The foreign exchange regime in Nigeria is regulated by the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act Cap F34 LFN 2004 (FEMM Act), the Central Bank of Nigeria Foreign Exchange Manual (CBN Manual) and the guidelines/ circulars issued from time to time by the Central...
Nigerian law and the Central Bank of Nigeria (“CBN”) Guidelines require every foreigner investing in a local business to procure a CCI on the in-flow of foreign currency into Nigeria to pay for the investment. The CCI is the evidence of capital in-flow/investment into a...
The most common types of security used in banking transactions in Nigeria are mortgages, charges (fixed and floating), assignments, pledges, and liens. The standard security package depends on the type of financing. The security package favoured by banks in Nigeria would include an All Asset Debenture...
All companies incorporated under the Nigerian Companies and Allied Matters Act 2004 (‘CAMA’) require a Company Secretary. Section 293 (1) of CAMA provides for and makes it compulsory for every company to have a company secretary and this must be from incorporation. This requirement applies...