#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.
Plot 108 Idris Gidado
Way, Wuye, Abuja.
abuarome@gmail.com
+234 803 262 2359
+234 708 1156 539.
Twitter: @TheCounselLP
School Of Alternative Dispute Resolution Launches Affiliate Program To Expand Reach
For more information about the Certificate in ADR Skills Training and the affiliate marketing program, visit www.schoolofadr.com, email info@schoolofadr.com, or call +2348053834850 or +2348034343955. _________________________________________________________________
NIALS' Compendia Series: Your One-Stop Solution For Navigating Nigerian Laws (2004-2023)
Email: info@nials.edu.ng, tugomak@yahoo.co.uk, Contact: For Inquiry and information, kindly contact, NIALS Director of Marketing: +2348074128732, +2348100363602.