Sunday, 16 December 2018

MINIMUM SHARE CAPITAL REQUIREMENTS (PART 2)

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In continuation of our series on the minimum share capital requirements for different types of companies, Part 2 contains the requirement for companies ranging from banks to companies dealing with aviation and lottery.

S/No. Types Of Company Minimum Share Capital Justification Certificate Required
25.

Private Security Guards/Consultants  

N10M

Guideline on requirement for registration of private guard security companies made pursuant to Nigerian Securities And Civil Defense Corps Act No 2 Of 2003 At least one director should be a retired security officer
26 Pension Fund Administrator

N150M Pension Reform Act 2004 requirement for licensing of pension fund custodians, February, 2005
27 Pension Fund/Asset Custodians N2B Same as above
 

28

29

30

31

Travel Agency NIL  

Nigerian Civil Aviation Authority Regulation

Air Transport (International) N2B
Air Transport (local ) N500M
Air Transport (regional) N1B
32

33

34

35

36

37

38

Banks N25B Central Bank of Nigeria regulation

Approval in principle from CBN
Micro-Finance Bank N20M
Bureau De Change N35M
Bureau De Change N35M
Finance Company N20M
Primary Mortgage Institute N100M
Credit Bureau N500M
Asset Management N20M
39 Equipment Leasing NIL NIL NIL
40 Lottery N5M National Lottery Act 2005. National Lottery Amendment Regulation 2007 S. 2 (1)6
41 Pharmaceutical Business NIL Pharmacist Council Of Nigeria Decree No. 91 Of 1992 s. 1 (a) and s. 10 (1) Certificate issued by the Pharmacist Council Of Nigeria
42 Engineering Firms & Consultants NIL Engineering Registration etc Act Cap E11 2004. s. 1 Certificate issued by the Council for the Regulation of Engineering in Nigeria
43 Hospital/Clinics NIL Medical & Dental Practitioners Act Cap 221 L.F.N 1990 Certificate issued by Medical & Dental Council of Nigeria
44 Consulting Firms NIL Corporate Affairs Commission Regulation At least one director should have professional certificate in relevant field
45 Architecture NIL Certificate issued by Nigeria Institute of Architecture
46 Training And Advisory Services Corporate Affairs Commission Regulation At least one director should have professional certificate in relevant field

In part 3 of this series, we will conclude our list with other companies and their minimum share capital requirements.
For questions or clarifications on this or other legal topics, contact us.

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