CBN new capital requirement for banks in Nigeria

CBN MINIMUM CAPITAL REQUIREMENT FOR BANKS IN NIGERIA

To promote the resilience, solvency, and capacity of banks while continuing to augment the growth of the Nigerian economy among the prevailing macroeconomic challenges in Nigeria, the Central Bank of Nigeria (CBN), on 28 March 2024 reviewed the minimum capital requirement for commercial, merchant, and non-interest banks. This article will consider in detail, the requirements…

0May 20, 2011May 20, 2011
HOW TO REGISTER WITH THE NIPC IN NIGERIA

HOW TO REGISTER WITH THE NIPC IN NIGERIA

To benefit from the various incentives that Nigeria offers to foreign businesses, they must first be registered with the Nigeria Investment Promotion Commission (NIPC). This commission is a Federal Agency that oversees, coordinates, and monitors all investments in Nigeria. This article aims to clearly understand the process and NIPC registration requirements that foreign investors need…

0May 20, 2011May 20, 2011
WHAT ARE THE TAX INCENTIVES AVAILABLE TO FOREIGNERS IN NIGERIA

TAX INCENTIVES FOR FOREGNERS STARTING A BUSINESS IN NIGERIA

If you’ve ever wondered what are the tax incentives for foreigners starting a business in Nigeria, this article provides all the answers that we hope will enable you to decide whether or not Nigeria is a good place to start your business as a foreigner. There are many factors a foreign investor should put into…

0May 20, 2011May 20, 2011
Suspension of the Expatriate Employment Levy in Nigeria

SUSPENSION OF THE EXPATRIATE EMPLOYMENT LEVY IN NIGERIA

The temporary suspension of the expatriate employment levy has been announced. In our previous article, we promised to provide updates on developments that may arise from the Expatriate Employment Levy (EEL) policy. For context, the Expatriate Employment Levy was launched on the 27th day of February 2024 by the Federal Government to strike a balance…

0May 20, 2011May 20, 2011

STARTING A NEW BUSINESS IN NIGERIA AS A FOREIGNER

Starting a new business in Nigeria as a foreigner can be a daunting task, especially if you don’t reside there. However, this doesn’t imply that it’s an insurmountable process. To assist you in your journey, we have compiled a basic legal checklist that we believe will ensure a hassle-free launch of your business in Nigeria….

0May 20, 2011May 20, 2011
Expatriate Employment Levy in Nigeria - Everything you should know

EXPATRIATE EMPLOYMENT LEVY IN NIGERIA-EVERYTHING YOU SHOULD KNOW

On Tuesday, February 27th, 2024, the President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria launched the Expatriate Employment Levy (EEL). This levy was introduced to balance the benefits of expatriate employment with Nigeria’s local labour market and resources due to the increase in the imported workforce within the country. The…

0May 20, 2011May 20, 2011
HOW TO REGISTER A SCHOOL IN NIGERIA

HOW TO REGISTER A SCHOOL IN NIGERIA

If you are interested in finding out how a school is registered in Nigeria, it is essential to be aware of the recent policies and guidelines created by the government and respective agencies. In this article, we will discuss these new policies and other key considerations for registering a school in Nigeria. HOW ARE SCHOOLS…

0May 20, 2011May 20, 2011
HOW TO NOTARIZE A DOCUMENT IN NIGERIA

HOW TO NOTARIZE A DOCUMENT IN NIGERIA

If you need to notarize a document for official purposes in Nigeria but don’t know how to do it, this article is for you. Not all official documents require notarization, but many can only be recognized internationally if they are notarized. Examples of documents that can be notarized include academic records, birth certificates or attestations…

0May 20, 2011May 20, 2011
BENEFICIAL OWNERSHIP INFORMATION REPORTING REQUIREMENT FOR US REGISTERED COMPANIES

BENEFICIAL OWNERSHIP REPORTING INFORMATION REQUIREMENT FOR US REGISTERED COMPANIES

The Corporate Transparency Act of 2021 in the United States mandates that both local and foreign entities must disclose their beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN), which is a bureau of the US Department of the Treasury. This compliance requirement forms a part of the U.S. government’s efforts to make it…

0May 20, 2011May 20, 2011
CBN REVIEWED GUIDELINE FOR INTERNATIONAL MONEY TRANSFER SERVICES IN NIGERIA

CBNs REVIEWED GUIDELINE FOR INTERNATIONAL MONEY TRANSFER SERVICES IN NIGERIA

The Central Bank of Nigeria (CBN) released revised guidelines for International Money Transfer Services in Nigeria on January 31, 2024. The guidelines are aimed at liberalizing the foreign exchange market, ensuring transparency in foreign exchange transactions, boosting diaspora remittances and foreign capital inflows, promoting efficient price discovery mechanisms, and improving the ease of doing business…

0May 20, 2011May 20, 2011