Venture Starter

16/04/2026

www.salesruby.com/SLC2026

09/01/2017

Bunmi Jembola and Oluwaseun Akinlotan will be drilling participants in a 6-hours workshop on how to gain visibility and build a profitable brand
http://theonpointsuccess.com/brand-makeover-masterclass/

Both are mutually exclusive and when a business has no customers and no cash flow, the business will die faster than speed of light!

12/09/2016

26 GOVERNMENT AGENCIES ENTREPRENEURS DOING BUSINESS IN NIGERIA SHOULD KNOW
Doing business legally in Nigeria involves registration and documentation with some government agencies. In order not to have issues with these registrations and documentations you will need the services of a legal practitioner.

As a legal practitioner involved in the processes of registration and documentation with these agencies, I have listed below some of these government agencies for ease of reference for entrepreneurs who are interested or involved in doing business in Nigeria.

You may also contact me for further information.

Agency Mandate Role
1. NIGERIAN INVESTMENT PROMOTION COMMISSION (NIPC) The Nigerian Investment Promotion Commission (NIPC), as a Federal Government Agency, was established by Act of Parliament No. 16 of 1995 to among others; encourage, promote andcoordinate investments in the Nigerian economy. Registration of Foreign Investments, Issuance of Business Permits, Complaint Management, Linkages with NIPC Departments, and other Government Agencies, Country-wide liaison with the 36 States on investment matters etc.
2. CORPORATE
AFFAIRS
COMMISSION (CAC) CAC was established under the Companies and Allied Matters Decree No. 1 of 1990.The Commission has statutory responsibility for registration of companies, business names and Incorporated Trustees.
Undergo Name searches and Company Incorporation
3. NIGERIA
IMMIGRATION
SERVICE (NIS) The Nigerian Immigration Service (NIS) was formally established by an Act of Parliament (section 5 of Immigration Act L.N. Cap. 171 1963) to attend to immigration matters.
Provision of information and guidance on immigration matters, regularization of Permanent Work Permits and issuance of STR Visas

4. NIGERIA CUSTOMS SERVICE (NCS) Established by Customs and Excise Management Act (CAP 45 LFN 2004), ‘An Act to regulate the management and collection of duties of Customs and Excise, and for purposes ancillary thereto’.
Issuance of Import & Export Guidelines, Procedure for citing Excise Factories, Goods clearance facilitation and general information on Fiscal Policy issues.
5. FEDERAL INLAND REVENUE SERVICE (FIRS) FIRS mandate is to assess, collect and account for the taxes accruable to the Federal Government under the Companies Income Tax (amendment) Act, 2007, the Value Added Tax (Amendment) Act, 2007 and the Federal Inland Revenue Service (Amendment) Act, 2007.
Tax Registration , Payment of Stamp Duties, Issuance of Tax Clearance Certificates and issuance of Tax Forms
6. NATIONAL OFFICE FOR TECHNOLOGY ACQUISITION & PROMOTION (NOTAP) NOTAP, a parastatal of the Federal Ministry of Science and Technology, was established by Decree No. 70 of 1979 to among other things facilitate and implement the acquisition, promotion and development of technology in Nigeria.
To facilitate the registration of contract agreements dealing with transfer / acquisition of Technology between Nigerians and their foreign partners.

Facilitate approvals for licenses, Patents and Franchises etc.
7. NATIONAL AGENCY FOR FOOD & DRUG ADMINISTRATION & CONTROL (NAFDAC) National Agency For Food & Drug Administration & Control (NAFDAC), was established by Decree No 15 of 1993 as amended by Decree 19 of 1999 and now the National Agency For Food & Drug Administration & Control Act Cap N1 Laws of the Federation of Nigeria (LFN) 2004.

This Act mandates NAFDAC to regulate and control the manufacture, importation, exportation, distribution, advertisement, sale and use of food, drugs, cosmetics, chemicals, detergents, medical devices and packaged water (known as regulated products). Provision of information, advisory services, facilitation and kick starting of registration process on products.

