#OBSCURELEGALFACTS BY AROME ABU

COMPANIES NEED NOT OWN CASH EQUIVALENT OF ITS SHARE CAPITAL; AN EXCEPTION.

In Nigeria, Companies may be registered with 1 Million, 2 Million, 5 million share capital etc, but they need not own the cash equivalence of their share capital.

However, in the case of a Bank, its shareholders must possess and deposit a sum equal to the minimum paid up share capital with the Central Bank of Nigeria.

See Section 3(2) of the Banks and other Financial Institutions Act.

AROME ABU is the Principal Partner of TCLP.

CAVEAT: Note that this information is provided for general enlightenment purposes and is not intended to be any form of legal advice.

Obscure Legal Facts is an exclusive daily publication of THE COUNSEL L-P.
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abuarome@gmail.com
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