented by you, the bank account will be opened in 2 to 3 days or at most 1 week after all the documents have been duly verified by the bank.
Source: www.citizensandexpats.com

shikshark: this picture reeks so much of foul play......a vandal is always smart enough to insulate himself.

The story is a true representation of what happened. The story was also aired on Channels news yesterday.

Taking loans have never been a crime; but refusal to pay is. Besides, one of the functions of these banks is the provision of loans to deserving customers. There won't be a problem as long as NPLs are reduced to the barest.

None appears gOod enough to be experienced, abeg!

Olutola88: OP didn't do justice to this topic. I was about to start typing an article on this particular topic before I saw this on front page. I got the inspiration to write on the topic after my “Why you must graduate with a 2.1” article; www.nairaland.com/1896298/why-must-finish-least-2.1 Too bad! I'll probably look for another means to publish my piece. *sobbing*

Don't be discouraged! Please, go ahead and create a new thread! I'll like to read it!

INDESTRUCTABLEX: @mylncopr the basics therefore becomes who is an entrepreneur and what what are the qualities that make an individual an entrepreneur?

Going by your definition, ability to commercialize an idea and get profits in return, does this make a blogger or a market woman an entrepreneur?

Yes, I totally agree with your definition, but I think what is missing in the Nigerian system is over-use of the word, fear to invest or take risks, and outright lack/blindness to innovation by a majority of "entrepreneurs".

I think the fuss should be: is a business owner an enterpreneur?

When we understand who an enterpreneur is, then this discuss will have some bearing. However, different people have their interpretation of enterpreneurship. I believe the ability to commercialize an idea for profit using all the resources available makes you an enterpreneur - whether you are small or big!
I think the fuss should be: An enterpreneur vs a Business Owner.

Click Here to form a Company in Nigeria.

Though I love beans with fried stew, I will not eat at a party.

I had to buy a new mattress oh (I actually moved from my family house days before my wedding). So, it was logical to buy one.

Teach a child in the way he should go, and when he's old he won't depart from it. Like seriously!

STOP PRESS! Click Here to Register a Company in Nigeria.

Nothing wey we no go hear!

Are you considering forming a Nigerian company or branch office? Visit www.citizensandexpats.com

https://ichef.bbci.co.uk/news/200/media/images/77479000/jpg/_77479088_ujuifejika.jpg

The oil and gas industry is still overwhelmingly male, with surveys showing that the executive boardrooms of petroleum companies are mostly a boys' club.

In Nigeria, a number of well-financed businesswomen are aiming to change the picture there. The Petroleum Minister Diezani Alison-Madueke is a powerful figurehead for them.

"The fact that two of the biggest cabinet positions in Nigeria, petroleum and finance, are held by women, show how far we have come," she told a recent meeting in Vienna, referring to the other prominent female member of the cabinet - Finance Minister Ngozi Okonjo-Iweala.

"We are there not because we are women. We are there because of our competence as managers."

Yet as surveys make clear, women managers are still in the minority in the world's oil and gas companies. Laura Manson-Smith, a consulting. partner at PricewaterhouseCoopers, says the representation picture is dismal.

"I was surprised at how low the percentage of female directors was [in oil and gas firms around the globe] - 11%, most of them are in non-executive positions, 1% of executive board seats are held by women."

https://ichef.bbci.co.uk/news/200/media/images/77479000/jpg/_77479089_amyjadesimi.jpg


Offshore drilling

Nigeria, the world's 14th-largest oil producing country with 2.4 million barrels a day, has taken steps to open up its oil industry to locals, a policy known as "indigenisation."

Now a handful of female entrepreneurs are hoping to build on that, by increasing women's stake in the industry.

"When we were growing up we only had Margaret Thatcher," says Amy Jadesimi, the managing director of Ladol, a petroleum services company based in Lagos.

Dr Jadesimi, a thirty-something former Goldman Sachs analyst, medical doctor and MBA says that today, "woman are taking for granted, that of course a woman can reach the highest levels of society".

Ladol has turned a site reclaimed from a swamp and an industrial wasteland into a $500m (£300m) port facility to support offshore drilling operations, including ship repair, maintenance, engineering and construction.

It is planning a second phase of expansion that will take the investment to $1bn. "Nobody had done what we'd done before across the whole of West Africa," says Dr Jadesimi.

Catherine Uju Ifejika is chairman and chief executive of the Britannia U Group, a group of oil and gas companies. Her business bought a stake in a major oil and gas field, Ajapa. The reserves, according to Britannia, are worth $4.3bn.

