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(1) CBN orders closure of bank accounts of unregistered associations, churches, clubs, town unions, or foundations. These associations or societies must register with the Corporate Affairs Commission and provide their registration documents to the Banks to enable them run their account.    (2) SEC now requires Issuers to provide “No-Objection” letter from their primary regulators as a prerequisite for the Commission’s approval of proposed transactions.   (3) All CMOs are now required to submit their Audited Financial Statements electronically to afs@sec.gov.ng, a dedicated email created by SEC, in a selectable and searchable PDF format (not exceeding 15MB).

CERTIFICATE OF CAPITAL IMPORTATION ADVISORY

A Certificate of Capital Importation (CCI) is a certificate issued by an Authorised Dealer (the Bank), on behalf of the Central Bank of Nigeria. It is issued to a foreign investor as evidence of importation of cash (foreign currency inflow) for direct capital investment either as equity or debt/loan; and also, for importation of machinery and equipment for investment as equity or debt/loan. It guarantees the repatriation of dividends and capital out of the country, at the official market rate.

In 2016, the CBN automated the process and migrated to the use of electronic CCI (e-CCI), hosted on a platform maintained by the CBN and as such hard copies certificate are no longer issued by the Banks.  

RUBYLEX LP offers CCI advisory services to assist foreign companies with investments in local companies and/or their local subsidiaries to obtain CCI for repatriation of profits or investments in the event of a divestment. Our dedicated team has the requisite experience to provide the CCI advisory and support services to foreign companies.

Our services include:

  • General advisory in respect of obtaining CCI
  • Drafting and collation of the relevant documentation required by the Authorised Dealer to obtain the CCI
  • Processing the application for the issuance of the CCI and obtaining the CCI
  • Assisting with the process of transfer and conversion of the CCI by virtue of a merger or acquisition, assignment or conversion of loans
  • Confirmatory audit on the status of the CCI and accuracy of the information on the CCI
  • Dematerialisation of the CCI
  • General liaison with the Authorised Dealer (i.e., the Bank)

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RubyLex LP is a law firm committed to providing bespoke services with a focus on governance, compliance and business support to homegrown, startups and international clients with business interests across all sectors of the Nigerian economy.

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Lagos, Nigeria.

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