Nigeria corporate banking options in 2024

• Nigeria implemented regulations for Automatic Exchange of Information (AEOI) and Common Reporting Standard (CRS) in 2019. From May 31 2020, the Nigerian Tax Authority (FIRS) is required to share specific financial information on foreign individuals to tax authorities in 105 countries, and can, in exchange, receive the same information of bank accounts held by Nigerian tax residents abroad
• 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;
• Banking 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;
• Unfortunately, all non-resident foreign individuals must obtain a local work permit (CERPAC) before they can be authorized bank signatories to a Nigerian bank account. If required, Healy Consultants Group will assist our clients secure Nigerian employment and residence visas;
• After a foreign-owned company is legally registered in Nigeria and its corporate bank account is opened, the company must obtain an electronic Certificate of Capital Importation (eCCI) from the Central Bank of Nigeria on every injection of foreign capital into Nigeria for investment purposes, or for funding the operations of the enterprise;
• Foreign-owned companies can then use the eCCI as a guarantee for unconditional repatriation of capital and profits, as well as any interests and/or dividends directly generated from their investments;
• Healy 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 NGN388 = US$1;
• As of June 2013, Nigeria is no longer on the FATF blacklist of tax neutral jurisdictions. 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$4,950 (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 5^th 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.