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Importance of Shareholders Agreements
Among other significant documents of a company, a shareholders agreement usually is the most vital. A shareholders agreement unites a company with the shareholders and sets the solutions to unexpected circumstances that may arise in the future. It encompasses the privileges and duties of the shareholders and also guides the management of a company by …
Standard Organization of Nigeria (SON): Purpose, functions, and more
What is the Standard Organization of Nigeria (SON)? The Standards Organization of Nigeria (SON) is a government agency responsible for setting and enforcing standards for products and services in Nigeria. Understanding SON’s role is crucial for businesses operating in Nigeria, as it can significantly affect their operations and compliance requirements. This article provides an overview …
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How to appoint the director of a company in Nigeria
The principal organs of a company are its general meeting and its board of directors. The Companies and Allied Matters Act 2020 (CAMA) describes directors as the company’s trustees, managing the company’s properties and assets for the benefit of the company. Nonetheless, in strict practice, directors do not qualify as trustees in the legal sense …
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Capitalising on the Most Traded Currencies of 2021
There’s no doubt that the demand for forex trading has peaked in South Africa during 2020, against the backdrop of the coronavirus pandemic and increased digitisation throughout the region. To this end, the daily turnover of fx trading in SA is estimated to be around $19.1 billion per day, with this figure continuing to rise …
7 ways to make money with help of your language skills
Since you are reading this article, chances are your language skills are strong enough to help you earn a few more bucks. Fortunately, we happen to be conversant with some of the best ways to do this. If you can speak a few more languages, it’s even better! It means that you’ll have more opportunities …
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List of banks in Nigeria with their details
If you are a Nigerian who is industrious and trying to make money online or offline, one of your biggest resources will be a bank. A bank helps you keep your funds, transfer your funds, and more. It is very important to know your bank and all its contact information. That is why we are …
CBN’s guidelines for regulation of foreign banks’ representative offices in Nigeria
A draft of the Guidelines for the Regulation of Representative Offices of Foreign Banks in Nigeria (the Guidelines) was released by the Central Bank of Nigeria (CBN) on October 12, 2022. This release is in relation to the CBN’s authority under the Banks and Other Financial Institutions Act, 2020 (BOFIA), which allows the apex bank …
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Central Bank of Nigeria guidelines for open banking
The Central Bank of Nigeria (CBN) on the 7th of March, 2023 released operational guidelines for open banking in the country. Open banking enables third-party developers to build applications and services around financial institutions, particularly banks that hold customer data. The CBN developed the guidelines in collaboration with industry stakeholders and aims to foster customer-allowed data between banks and third-party firms. …
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CAC suspends requirement of NIN as sole identification for business registration in Nigeria
In January 2023, the Corporate Affairs Commission (CAC) in Nigeria issued a memo outlining new requirements for the registration of companies, including Business Name and Incorporated Trustee Registrations. The memo mandated that starting from January 2023, only the National Identification Number (NIN) would be acceptable as a form of identification for registration. This requirement applied …
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NIN becomes the only proof of identity on the CAC platform
The Corporate Affairs Commission (CAC) has recently announced that it will require National Identification Numbers (NIN) from all shareholders, directors, secretaries, proprietors, trustees and relevant persons for Companies, Business Name and Incorporated Trustee registrations. This policy, which took effect on the 1st of January 2023, aims to promote transparency and curb illegal activities such as …
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