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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This initial notice was retracted by the CAC in January 2024 alongside a statement that further clarification and an amended notice will be issued in due course.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.