New Directives from Corporate Affairs Commission and its Implication.

In furtherance of its duty to enforce the Nigeria Immigrations Act, 2015, and the Immigration Regulations 2017 as it relates to employment of expatriates and foreign participation in businesses in Nigeria, the Ministry of Interior published a revised Handbook on Expatriate Quota Administration 2022 (“the Handbook”). One of the key provisions of the Handbook is the revision of the minimum paid up capital requirement for Companies with Foreign Participation, from N10,000,000 (Ten Million Naira) to N100,000,000 (One Hundred Million Naira).

Based on the foregoing, the Corporate Affairs Commission (CAC) has commenced the implementation of same and has mandated Companies that have foreign participation and a share capital below N100,000,000 (One Hundred Million Naira) to increase their share capital to the required minimum of N100,000,000 (One Hundred Million Naira). It is important to note that approval by the CAC of all post-incorporation filings for Companies with foreign participation is subject to compliance with the revised minimum share capital requirement.