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    Our Home, Our Country, Our Nation...Nigeria

    Nigeria is situated in the West African region and lies between longitudes 3 degrees and 14 degrees and latitudes 4 degrees and 140 degrees. It has a land mass of 923,768 sq.km.. It is bordered to the north by the Republics of Niger and Tchad....

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    A Nation With Great Diversity

    Nigeria is a massive country of almost 150 million people comprising 250 ethnic groups speaking 4000 dialects. The diversity of Nigeria is reflected in its rainbow of creeds and complexions, views and counterviews, stretching from the fringes of the desert in the North to the Atlantic waters in the South.

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    Heritage and Cultural Tourism

    Nigeria offers a wide variety of tourist attractions such as extended and roomy river and ocean beaches ideal for swimming and other water sports, unique wildlife, vast tracts of unspoiled nature ranging from tropical forest, magnificent waterfalls.

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    Democracy in Nigeria

    Nigeria the world's fourth largest democracy. One African in four is a Nigerian; with a population of 150 million or more, Nigeria is larger than any country in Europe. It is also the world's eighth largest producer of crude oil and has been the United States' second largest supplier.

Trade and Investment

DOING BUSINESS IN NIGERIA (INCORPORATING A BUSINESS ENTERPRISE: Legal Framework for Business Activities)

Methods of Conducting Business: All business enterprises must be registered with the Registrar-General of the Corporate Affairs Commission (CAC) (Registrar of Companies). A foreign investor wishing to set up business operation in Nigeria should take all steps necessary to obtain local incorporation of the Nigerian branch or subsidiary. Business activities may be undertaken in Nigeria as a :

  • Private or Public limited liability company;
  • Unlimited liability company;
  • Company limited by guarantee;
  • Foreign Company (branch or subsidiary of foreign company)
  • Partnership/Firm;
  • Sole Proprietorship;
  • Incorporated trustees;
  • Representative office;

INCORPORATING A BUSINESS ENTERPRISE: The Companies Allied Matters Act as Legal Framework for Business Activities
The Companies and Allied Matters Act, 1990 (the Companies Act) is the principal law regulating the incorporation of businesses. The administration of the Companies Act is under-taken by the CORPORATE AFFAIRS COMMISSION (CAC) and its functions include:

  • the regulation and supervision of the formation, incorporation, registration, management and winding up of companies.
  • the maintenance of a Companies Registry;
  • the conduct of investigation into the affairs of any company in the interest of share-holders and the public.

Minimum Share Capital and Disclosures in Memorandum of Association: The minimum authorised share capital is N10,000 in the case of private companies or N500,000 in the case of public companies. The Memorandum of Association must state inter-alia that the subscribers "shall take amongst them a total number of shares of a value not less than 25 per cent of the authorised capital and that each subscriber shall write opposite his name the number of shares he takes."; The law permits and acknowledges the roles of attorneys and other relevant professionals in facilitating business transactions provided, of course, that this "agency arrangement is disclosed".

Membership of the Company - Prohibition of Trusts: The Companies Act prohibits "notice of any trust, express, implied or constructive" and such shall not be entered on the register of members or be receivable by the CAC.
All categories of company shares to carry one vote. Shares with "weighted" voting right are prohibited. All shares (i.e. whether ordinary or preferential) issued by a company must carry one vote in respect of each share.Consequently, preference shareholders are entitled to receive notices and attend all general meetings of the company and may speak and vote on any resolution before the meeting.

Disclosures To Be Published In Company Correspondence and Business Premises: Every company is obliged to disclose on its letterhead papers used in correspondence, the following particulars:

  • Name of the company/enterprise;
  • Address;
  • Registration/Incorporation Number;
  • Names of Directors and Alternate Directors (if any)

In addition, the law requires companies/enterprises to ensure that the Certificate of Registration be displayed in conspicuous positions at their principal and branch offices.

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About Nigeria

Nigeria is located on the west coast of Africa and is the most populous black country in the world, bordering the North Atlantic Ocean, between Benin and Cameroon. Nigeria covers 356,668 sq miles (923,7770 sq kilometers). It is about the same size as California, Nevada and Utah combined. Nigeria is diverse in people and culture. Read more

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