INTRODUCTION A Non-Governmental Organisation (NGO) is a nonprofit body, an association of people, or organization that functions independently of the government. In Nigeria, NGOs can be registered as an incorporated trustee under part F of the Companies and Allied Matters Act (CAMA) 2020. NGOs could be used to immortalize a loved one. It could also...
In Nigeria, the directors of a company are regulated by The Companies and Allied Matters Act (CAMA). Section 244(1) of CAMA 2020 defines a director as a person duly appointed by the company to direct and manage the business of the company. There are Life Directors, Shadow Directors, Executive and Non- Executive Directors, Managing Directors,...
Crowdfunding is a form of financing that allows people or businesses to raise small amount of money in the form of donations, loans or investments from large numbers of people, while crowdfunding platforms are websites that enable the interaction between fundraisers and the crowd (public). Financial pledges are usually made and collected via the crowdfunding...
Few years ago, if you needed to make financial investments, you had two options; do it yourself or work with investment advisers. However, the advent of robo-advisors has brought about the third option. WHAT ARE ROBO ADVISORS? Also known as digital investment advisors, they are financial advising platforms that provide financial advice and or manages...
With the great surge in demand for fast and convenient access to credit facilities by both individuals and businesses across Africa, traditional lending institutions such as banks continue to fall below expectations with tedious paperwork, high-interest rates, high collateral, and in some cases delayed processing. This has given rise to the emergence of digital lending/credit...
Microfinance Banks are mini banks licensed by the Central Bank of Nigeria (CBN) to carry on the business of microfinance services such as savings, loans, domestic fund transfers, and other financial services which they provide for their customers particularly the economically disadvantaged, subsistence farmers, artisans, micro-entrepreneurs, etc., and to a large extent unbanked people in...
Following the growth and explosion of cell phone ownership and usage across Africa since 2002, the potential of mobile phones as not just a tool for communication, but as a tool for financial inclusion and promoting efficient payment systems cannot be ignored. This can be seen in the evolution of fintech companies focused on enabling...
A co-operative society is an autonomous association of persons united voluntarily with the aim of promoting the socio-economic interests of its members in accordance with co-operative principles and facilitating the operation of those principles. Upon registration, it acquires the status of a body corporate by the name under which it is registered, with perpetual succession...
Yes, you can upgrade your registered business name to a limited liability company. To do so however, you are required to; 1. Ensure the business name has filed its annual returns with the Corporate Affairs Commission since registration and it is up to date. The purpose of filing annual returns regularly is to inform the...
Sometime in July 2021, the Vanguard newspaper headline bore the caption “ Victim of Ponzi Scheme commits suicide”. According to the article, the man the young man in question was a student who borrowed money from his friends in addition to his school fees to secure his investment in what turned out to be a...
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