Nigeria support services

Nigeria corporate banking options

    Nigeria banking options with Citibank
  • The banking sector in Nigeria is primarily regulated and controlled by the Central Bank of Nigeria, and the Nigerian Deposit Insurance Company. These institutions are set up through an Act of Parliament to regulate and control the financial activities and to monitor the players within the Nigerian banking system;

  • By virtue of the provisions of the Central Bank of Nigeria Foreign Exchange Manual, the following entities among others are considered eligible to open non-resident bank accounts with Nigerian banks: i) foreign companies executing approved contracts in Nigeria, ii) overseas correspondence and examination bodies and iii) foreign professional bodies;
  • To support Nigeria company formation, local banks provide full range of company bank account facilities including multiple currencies, internet banking, telephone banking, checking accounts, savings accounts, debit and credit cards, and wealth management services;
  • first bank - corporate banking for Nigeria business entityBanking service is generally of a very poor quality in Nigeria. To receive the best internet banking and customer service, Healy Consultants recommends using the services of international banks including Standard Chartered and Citibank, following Nigeria business formation. Local banks can be used where appropriate for the company. Local banks in Nigeria include First Bank of Nigeria, United Bank of Nigeria, and Zenith Bank;
  • Healy Consultants’s Compliance Team can open an international company bank account within 2 weeks after completing company formation. There is a chance that the Client will have to travel in order to open the account, though Healy Consultants makes every effort to minimize this probability. Following bank account approval, the preferred bank will directly and independently email our Clients the corporate bank account number;
  • standard chartered bank for Nigeria bank accountHealy Consultants also assists Clients with trade finance tasks including i) bank guarantees ii) letters of credit iii) finance against trust receipt iv) document against payment and against acceptance;
  • Healy Consultants assists in securing corporate finance in the form of a loan, overdraft, or simply preferential credit terms if requested by the Client;
  • There is no limitation on the inflow or outflow of funds for remittances of profits, debt service, capital, capital gains, and returns on intellectual property or imported inputs. The Nigerian currency is the Naira and it has a current exchange rate of NGN 9.91 = US$1;
  • stanbic IBTC bank - Nigeria banking systemAs of June 2013, Nigeria is no longer on the FATF blacklist of tax havens. Consequently, Nigeria banks are not obliged to share customer information with international governments.
  • Healy Consultants will be pleased to open a Nigerian corporate bank account for our Clients. Our fee for such service is US$1,850 (without travel). Our Client will not have to travel for this engagement. It is a time consuming task, Healy Consultants will shelter our Client from the administrative challenges. As you can appreciate, it is a difficult task to obtain bank account approval through a newly formed company, when shareholders and directors and bank signatories reside overseas. Healy Consultants will prepare a business plan for the bank to optimize the probability of corporate bank account approval;
  • Commercial banking institutions in Nigeria have ceased to accept foreign currency cash deposits or withdrawals as of 5th August 2015, following a directive by the Central Bank of Nigeria (CBN). So, all domiciliary account holders wishing to deposit foreign currency in their accounts must only do so through wire transfers.

Frequently asked questions

Contact us

For additional information on our company formation services in Nigeria, please email us at email@healyconsultants.com. Alternatively please contact our in-house country expert, Mr. Paavan Chhabra, directly:
client relationship officer - Paavan
Central bank of Nigeria Nigeria customs service (NCS) Financial services regulation coordinating committee (FSRCC) in Nigeria The lagos chamber of commerce and industry Federal ministry of finance in Nigeria