The Corporate Affairs Commission has issued fresh guidelines to assist Deposit Money Banks in the ongoing recapitalisation.
The commission, in a statement signed by its management and posted on its Facebook account on Friday, said the new directive was under its powers under Section 8 (1) (e) of the Companies and Allied Matters Act No. 3 of 2020.
It urged banks to immediately adhere to the policy.
It stated that the new guidelines were issued to guide proper filing for new incorporations, increase in share capitals, mergers and upgrade or downgrade of licence authorisation.
For new incorporations, the CAC stated that intending applicants must submit requirements, including “an approved name reservation or availability, approval-in-principle from sector regulator, duly completed on-line incorporation form and payment of stamp duty and filing fees for the category of license authorisation.”
It added that a certificate of incorporation will be issued within 24 hours for applications that satisfy all requirements for incorporation of companies prescribed in the commission’s operations checklists available at www.cac.gov.ng/resources.
Also, it noted that banking institutions seeking to increase their share capital through private placements, rights issues and/or offers for a subscription must submit a duly signed company resolution, return of allotment and other statutory declaration by directors verifying that the issued share capital is fully paid- up
“Notice of the fact that regulatory approval is required, an affidavit deposed to by a director of the company to the effect that regulatory approval is required for the increase, an amended memorandum of association reflecting the new share capital.
“Payment of stamp duties and filing fees, Issuance of a letter acknowledging notice of increase and requirement of regulatory approval, filing of regulatory approval and the issuance of a certificate of increase,” it added.
