CAN FOREIGNERS OWN COMPANIES IN NIGERIA?

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Yes, foreigners can own companies in Nigeria. However, there are some restrictions and requirements that must be met:

  1. Legal residency: The foreigner must be legally resident in Nigeria and have a valid visa or permit.

  2. Company registration: The Company must be registered with the Corporate Affairs Commission (CAC) in Nigeria.
  3. Local partner: Foreigners are required to have a local partner who holds at least 51% of the company’s shares, although there are some exceptions to this rule for specific sectors, such as oil and gas.
  4. Capital requirements: The Company must meet the capital requirements set by the Nigerian Investment Promotion Commission (NIPC).
  5. Approval from relevant authorities: The Company must obtain approval from relevant authorities, such as the Central Bank of Nigeria (CBN), before commencing operations.
  6. Professional assistance: It is recommended to engage the services of a lawyer to assist with the process of registering a company in Nigeria, to ensure that all legal requirements are met and that the company is properly structured.

Note: It is important to be aware of the current laws and regulations regarding company ownership in Nigeria, as they are subject to change.

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