On-going processes such as registration of pharmaceuticals and food can be facilitated at the Centre. The registration status of a product can also be obtained at the Centre through the NAFDAC Registered Products Automated Database (NARPAD).
8. STANDARDS ORGANIZATION OF NIGERIA (SON) SON was established by Enabling Act No. 56 of 1971 for preparing, implementing and promoting standards for products and processes and for ensuring compliance with Federal Government policies on standardization and conformity assessment of both locally manufactured and imported goods, throughout the country. Facilitates all aspects of Standardization activities, approvals or permits for use of standards.

Provision of information and guidance on the following:
• MANCAP Certification
• SONCAP Certificate
• Training in NIS ISO 9000 and NIS ISO 14000
9 MINISTRY OF MINES AND STEEL DEVELOPMENT (MMSD) The Ministry is saddled with responsibility for the formulation and ex*****on of policies as well as the enforcement of all Laws relating to prospecting, mining, and quarrying of Solid Minerals throughout Nigeria. The Ministry, through its Agency, the Nigerian Geological Survey Agency (NGSA), is also responsible for the geological mapping and exploration of Minerals with a view to providing information for investors.
Facilitation in obtaining Exploration Licenses, Mining Leases and Provision of information and guidelines on investing in the Solid Minerals Sector
10 NATIONAL BUREAU OF STATISTICS (NBS) The National Bureau of Statistics (NBS) is the Federal Agency mandated by Law to produce statistics for the Nation on all aspects of Human Activities Provision of information on Statistical Data on the Nigerian Economy
11 MINISTRY OF THE FEDERAL CAPITAL TERRITORY (FCTA) The Federal Capital Development Authority (FCDA) was created by virtue of the FCT Act of 1976 to oversee the development of the new city. In 1979, it was given the status of a Ministry called the Ministry of Federal Capital Territory created via an official gazette extra-ordinary no. 55 volume 66 October 26, 1979, by virtue of this Act FCDA has the responsibility of planning and development of the entire FCT. Facilitation on Land Matters for investment Projects, promotion of investments especially in Tourism, Infrastructure, Industries etc and provision of general information on the FCT.
12 FEDERAL MINISTRY OF FINANCE (FMF) The Federal Ministry of Finance is conferred with the responsibility of controlling, managing and monitoring revenues and expenditures of public finance of the Federation
Administration of Industrial Incentives, Tariff Administration and general information and guidelines on Fiscal Policy
13 CENTRAL BANK OF NIGERIA (CBN) The core mandate of the Central Bank of Nigeria (CBN) is derived from the provisions of the CBN Act of 2007. The functions are mainly in the following:

 Ensure Monetary and Price stability
 Issuance of legal tender currency
 Maintenance of External Reserve to safeguard the international value of the legal tender currency;
 Promotion of a Sound Financial System and
 Banker and financial adviser to the Federal Government. Provision of information on financial sector regulatory requirements and procedures for carrying on such transactions by prospective investors, guidelines on correspondent banking and funds transfer, including Capital Importation.
14 NIGERIA MARITIME ADMINISTRATION AND SAFETY AGENCY (NIMASA) NIMASA has the mandate to superintend the holistic but systematic implementation of the National Shipping Policy, the Nigerian Maritime Labour Policy; the Cabotage Law and the Nigerian Shipping Laws which are all geared towards the development of the Nigerian Maritime Sector to contribute optimally to the country’s socio-economic development.
Provision of general information and guidance and facilitating investments in the Maritime Sector.
15 THE FEDERAL MINISTRY OF INTERIOR (FMI) The Ministry of Interior has responsibility for administering and enforcing the provisions of the Immigration Act. 1963 as they relate to the establishment of business in Nigeria and the employment of expatriates. Hence the Ministry is statutorily mandated to, amongst others to do the following:

• Responsible for Commercial and Civil Regulation.
• Issuance of Expatriate Quota / Business Permit in Nigeria.
Provision of general information and guidance and facilitating the issuance of Business Permits and Expatriate Quota
16 NIGERIAN EXPORT PROMOTION COUNCIL (NEPC) The Nigerian Export Promotion Council (NEPC) is the apex government agency charged with the responsibility of promoting non Oil Export in Nigeria. It was established through the Nigerian Export Decree No. 26 of 1976 and is statutorily mandated to, amongst others do the following:

