The information contained in this document is marketing material and for informational purposes only. The information contained in this document is presented without any warranty or representation as to its accuracy or completeness and all implied representations or warranties of any kind are hereby disclaimed. Recipients of this document, whether clients or otherwise, should not act or refrain from acting on the basis of any information included in this document without seeking appropriate professional advice. The provision of the information contained in this document does not establish any express or implied duty or obligation between Citco and any recipient and neither Citco nor any of its shareholders, members, directors, principals or personnel shall be responsible or liable for results arising from the use or reliance of the information contained in this document including, without limitation, any loss (whether direct, indirect, in contract, tort or otherwise) arising from any decision made or action taken by any party in reliance upon the information contained in this document. © The Citco Group Limited, December 2024.
Nigeria – Minimum Paid-up Capital Requirement
On the 5th of December 2023. Nigeria’s Corporate Affairs Commission (CAC) announced the implementation of N100,000,000 (One Hundred Million Naira) minimum capital requirement for Companies with foreign participation.
This initial notice was retracted by the CAC in January 2024 alongside a statement that further clarification and an amended notice will be issued in due course.
However, foreign companies looking to do business in Nigeria and obtain a business permit from the Ministry of Interior, should be aware there is a possibility their application or renewal may be queried if the share capital is less than N100,000,000.
