The Corporate Affairs Commission (CAC) has withdrawn its earlier notice that mandated minimum paid-up capital requirements for companies with foreign participation operating in Nigeria.
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In a new statement, the CAC said the initial notice making reference to paid-up rather than issued share capital was premised on guidelines contained in the 2022 Revised Handbook on Expatriate Quota Administration published by the Ministry of Interior.
According to the commission, “Our dear esteemed customers and the general public are hereby advised to disregard our earlier issued notice titled ‘Minimum Paid-Up Capital for Companies with Foreign Participation'”
It clarified that the provisions on minimum capital in the CAC establishment regulations focus on issued share capital rather than amounts already paid-up by shareholders.
The corporate regulator noted that an amended notice will be released in due course to align with the proper requirements on company capital as relates to foreign participation thresholds.
The withdrawal indicates the CAC will no longer enforce the paid-up capital specifications as incorrectly referenced based on the Interior Ministry handbook. The initial notice had elicited concerns among foreign investors over more stringent capital obligations.
With the latest development, business registration guidelines on minimum capital remain unchanged for foreign entities until new directives are codified. Stakeholders await the commission’s promised guidelines on applicable issued share capital metrics.
The CAC statement signed by its management emphasized that the reversal is meant to align its notices with appropriate legal provisions on minimum capital requirements.
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