• Promote the development and diversification of Nigeria’s export trade.
• Assist in promoting the development of export-related industries in Nigeria.
• Spearhead the creation of appropriate export incentives.
• Articulate and promote the implementation of export policies and programmes of the Nigerian Government.
Facilitating investments and Provision of general information and guidance related to Nigeria’s Export Trade.
17 NIGERIAN ELECTRICITY REGULATORY COMMISSION (NERC) NERC is an independent regulatory agency which was established by the Electric Power Sector Reform Act 2005 and is mandated to carry out the monitoring and regulation of the electricity industry, issuance of licenses to market participants, and to ensure compliance with market rules and operating guidelines.
Facilitating investments and Provision of general information and guidance in the Electricity Industry in Nigeria.

18 MINISTRY OF FOREIGN AFFAIRS (MFA) The Ministry of Foreign Affairs (MFA) by the provision of the constitution of the Federal Republic of Nigeria is the statutory organ of Government charged with the primary responsibility of formulating, articulating and conducting Nigeria’s Foreign Policy. Facilitating and fast-tracking all trade and investment related issues through over hundred Missions abroad and carrying out basic due diligence of foreign companies.

19 NATIONAL PLANNING COMMISSION NPC was established by Act No. 71 of 1993 to among other things determine and advices on policies that will best promote national unity and integration and sustain the Nigerian nation. The key functions include:
• Provision of policy advice to Mr. President in particular and Nigeria in general on all sphere of national life;
• Set national priorities and goals and engender consensus amongst public & private sectors stakeholders for its accomplishment;
• Undertake periodic review of & appraisal of the human & material resource capabilities of Nigeria for efficient and effective utilization;
• Formulate and prepare short, medium & long term development plans and coordinate their implementation at the three tiers of government;
• Monitor projects and progress relating to plan implementation;
• Conduct research into various aspects of national interest and public policy with a view to foster sustainable economic development of Nigeria;
• Manage multilateral & bilateral economic cooperation, including development aids, and technical assistance programming; and
• Deals with matters relating to regional economic cooperation - ECOWAS, UNECA, South-South Cooperation etc.
• Provision of information and technical advice on macroeconomic indicators;

• Provision of information on Government Policy thrusts and priority sectors of the Nigerian economy;

• Facilitation of registration of Non-profit making International NGOs;

• Facilitate the activities and operations of the development partners in Nigeria such as EU, USAID, JICA, CIDA, DFID, UNICEF etc; and

• Follow-up action on other matters relating to NPC mandates and functions at the Commission’s Headquarters in Abuja.

20 DEPARTMENT OF PETROLEUM RESOURCES Established by the Petroleum Act 1969, the Department of Petroleum Resources has the responsibility -
• To regulate and monitor Upstream and Downstream oil and gas activities in Nigeria, ensure standards, compliance and best international industry practices.
• To manage and administer Nigeria’s oil and gas acreage and concessions.
• To conserve the nation’s hydrocarbon resources, and maximize returns on investment to government.
• To determine/collect royalties and other Oil and Gas statutory fees, charges, and penalties.
• To serve as the repository for archiving and retrieval of all oil and gas data in Nigeria.
• To advise government on the nation’s authentic oil and gas reserves, production and export for planning and development purposes.
• To ensure that oil and gas activities are carried out in a safe and environmentally sustainable manner.
• To co-operate with other agencies in ensuring that Oil and Gas operations in Nigeria have linkages with the host communities, and meet local content aspirations of government.
• To follow best practices in global HSE and environmental standards and adapt same to our national circumstances.
• To implement government policies on Oil and Gas matters.
• To grant necessary / relevant approvals, Licenses and Permits for operations and installations in the Oil and Gas Industry. • Provision of general Information/data on DPR statutory mandate and the Oil and Gas Sector to facilitate informed investment decisions.

