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Minimum share capital requirements in Nigeria

Certain designated businesses have an industry-prescribed minimum share capital requirement in Nigeria. The corporate affairs commission notifies the general public of these requirements. These are also typically published on the websites of the various regulatory agencies in charge of regulating these industries.

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What are shares?

Shares are small pieces of ownership in a business.  It represents the percentage of ownership in a company and can be a form of asset that can be given to investors in exchange for capital. The shares of a company are owned by the shareholders. 

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What is minimum share capital?

Minimum share capital is the minimum amount of assets a company must have. The purpose of this capital is to make sure that if a company goes bankrupt or has trouble with its finances, it has enough equity to pay its creditors. Therefore, various industries have specific minimum share capital requirements that a company must have before incorporating a business or going public.

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What is a minimum issued share capital?

A company’s minimum issued share capital is the lowest amount of shares that the company can give to its shareholders. It mostly represents the monetary value of the shares that the company gives to its shareholders (which includes investors) in exchange for capital or other forms of consideration.

The major difference between the minimum share capital and the minimum issued share capital is that the former is simply the lowest value of shares the company has while the latter is the lowest value of shares that the company can or is permitted to  give to its shareholders either as a gift; in exchange for capital investment; for any other form of consideration.

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Minimum share capital for foreign companies in Nigeria

Foreign companies that seek to do business in Nigeria must register with the Corporate Affairs Commission and other relevant government agencies depending on the sector the company operates in. The minimum share capital requirement of a foreign-owned company in Nigeria is One Hundred million naira (100,000,000). This is in line with the revised handbook on expatriate quota administration. This is particularly the case if the foreign company would like to obtain expatriate quota for foreign staff in Nigeria.

Read More on the requirement for registering a foreign company in Nigeria 

Minimum share capital for companies in Nigeria

The Corporate Affairs Commission provides for a minimum issued share capital of N100,000 for private companies limited by shares and N2,000,000 for public companies limited by shares.

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Industry-prescribed minimum share capital

Certain industries have a prescribed minimum share capital in Nigeria. The Securities and Exchange Commission (SEC), the Central Bank of Nigeria, the Corporate Affairs Commission and other regulatory authorities have listed minimum share capitals for various market operators, some of which are:

  Sector Required Minimum Share Capital
1. Agents of Foreign Airlines 1 Million
2. Agricultural Seed, Productions, Processing, Marketing 10 Million
3. Air Ambulance/Fumigation/Private Jet 20 Million
4. Air Transport (International) 2 Billion
5. Air Transport (Local) 500 Million
6 Air Transport (Regional) 1 Billion
7 Asset Management (Intangible Assets) 300 Million
8 Aviation (Air Transport Training Institutions) 2 Million
9 Aviation (Ground Handling Services) 500 Million
10 Brokers/Dealers 300 Million
11 Bureau De Change 35 Million
12 Cabotage Trade 25 Million
13 Capital Trade Point 20 Million
14 Closed Pension Fund 500 Million
15 Commercial Bank with International Authorization 50 Billion
16 Commercial Bank with National Authorization 25 Billion
17 Commercial Bank with Regional Authorization 10 Billion
18 Commodities Broker 40 Million
19 Composite Insurance 18 Billion
20 Consultant (Partnership, Individual and Corporate) 2 Million, N500,000 and 5 Million respectively
21 Corporate Investment Adviser (Registrar) 150 Million
22 Corporate Investment Adviser 5 Million
23 Corporate/Sub Broker 5 Million
24 Finance Company 20 Million
25 Freight Forwarding 5 Million
26 Fund/Portfolio Manager 150 Million
27 General Insurance 10 Billion
28 General Micro-Insurance 200 Million
29 Individual Investment Adviser 2 Million
30 Insurance Broker 5 million
31 Issuing House 200 Million
32 Life Insurance 8 Billion
33 Life Micro-Insurance 150 Million
34 Lottery 5 Million
35 Market Maker 2 Billion
36 Merchant Bank 15 Billion
37 Microfinance Bank (National) 5 Billion
38 Microfinance Bank (State & FCT) 1 Billion
39 Microfinance Bank Unit (Tier 1) 200 Million
40 Microfinance Bank Unit (Tier 2) 50 Million
41 National Microinsurer 600 Million
42 Non-Interest Bank (National) 10 Billion
43 Non- Interest Bank (Regional) 5 Billon
44 Payment Service Bank 5 Billion
45 Pension Fund Administrator 1 Billion
46 Pension Fund/ Asset Custodian 2 Billion
47 Primary Mortgage Institution 2 Billion
48 Private Security Company/ Consultant 10 Million
49 Rating Agency 150 Million
50 Re- Insurance 20 Billion
51 Shipping Company/ Agent 25 Million
52 Sports Lottery 30 Million
53 State Microinsurer 100 Million
54 Stock Broker 200 Million
55 Stock Dealer 100 Million
56 Takaful Insurance (General and Family Takaful) 200 Million
57 Travels/Tours 30 Million
58 Trustee 300 Million
59 Underwriter 200 Million
60 Unit Microinsurer 40 Million
61 Venture Capital Manager 20 Million


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5 thoughts on “Minimum share capital requirements in Nigeria”

  1. Light Amarachi Samuel

    How many share capital can a mining/quarrying company be registered in Nigeria under the Corporate Affairs Commission

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