Nigeria (NG)

Jurisdiction Overview

IDQuestionAnswer
470 *LO Record: Does the registration of domestic companies comprise legal owner's identity information? All LO: Yes, all companies require recording of all legal owners.
 Data Date: 2016

Notes

 
All companies must record their legal owners upon registration. According to the Global Forum, "Section 35 of the CAMA [Companies and Allied Matters Act] requires that for the registration of a company, the CAC [Corporate Affairs Commission] must receive the memorandum of association (which contains ownership information on all the subscribers) and the articles of association, together with notice of the registered office and head office of the company, if the head office is different from the registered office (a postal box address or a private bag address cannot be accepted as the registered or head office). The other details that need to be provided to the Commission are a statement, in the prescribed form, containing the list and particulars of, together with the consent of, the persons who are to be the first directors of the company; a statement of the authorised share capital signed by at least one director; and any other document required by the Commission to satisfy the requirements of any law relating to the formation of a company" (GF 2016: 26-27; [TJN's-Note]). The Memorandum and Articles of Association must include, "27 of the CAMA prescribes that the memorandum of association must contain the name of the company, the registered office of the company situated in Nigeria, the nature of the business or businesses which the company is authorised to carry on, the restrictions, if any on the powers of the company, whether the company is a private or a public company and whether the liability of the members is limited by shares, by guarantee or unlimited" (GF 2016: 27).
 
In addition, the Global Forum notes that "In cases of companies that are limited by share capital, the memorandum is also required to state the amount of authorised share capital (not being less than NGN 10 000 (EUR 48) for a private company and NGN 500 000 (EUR 2 400) for a public company). Each subscriber must write opposite to his/her name the number of shares he/she takes. Where shares are held in trust by a subscriber, the latter must disclose this fact in the memorandum along with the name of the beneficiary" (GF 2016: 27).

Sources

GF 2016: 26-27