LegalBizPro - CAC Business Guides

Ask around Nigerian business circles and you'll hear the ₦100 million rule quoted like settled law: every foreign-owned company must have ₦100 million in capital, full stop. The reality offers a different view, and understanding where this number actually comes from changes how you should treat it. Myth 1: "It is a CAMA Law" It is not. The Companies and Allied Matters Act (CAMA) 2020, the law CAC administers, sets minimum issued share capital at ₦100,000 for private companies generally. This is nothing close to ₦100 million, and no special CAMA provision singles out foreign-owned companies at that figure. The ₦100 million actually comes from the Federal Ministry of Interior's Revised Handbook on Expatriate Quota Administration (2022), which set ₦100 million in paid-up capital as a condition for granting a Business Permit to a foreign-owned or joint-venture company. It is an immigration-linked requirement, not a company-law one. Myth 2: "CAC Enforces this Uniform...

Fintech has changed how Nigerians handle money. Sending cash, paying bills, buying airtime, saving, using PoS machines, and running their businesses . These apps have replaced a lot of what used to mean a trip to a conventional bank. However, not all fintechs are the same under the law.  The Central Bank of Nigeria (CBN) issues different types of licences for banks, microfinance banks, payment service providers, and mobile money operators. As a result, the licence a company holds decides what it is actually allowed to do. Here are five popular payment and transaction platforms and where they stand. OPay OPay Digital Services is often regarded as the biggest name in the Nigerian fintech space. It handles transfers, bill payments, airtime, and more. By 2026 reports, it had passed 50 million users.  In January 2026, the CBN upgraded OPay's licence to national status, letting it operate across the whole country as long as it keeps meeting compliance and regulatory requirements. Pa...

One of the leading fintech companies in Nigeria, OPay (Opay Digital Services), has dismissed a fast-spreading and malicious social media publication about its cessation of business in Nigeria. According to the false claims, OPay would embark on a prolonged break from September 1, 2026, urging its customers to withdraw or move their funds. Misleading Information  As of the time of writing this article, the fabricated publication has gained traction across social media platforms, purportedly warning OPay customers that fintech would shut down its operations for an extended period. Using its official X and other social media platforms, OPay, described the claim as false, assuring customers that the company remains fully operational. In the statement titled ‘This is FALSE,’ the fintech said: “OPay is not going on break by September. We’re here, and we’re going nowhere!” The company further urged its customers and members of the public to scrutinise the viral publication for inconsisten...

A business registered under the Corporate Affairs Commission is a fundamental legal step. Since companies pay taxes, a Tax Identification Number must accompany that step. Learn why it matters and how to get it sorted out.  What Is a TIN? A Tax Identification Number (TIN) is a unique number issued by the Nigeria Revenue Service (NRS). It identifies your business (or you, as an individual) for tax purposes in Nigeria.  Individuals can have a personal TIN, and registered businesses (whether a business name or a limited liability company) need a separate corporate TIN. Is a TIN the Same as a CAC Certificate? No. Not by any measure. Your CAC certificate proves your business is legally registered and recognized as an entity. Your TIN is what allows that entity to be recognized by the tax authorities and the taxes you pay shows that you still exist. They serve different purposes, are issued by different bodies, and you need both. Why You Need a TIN After CAC Registration It is requi...

It's clear that filing annual returns with the Corporate Affairs Commission (CAC) is a legal requirement for every registered business in Nigeria. Whether that's a business name, limited liability company, or non-profit, the fees must be paid.  The process is fully online now and you need a few, straightforward details to pay your annual returns. This guide helps you understand the requirements, the process, and more!  Information and Requirements for Filing Annual Returns Because each entity type has slightly different requirements, it helps to prepare your documents in advance so you can move through the portal quickly. For Business Name If you're filing annual returns for a registered business name, you'll typically need to provide: Business name Registration number Business address Nature of business Branch address, if any Year of annual return Financial year end Turnover information Net assets information Details of the proprietor or partners Email and phone numbe...

          Source : Reuters If you want to start a business in Nigeria, you need to register it with the Corporate Affairs Commission (CAC). This is the government institution that keeps official records of every business, from a small shop to a big company. But how much does it actually cost? Keep reading!  There are Three Main Options Business Name for one person or a small partnership trading under a name. Private Limited Company (Ltd). A separate legal entity, treated by law as having its own personality.  NGO or Company Limited by Guarantee  As expected, each one has a different price tag. Cost of Registering a Business Name This is the cheaper, simpler option. In 2026, here's roughly what you'll pay in official CAC fees: Name search fee: about ₦1000 Registration fee: about ₦20,000 Stamp duty charges: about ₦2,000 Total official cost: around ₦21,500 to ₦25,000, depending on small extra charges. If you hire an agent or consultant to handle...