• Facilitation and guidance to investors in the issuance of various approvals/licenses granted by the DPR.

• Provision of general advisory services on the investment opportunities in the Oil & Gas Sector, including matching investors’ requirements with opportunities available in the Sector.

• Assisting investors through facilitation with relevant stakeholders in the Oil & Gas industry on access to support in respect of investment projects.

21 ODU’A INVESTMENT COMPANY LIMITED Odu’a Investment Company Limited was incorporated in July, 1976 to take over the business interests of the former Western State of Nigeria now comprising Oyo, Ogun, Ondo, Osun and Ekiti including Lagos State.

The Company was established to promote the socio-economic and industrial growth of the host States and create employment opportunities. The Desk serves as the information bank for investment opportunities in the 5 South-Western States, with a view to attract foreign / local investments into the States including Lagos State.

Provision of relevant investment data on security and incentives.
22 NEW NIGERIA DEVELOPMENT COMPANY (NNDC) NNDC is a Development Finance Institution (DFI) owned by the (19) states that constitute the Northern Region of Nigeria. The company was established in 1949 to contribute to the Socio-Economic development of the region. Provision of general advisory services on investment opportunities in Northern States, including matching investors requirements
23 SOUTHEAST/SOUTH SOUTH REGIONAL DESK The Southeast/South-south Regional Desk is an innovation by NIPC at OSIC, established on march 16th, 2009 as part of the Commission’s proactive strategy to facilitate and fast-tracking inflow of foreign and local investment into the eleven(11) states of the SE/SS regional block.
Provision of data on investment opportunities, investment environment and incentives in theSoutheast/South South Region of Nigeria.

The Desk also liaises, co-ordinates and maintains necessary investment promotion and facilitation in collaboration with the States.
24 PHARMACISTS COUNCIL OF NIGERIA (PCN) PCN is the agency statutorily charged with the responsibility for the regulation and control of the Practice of Pharmacy in Nigeria.
• Provision of general Information/data on PCN statutory mandate and the Health Sector to facilitate informed investment decisions.

• Facilitation and guidance to investors in the issuance of various approvals/licenses granted by the PCN.

• Provision of general advisory services on the investment opportunities in the Pharmaceutical Industry, including matching investors’ requirements with opportunities available in the Sector.

• Facilitation with relevant stakeholders in the industry on access to support in respect of investment projects on behalf of investors.
25 NIGERIAN COPRYRIGHT COMMISSION (NCC) NCC is the Anti-Piracy and Enforcement agency for Intellectual Properties in Nigeria.

The agency plays an important role in the maintenance of effective databank of authors, their works and the monitoring of the copyright Industry.
• Provision of general Information/data on the Agency’s statutory mandate and the Copyright Industry to facilitate informed investment decisions.

• Facilitation and guidance to Investors in the issuance of various approvals/licenses granted by the NCC.

• Provision of general advisory services on the general requirements in the Copyright Industry.

• Facilitation with relevant stakeholders in the Copyright industry on access to support in respect of investment projects on behalf of investors.
26 MANUFACTURERS ASSOCIATION OF NIGERIA (MAN) MAN is the focal point of communication and consultation between industry on one hand and the Government and the general public on the other hand.

MAN plays a strategic role in Nigeria and has contributed immensely to Government Policy formulation through constructive recommendations and view points.

It has provided manufacturers with the means of formulating and influencing general policies with regard to industrial, labour, social, legal, training, and technical matters in the overall interest of stakeholders.
• Provision of general information/data based on the objectives/mandate of MAN to facilitate informed investment decisions.

• Facilitation and guidance to investors on membership registration.

• Provision of general advisory services on the investment opportunities in the Manufacturing Sector, including matching investors’ requirements with opportunities available in the Sector.