"You men, you don't even know how to boil water or where the children's school uniforms are," she jokes.

"We are able to hold your homes together, and we are beginning to translate that into boardroom jobs, and then owning companies. In six years I have formed seven companies."

She says 70% of her staff are men, "and they're not used to having a woman as a chairman or chief executive - a woman, a black woman, a black African woman."


Thinking big
Oil accounts for 95% of Nigeria's foreign exchange revenues. And though it supplies only 15% of the country's GDP ($522bn) it is the most symbolic industry.

Winihin Ayuli-Jemide, a Lagos-based entrepreneur and former lawyer, is a leading advocate of research on women in business and government.

She argues that one of the reasons South Africa was the dominant economy in Africa for so long is that South African women have been deeply involved in businesses of all sizes.

"They dominate the low capital businesses, the 'informal sector' such as manufacturing knitwear, tie and dye and homemade food for sale in municipal markets."

"At the level of small to medium enterprises, they're well ingrained and established."

She wants Nigerian women to think bigger - and to investment in areas such as oil and gas.

"When I was working for a large investment company in the City of London, the other woman on the board was the human resources director," said Jennie Paterson, founder of the financial consulting firm Fraser Whitley.

"I think we need to encourage women to have a broader executive skillset."

https://ichef.bbci.co.uk/news/200/media/images/77499000/jpg/_77499788_451803198.jpg

Women 'are trusted more'

Yewande Sadiku is chief executive of the Lagos-based financing firm Stanbic IBTC Capital. She says that the lenders providing loans to Nigerian and other African women too often had a limited outlook.

They only think women are good customers for micro-finance loans, she argues.

"[This mentality] says, let's give them lots of small loans, 50,000 to 100,000 naira, ($300 to $700), so they can run small businesses and feed their families," she says.

"Raising funds is difficult, but to be honest, people trust women more," Amy Jadesimi laughs.

"You have to have a watertight proposal, make a good financing case and be confident in your pitch."

A series of studies by McKinsey titled Women Matter, found that companies with a higher proportion of female executives showed stronger financial performance than those with no women in top positions.

The study showed that women tended to apply certain "leadership behaviours" more than men. They included people development, setting expectations and rewards and acting as role models.

Winihin Ayuli-Jemide welcomes these studies. "In Africa we really don't have information about gender issues", she said. "Nothing on how we are doing in the economy."

"In oil and gas, women are emerging. There is a business case for it."

While divorce may not be a pleasant idea, I think the issue of divorce should be reserved and remain the exclusive decision of couples; not the govt.

Ordinarily, I would have taken this for a sports thread, or at least in the business section.
Kudos Fashola. At least, their philosophy rubs off on you and it shows.

That's "proceeds" from our oye (oil) money

Oh God, please save Liberia. These days, Liberia seem to be synonymous with Ebola.

But I think constitutionally, royal appointments are subject to the office of the governor of their state.

Hahahaha! Can't contain my amazement. I hear this "dude walks into GTB, jumps over the counter and starts stuffing his bag with cash. He says he wore an invincible ring".

Source

Bank expansion strategy. I just hope they will retain the staff of Enterprise Bank.
STOP PRESS! Click Here to Register a Company in Nigeria.

Innovation! I remember those early days.

Are these neighbours for real? So, Lagos has now become a brother to look up to

Their govt should be blamed for not containing the EVD when it initially broke out. Now that it has eaten deep into the fabrics of their country, they want LASG to assist LASG only took effective measures, that's all!
Now, with what should LASG assist? Ewedu


STOP PRESS! Click Here to Register a Company in Nigeria.

Omooba77: Hope staff will not be sacked oh

That should be expectted

Heeheheheheh. The entertainment industry figures don vex.

STOP PRESS! Click Here to Register a Company in Nigeria.

williams20: how lng does name search take at the abuja office

At this present time, it could take btw 7 to 14 days. If not for this server issues they are experiencing, name search does take 3 to 4 days, max 5 days.

williams20: Lagos' servers are down too, cant pay or authenticate , sm1 shld pls suggest a way out, i av a completed form bt d search result has expired due to server downtime

You can't rely on the zonal offices if you are an accreditted agent who frequent the CAC. We don't use the Lagos offices unless we need to get forms and make inquiries. If your firm don't have an Abuja office that can directly visit the CAC HQ, connect with a trusted (human) link who can assist you with submissions and dispatch. The truth is that their HQ is faster.