Nigeria - Obtaining Business License for a Capital Goods Finance Company

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Procedure

Apply In-Person:

1. To apply for a Business license for a Capital Goods Finance Company in person, the applicant has to make an application in writing to the Governor of the Central Bank of Nigeria.
2. The contact link of the Central Bank of Nigeria can be found below contact link
3. Visit the office of CBN with a written application letter for the grant of a licence to carry on the business of Capital Goods Financing in Nigeria.
4. The application should be addressed to the Governor of Central Bank of Nigeria.
5. Also, make sure that you have all the documents listed in the “Required documents” section of this page.
6. Attach all the documents with the written application letter and submit it to the Governor of CBN.
7. Pay the fees required for the application processing and issuance of the Business License.
8. After assessing the application and attached documents, CBN will initially issue an approval with some conditions, for a specific period of time.
9. Moreover, the applicant must submit another set of documents which can also be found in the “Required documents” section of this page.
10. If the company seems to be complying with the conditions during the mentioned time period, the CBN will issue the operational license with prior notification.

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Required Documents

FOR INITIAL APPROVAL:

• Application in writing
• Required fees/proof of payment
• Proof of minimum paid-up capital
• Proof of payment by the proposed shareholders
• Detailed business plan or feasibility study
• Draft Memorandum and Articles of Association (copy)
• Letter of Intent
• List of proposed shareholders in tabular form (copy)
• Curriculum vitae (CV) of each of the Director’s Board proposed members

FOR OPERATIONAL LICENSE:

• Curriculum vitae (CV) of each of the proposed members
• Copy of the share certificate (each shareholder)
• Certified true copy of Form C02 (Return of Allotments)
• Certified true copy of Form C07 (Particulars of Directors)
• Certified true copy of the Memorandum and Articles of Association
• Audited opening statement of affairs
• Company’s Certificate of Incorporation
• Letters of offer and acceptance of employment by management staff
• Written Confirmation by CBN for Management team
• Evidence of registration with the Finance Company’s association
• Written letter containing location, address and commencement date of the business

Reference: guidelines

Office Locations & Contacts

Central Bank of Nigeria - Head Office,
Plot 33, Abubakar Tafawa Balewa Way
Central Business District,
Cadastral Zone,
Abuja, Federal Capital Territory, Nigeria
P.M.B. 0187, Garki Abuja.
Nigeria
Phone: +234 700 225 5226
Toll free line: +234 800 225 5226
Email: [email protected]
Website: Link

Eligibility

Any organization in Nigeria, that intends to set up a Finance Company and involve in Capital Goods Finance business, can apply.

Fees

• Minimum paid-up capital – N 20,000,000.00
• Non-refundable Application fee – N 10,000.00
• Non-refundable Licensing fee – N 50,000.00

Validity

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Processing Time

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Instructions

• Applicants are advised to complete the application form neatly and completely with absolute legibility and appropriateness to avoid rejections.
• Also, all the required documents must be furnished completely.
• Applicants are advised to refer the following document for complete application and licensing guidelines guidelines

Required Information

• Business name
• Registration number
• Incorporation particulars
• Full Address of the premises
• Share capital
• Identity document numbers of the directors
• Identity document numbers of the shareholders
• Phone number
• Email address
• Banking details

Need for the Document

It is mandatory for an organization to obtain a Business license from the Central Bank of Nigeria for establishing a Finance Company and perform activitiesrelated to Capital Goods Financing.

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