An Investor can participate in the growth of the Nigerian economy. It is immaterial whether such investment drive is motivated by an individual or a foreign corporate entity. Based on the topic of discourse, the first step an investor has to take in order to participate in the bubbling Nigerian economy is to incorporate a company with the corporate affairs commission (CAC) of Nigeria. The effect of carrying on Business without registration is that such an investor will be guilty of a criminal offence and liable on conviction to a fine. It is important to note that the requirement of the law does not limit or prohibit a foreign investor from suing to protect its rights and be sued where liable without registration in Nigeria. Below are
STEPS an Investor is expected to take to commence an investment drive in Nigeria.
The investor has to locate a Corporate lawyer in Nigeria and give him or her all necessary instructions such as the name of the company, the business of the company, share capital, email, phone number, means of ID of shareholders, proposed registered address, subscribers to the memorandum and articles of association etc.
The legal practitioner will conduct an availability and reservation of name.
After the name is reserved, all incorporation information and documents will be submitted through the commission’s web portal (https://services.cac.gov.ng/dashboard) as well as all relevant filing fees and stamp duties receipt.
At this stage, a certificate of incorporation is issued as a prima facie evidence of incorporation. The next STEP an investor with foreign participation equipped with a certificate of incorporation will take in actualizing his or her dream of reaping from the enormous resources in Nigeria will be to register with NIPC A Corporate Legal practitioner handling the brief will be required to take a trip to NIPC office to obtain an NIPC Form 1 or can download from this link https://ibechidoassociates.com/download-legal-documents/)
Once the Form is duly completed, it has to be returned to the Commission with the following documents
1. Memorandum & Articles of Association
2. Evidence of Incorporation
3. CAC Form 1.1 (or CAC Forms CO2 and CO7 for old companies)
4. Power of Attorney/ Letter of Authority (where applicable)
5. Evidence of Payment of Processing fee of N15, 000.00 through www.remita.net.
• Nigerian Investment Promotion Commission (NIPC): https://nipc.gov.ng/wp-content/uploads/2019/06/NIPC-Business-Registration-Form-I.pdf#viewer.action=download
• Ibe, Chido and Associates: https://ibechidoassociates.com/how-a-foreign-investor-can-participate-in-the-growing-nigerian-economy-by-registering-at-the-corporate-affairs-commission-cac-and-nigeria-investment-promotion-commission/?preview=true
• Corporate Affairs Commission (CAC): https://services.cac.gov.ng/dashboard
Okpi, Ibe Chinedu is the Principal Partner in the Law Firm of Ibe, Chido and Associates ( www.ibechidoassociates.com ) with extensive knowledge in Corporate and Commercial Law Practice. He can be contacted via phone: 07069279374 or email: firstname.lastname@example.org.