• Facilitation with relevant stakeholders in the Manufacturing industry on access to support in respect of investment projects on behalf of investors.

http://akintundeesan.blogspot.com.ng

25/08/2016

If you are a you should be at Founders Conference 2016

FOUNDERS CONFERENCE 2016 IS FREE
REGISTER: http://www.foundersconference2016.com

MEET OUR FACULTY
Dr Henrietta is a lead faculty member at the Lagos Business School, Pan-Atalntic University, Lagos. She is an accomplished entrepreneurship instructor with global acclaim and about two decades experience. She is the Academic Director of the Owner-Manager Programme at LBS. She is an expert in social investing and entrepreneurial management. In 2013 she started a social impact investment scheme at the Lagos Business School, an initiative to ensure that doing business dovetails into social good. Each MBA student got $30 to invest in a business venture that solves a problem while doing social good. Dr Henrietta will be a Keynote Speaker at Founders Conference 2016. She will be speaking alongside
Jason Njoku- Founder, Iroko TV
Bilikiss Adebiyi-Abiola- Founder, Wecyclers
Bunmi Jembola- Founder, Venture Starter
John Obidi- Founder, SmartBCamp
Oluyomi Ojo- Founder, Printivo.com
Fikayo Ogundipe- founder, Tolet.com.ng

DATE: October 3, 2016
VENUE: Four Points by Sheraton Lagos, Lekki, Lagos

To register: http://www.foundersconference2016.com

06/07/2016

12 Things Entrepreneurs Can Learn From Betty Irabor, CEO Genevieve Magazine

Whether you’re just starting out as an entrepreneur, or you’ve been running your business for a while, there’s a lot you can learn from Genevieve Magazine’s CEO, Betty Irabor:

1. Work experience is never a bad idea. Before Genevieve, Betty Irabor worked as a journalist, starting out at The National Concord. She also worked at Haisha Investment Company as a Public Relations/Administration Manager for 2 years before teaming up with her husband as CEO of Ruyi Communications.

2. Always be working on your main thing. Even while running Ruyi Communications, Mrs Irabor continued to find expression for her writing flair, freelancing for newspapers including This Day, Vanguard and The Guardian.
3. Start as soon as you get the vision. When ideas come and you don’t act on them, they soon fizzle out. Keep your vision from being a passing fancy by taking action. Mrs Irabor was leafing through the pages of a lifestyle magazine published in Singapore when the spark that lit the Genevieve vision was born. She immediately created a dummy of Genevieve Magazine and began sampling the opinions of her friends and family.

4. Define from the onset the values that will govern your products, services and business as a whole. Mrs Irabor’s vision was for a wholesome magazine that would reflect and celebrate the values of the total woman, and she decided that every story in the magazine would be based on this.

5. Be passionate and believe in your business. Your passion and firm belief is what will inspire investors to invest in your business.

6. Growing a business organically is smart. Rather than invest a lot of money into the business at once, Mrs Irabor decided to invest in proportion to the growth of the business. Check out what Kehinde Kamson of Sweet Sensation, and Kene Rapu of Kene Rapu, had to say about growing a business organically.

7. Put checks and balances in place. Your board of directors is meant to fulfil this role. Mrs Irabor even went further to institute an advisory board consisting of respected media personnel including Doyin Abiola, Sam Amuka Pemu and Dr Bello Osagie.

8. Employ vision-carriers. Don’t just recruit people who are all about money.

9. Put a good financial structure in place. After losing profits due to financial structure defects, Mrs Irabor employed a financial manager to solve this problem. Do this early and save your business loss of profit.

10. Don’t be cowed by competition. At the time Genevieve started, there were no other gloss magazines with content in line with its theme. As time went on, more lifestyle magazines were published but instead of backing down, the Genevieve team sat up even more and pursued the dream standard to the fullest.

11. It is never too late to start building your dream business. Betty Irabor started Genevieve Magazine at the age of 45. Whenever you wake up is your morning, so live your dream!

12. Have a succession plan. You don’t want to invest in a business that will crumble in your absence. Betty Irabor’s daughter, Sonia Irabor, shares her creativity and passion about the magazine and was one of the magazine’s youngest contributors at the initial stages. She is currently studying Media Communications, majoring in Publishing, in preparation to take over management of the company at the appropriate time. Pretty neat, right?

