The Nigeria Startup Act, 2022

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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).

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