The Corporate Affairs Commission (CAC) has directed all companies in Nigeria with foreign participation to have minimum paid-up capital of N100 million.
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New registrations must meet this requirement immediately while existing companies have six months to comply.
According to a public notice from CAC, the new policy aligns with Nigeria’s revised Expatriate Quota administration guidelines. The commission stated that any pending company incorporation applications with foreign investors will not be processed unless they fulfill the N100 million capital requirement.
Additionally, CAC cautioned that existing foreign companies which currently have less than N100 million in paid-up capital must increase it to the new threshold within six months. Failure to do so will result in the compulsory winding up of affected companies under Section 571(e) of the Companies and Allied Matters Act 2020.
Stakeholders view this move as the government’s efforts to attract serious foreign investors and boost the economy. However, there are concerns that struggling businesses may fail to adjust their finances accordingly.
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