With a supportive and understanding family, a solid value system, and the determination to succeed against the odds, you can build the business of your dreams!

http://connectnigeria.com/articles/2016/07/12-things-entrepreneurs-can-learn-betty-irabor-ceo-genevieve-magazine/

18/04/2016

5 Ways Entrepreneurs Can Stay Motivated Every Day
Entrepreneurs need motivation by the bucketful, but some days it’s easier to stir up than others. It’s fantastic to have big, long-term goals, but don’t underestimate the power of little, daily ones. These easier to attain goals keep you going even with a nightmare client, a nearing deadline, or when lose all your data in a computer crashes.
When motivators become habits, that’s what can make the difference between small business success and failure.
Only you know your own, best ways to stay motivated—but it’s still worthwhile to shake things up and try brand new approaches. When you were only dreaming of your small business, you probably had zero issues with motivation. The dream of working for yourself, having unlimited income and making your own schedule was enough to keep you going.
The reality? Sometimes entrepreneurship can be just as dull, taxing and boring as working for corporate America. Here’s how to stay driven:
1. Track Your Daily Income
If within your grasp to define how much you make (as in how many projects you complete per day, etc.) then this can be a serious way to stay committed. First, calculate how much you’d realistically like to make per year, then break it down per week, per day, and finally per hour. Once you know how much you “need” to make each day, track it with each task/project completed. When you see you’re just $40 short of the day’s goals, that can be enough to give you an energy boost.
My friend John Rampton suggests “you have to know your numbers, each and every day. Instead of buying that fancy car, save the money towards something that will make you money instead of take it away. Tracking your income on a daily basis will help you to stay more on top of your bills and pay off credit cards before they can accrue interest.

2. Surround Yourself with Affirmations
Affirmations might seem cheesy and right up there with vision boards, but there is a reason they are so popular - they work! However, humans are quick to adapt and zone out what’s normal. Shake up where your affirmations are posted and even what they are. Whether it’s the monologue from “Rocky Balboa” or a favorite quit from Mark Cuban, these small affirmations can keep you on track when your eyes or mind wander away from the task at hand.




3. Remember the Corporate Grind
When you’re feeling fed up with your entrepreneurial track, think back to what it used to be like. Working in an office, the daily commute, the uncomfortable work clothes, the boss breathing down your neck—suddenly that bump in small business ownership doesn’t seem that bad. If you need a serious reminder, let your lunch break include a quick viewing of “The Office” serve as motivation.
4. Work Out
Don’t spend all your breaks staring at a screen. When you are frustrated or feeling overwhelmed, a little cardio or lifting session can work wonders. Nothing compares to endorphins – they will help clear your head, relieve minor aches and pains, and give you the bolstering necessary to power through the afternoon.
5. Get 30% of your work done within three hours of waking up
Numerous studies have shown people are most productive in the first few hours after waking. Taking advantage of this, and get straight down to business. Swap the morning coffee for warm lemon water (you can have coffee 30 minutes later) and get down to work within 40 minutes of waking. You’ll be surprised by how much you can accomplish all before that 10 am mini-break. This is what some of the top startups do each day to make them more successful.
Motivation is a necessity for small business ownership—as crucial as planning, proper hiring, and goal setting. Without it, both you and your dream will flounder


Credit: http://www.forbes.com/sites/drewhendricks/2015/01/02/5-ways-entrepreneurs-can-stay-motivated-every-day/2/

Entrepreneurs need motivation by the bucketful, but some days it’s easier to stir up than others. It’s fantastic to have big, long-term goals, but don’t underestimate the power of little, daily ones. These easier to attain goals keep you going even with a nightmare client, a nearing deadline, or whe…

26/02/2016

What You Need To Know About Registering Your Company/Business.

The importance of registering a business can never be over-emphasized. For one, when it comes to doing serious business, many agencies will never take you serious if your company is not registered.

Secondly, you might have to discover that people and that includes you and I, feel more comfortable paying for services and products into a corporate account with the name of an organization than paying into Individual account. You may have missed an important sale because when your prospect made up his mind to buy, the account number you sent him was an individual account in your name. He thought it too risky because it was a sizable amount involved.

