Tuesday, 22 May 2018

MINIMUM SHARE CAPITAL REQUIREMENTS (PART 3)

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Here is the concluding part on our series on the minimum share capital requirements for different types of companies.

S/No. Types Of Company Minimum Share Capital Justification Certificate Required
47 Marine/shipping N25M NIL NIL
48 Creche/Per-Nursery School NIL NIL
49 Agriculture (seed) N10M NIL NIL
50 Polytechnics NIL Approval in principle from NCCE
51 Clearing & forwarding N5M NIL NIL
52 Primary / Secondary School NIL NIL NCE/B.ED certificate.
53 Management NIL NIL Certificate issued by Nigerian institute of Management (NIM)
54

Advertising N10m Certificate issued by Advertising Practitioners Council of Nigeria (APCON)
55 Accounting/Taxation NIL NIL Certificate issued by ICAN/CITN
56 Investment company NIL NIL Not registrable under business name
57 Group of Companies Share capital must not be lower than any of the subsidiary Corporate Affairs Commission Regulation Consent of the Registrar General CAC required. At least three existing companies with common directors
58 Holding Company Share capital must not be lower than any of the subsidiary Corporate Affairs Commission Regulation Consent of the Registrar General CAC required. At least two existing companies with common directors
59 Company Limited by Guarantee Corporate Affairs Commission Regulation Consent of the Registrar General CAC required.
60 Building NIL Certificate issued by Nigerian Institute of Builders
61 Tourism, Hotels, Restaurants NIL Approval in principle from Nigeria Tourism Development Board (suspended)
62 University NIL NIL Approval in principle from Nigeria University Commission. (NUC)
63 Other Tertiary Institutions NIL National Minimum Standard & Establishment of Institutes Act Cap E3 L.F.N 2004 Approval in principle from the relevant body
64 Forex trading NIL NIL NIL
65 Mortgage N100M NIL NIL
66 Financial Commodities N40M NIL NIL
67 College of Education NIL Approval in principle from NCCE

This list will be continuously updated as new requirements are laid down.

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