06/12/2023
The Corporate Affairs Commission announced on the 5th of December, 2023, that they would be implementing a revised minimum required share capital for companies with foreign participation, from NGN 10,000,000 to NGN 100,000,000.
This change is effective immediately, and pending projects will be queried until they comply with this new requirement.
Existing companies with foreign participation that have less than N100,000,000 paid-up capital are
advised to ensure compliance with the above requirement not later than six (6) months from the date of this notice, or stand the risk of compulsory winding-up of the Companies under Section 571 (e) of the Companies and Allied Matters Act 2020.
💡A company with foreign participation is one that has a non-Nigerian owner (corporate or individual) and/or director.
If you're worried about how this policy change affects your business, feel free to reach out to us for guidance and next steps.
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