People feel if the account is in a corporate name, the organization can be traced if the transaction went foul. If you register your company, you can use the documents to open a corporate account with less stress.
In this post, you’ll be learning simple steps you can take to register your business name with the corporate affairs commission in less than 21 days.
• REQUIREMENTS FOR INCORPORATING A PRIVATE COMPANY IN NIGERIA.

The steps for incorporating a new company at the nation’s registry, The Corporate Affairs Commission, can be summarized in the following 10 steps:
i. Submission of the proposed Company Names to the CAC. This is the first step in the entire process. The promoters of the company must decide on a company name and submit for approval. The government officials reserve the right to approve or deny company names submitted for a number of justifiable reasons – availability, suitability, legality, similarity, etc.

ii. Details of Directors: Long story short, you will be required to provide the biodata of the Directors of the proposed company. This information include: Full Names, Residential Address, Nationality, Age, Valid Identification Document and Signature of the Directors. The minimum number of directors for a private company is 2 and maximum is 50. There is no maximum for public companies. There are statutory requirements for being a director, one of which is that the directors must not be less than 18 years old.

iii. Shareholders/Subscribers. The legal minimum number of shareholders in a private company in Nigeria is 2 and a maximum of 50. The shareholders subscribe to the memorandum and articles of association and are allotted shares in the company

iv. Appoint a Company Secretary. Every Nigerian company must appoint a Nigerian Company Secretary, as it has become a legal requirement. The company secretary of a private limited company needs no formal qualifications. It is the directors’ responsibility to ensure he/she has the appropriate knowledge and experience to act as a Secretary of the company.

v. Registered Address of the Proposed Company. The company must have a Nigerian business address. This requirement needs no much explanation and not debatable either.

vi. Core Areas of the company’s business activities (Nature/Objects of company). Nigerians and Non-Nigerians are allowed to carry on all forms of business provided it’s legal and not in the “Negative List”. If the company will engage in specialist services (Hospital, Consultancy, Schools, Media & Advertising, etc), the directors may need to provide an evidence of professional proficiency. E.g. Certificate of a professional body/trade association, Academic Certificate, or both.

vii. Valid Identification. Although this requirement has been stated earlier, it is worthy of mention here again. A photocopy of Identification of all the directors is required. (E.g. National ID card, Data Page of your National Passport, Voter’s Card or Driver’s License).

viii. The Company’s Share Capital and Allotment. In simple terms, the share capital of a company (usually in monetary terms), is the amount of capital the subscribers have to carry on the business. The minimum share capital of a private company must not be less than N10, 000:00 (Ten Thousand Naira only) However, for economic reasons, it is advisable that an average Nigerian company incorporate a N1, 000,000: 00 (One Million Naira only) share capital company. A company’s share capital is also industry-dependent. For example, advertising agencies must have at least N10 million as share capital. The law also stipulates a minimum of N10 million share capital for a Nigerian company with foreign ownership. Your regulator or adviser should advice you appropriately. A minimum of 25% of the authorized share capital must be subscribed and paid for.
Once the issue of share capital has been decided on, then the subscribers must also decide on allotting the shares. If there are 2 persons that formed the company, they could share it 50% each.

ix. Draft the Memorandum of Understanding and Articles of Association (MEMART). This is a legal document that spells out the business objectives and the framework on which the company intends to run its business within the acceptance of the law. This legal document also shows the particulars of the shareholders and their shares allotment. You might need a lawyer to help out with this.

x. Payment of Stamp Duty and Statutory Filling Fees. The total fees payable to the Stamp Duty office and the Corporate Affairs Commission is dependent on the company’s share capital.

These are the basic requirements for incorporating a private limited liability company in Nigeria.

If you need professional service to register a limited liability company, please contact the writer via the email address or phone number supplied below. If you have any questions on the content of this article, please do not hesitate to send a mail.
https://deolumike.wordpress.com/

Adeolu Adesuyi Esq.
[email protected]