Nigeria (NG)

Jurisdiction Overview

IDQuestionAnswer
479 *LO Update: Is the update of legal ownership information mandatory for all partners? Yes
 Data Date: 2016

Notes

 
In Nigeria, the update of legal ownership information is mandatory for all partners.
 
According to the Global Forum, "In case any change takes place in the material particulars (including changes in partners) of the LP, the change must be notified to the registrar within seven days. In case there is a default on this account, each of the general partners is liable for a summary conviction and a fine of NGN 2 for each day that the default continues" (GF 2016: 49-50)
 
According to the Global Forum, for limited liability partnerships, "Any change in the ownership information must be disclosed to the Registrar within 14 days of the change (sections 50 and 70, Lagos State Partnership Law)" (GF 2016: 50).

Sources

GF 2016: 49-50