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21 December
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REGISTRATION REQUIREMENTS AND COST OF SECURITIES EXCHANGE IN NIGERIA.

Posted by Barr Chinedu Okpi
in General Articles

Below are the requirements and fees payable prior to registration with Securities and Exchange Commission of Nigeria.FEES  N5,000:00 (Five thousand naira only) being an application fee. N200,000.00 (Two hundred thousand naira only) being registration fee for the Company and N1,000.00 (one thousand naira only) for each sponsored individual. REQUIREMENTS Duly executed Form SEC 5 for the Exchange (The Company)and Forms SEC 2(in duplicate) for sponsored individuals who shall be principal officers of the Exchange (i.e Managing Director and Principal Officers). Please note that you are to sponsor at least four officers; one of which should be a Compliance Officer who shall be responsible for monitoring compliance...

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21 December
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RELEVANT INFORMATION REQUIRED TO PREPARE A TENANCY AGREEMENT

Posted by Barr Chinedu Okpi
in General Articles

The relevant information required to prepare a tenancy agreement.1. Name, address, and occupation of both the Landlord and tenants.2. Date the tenancy is expected to commence.3. A detailed description of the rented property.4. Duration of the tenancy.5. Rent to be paid and the method of payment, whether cash or online transaction.6. Any specific undertaking to be performed by Landlord and tenant.Thank you. ...

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21 December
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REQUIREMENTS AND PROCESS FOR ISSUANCE OF PENCOM ,NATIONAL SOCIAL INSURANCE TRUST FUND (NSITF) AND INDUSTRIAL TRUST FUND (ITF) COMPLIANCE CERTIFICATES IN NIGERIA

Posted by Barr Chinedu Okpi
in General Articles

The economic system of Nigeria being a blend of Government and private participation calls for synergy between both partners in progress to formulate a course of action that will ensure the best-qualified contractors, firms and companies in line with the Public Procurement Act (PPA) 2007 secure the right or license to implement Government projects that best suits public interest. On the strength of the above premise, it will be pertinent to take an in-depth look at the requisite documents and processes expedient to the issuance of a Pencom, NSITF, and ITF Compliance certificates in Nigeria. PENCOM COMPLIANCE CERTIFICATE A copy of the certificate...

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21 December
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HOW TO REMOVE A DIRECTOR FROM A CORPORATE LEGAL ENTITY

Posted by Barr Chinedu Okpi
in Corporate Matters

Companies and allied matters Act in Section 244(1) (2) describes a Director as a person or persons suitably appointed by the company to Direct and supervise the business of the company whether in executive or non-executive capacity. It is important to note that non-executive Directors can be told apart from the former based on the fact that they do not have contracts of employment with the shareholders (owners) of the company and do not have fixed salaries, unlike their executive colleagues.  They are paid based on an amount agreed by members of the company at the annual general meeting through a...

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21 December
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HOW TO AVOID CORPORATE AFFAIRS COMMISSION (CAC) QUERY ON FILED APPLICATIONS.

Posted by Barr Chinedu Okpi
in Corporate Matters

Applications filed in Corporate Affairs Commission (CAC) may well be for a change in Directorship, transfer of shares (allotment of shares is no longer satisfactory), change of registered address, the appointment of secretary, change of Company’s name, etc. Once these applications are filed for verification at CAC as a fresh application, the internal management procedure of the commission entails that the application is assigned to a staff known as a verification officer. A verification officer is an experienced staff of the Commission who is not below the rank of a manager These are the steps every verification officer will take to ensure...

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21 December
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HOW A NIGERIAN OR FOREIGN INVESTOR CAN INCORPORATE A COMPANY AT CAC AND REGISTER FOR A BUSINESS CERTIFICATE WITH NIPC.

Posted by Barr Chinedu Okpi
in Corporate Matters

An Investor can participate in the growth of the Nigerian economy. It is immaterial whether such an investment drive is motivated by an individual or a foreign corporate entity.  It is relatable based on the topic of discourse to take a critical look at some of the legal requirements such investor must fulfill in order not to be in constant brush with law enforcement agencies. The first step a foreign investor has to take in order to participate in the bubbling Nigerian economy is to incorporate a company with the corporate affairs commission of Nigeria. The effect of carrying on Business without...

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21 December
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HOW AN INVESTOR CAN BUY SHARES FROM HIS OR HER DREAM COMPANY

Posted by Barr Chinedu Okpi
in Corporate Matters

Money is an important factor of production and in economic parlance; money is the end product of a value chain. It is of the essence therefore to affirm that buying share requires funds, which customarily is within the prerogative of Investors, but the actual means of sharing of wealth from the profit made will depend on the common opinion of members. The next question on the mind of an investor who is willing to invest in an investment opportunity will be how to become a member of such Company which affords him or her opportunity to influence resolution and policies of the company. In every Company, the subscribers to the...

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14 December
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ARTICLES OF ASSOCIATION: CONSTITUTION FOR A REGISTERED COMPANY LIMITED BY SHARES OR BY GUARANTEE

Posted by Barr Chinedu Okpi
in Corporate Matters

It has always been the norm for a new country to agree on certain terms that would constitute a guiding principle for all citizens. In most situations, such guiding principles are collated and compiled into a document mostly referred to as the constitution which regulates other laws. On the other hand, an article of association in a registered company plays the same role a constitution assumes in a sovereign nation. It then becomes a huge responsibility for the subscribers (First owners on the company listed in the memorandum and articles of association) to ensure that the article captures the right, duties, and...

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14 December
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INCORPORATION OF A COMPANY BY A NIGERIAN AND FOREIGN INVESTORS

Posted by Barr Chinedu Okpi
in Corporate Matters

Company formation has always been a global trend. According to the Guinness book of world records, the First Company to be established in the world was a Japanese hot- spring Hotel known as Nishiyama Onsen Keiunkan in 705AD  This trend has continued for ages because of Man's desire to create value which in turn results in wealth. The following are some of the reasons why it’s legally beneficial to have a Business outfit incorporated by Nigerian or Foreign investors in which the Liability (profit or loss) of Members are Limited to the exact number of shares owned by such individual; Benefits Limited fiscal...

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13 December
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How to Obtain Expatriate Quota and Business Permit in Nigeria: A Step by Step Guide

Posted by Barr Chinedu Okpi
in General Articles

Expatriate quota/business permit is consent in writing issued by the Minister of Interior on behalf of the Federal Government of Nigeria to an applicant company (be it a joint venture, wholly foreign, or Nigerian owned) to employ a foreign expert to a specifically designated job description. To put it more aptly, Expatriate quota slots are granted to a company registered with the Corporate Affairs Commission (CAC) and not to individuals. Therefore it is the duty of the company and not that of the employees to obtain an expatriate quota. Expatriate quota has been divided into two and they are: PERMANENT UNTIL REVIEWED (PUR)...

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