Nigeria
Corporate Guide

Are there any filing requirements for a change of directors or a change in shareholding in Nigeria?

A Nigerian company is required to notify the CAC of any appointment, removal or change in the details of a director within 14 days of passing the requisite resolution. While there are no filing requirements for the transfer of shares provided in CAMA 2020, the CAC accepts share transfer instruments and the resolution of the board approving such transfer for filing within 15 days from the date of the board resolution. Such transfer of shares must also be recorded in the register of members of the company. Furthermore, every Nigerian company that allots new shares must, within 15 days of the allotment, file a return of allotment with the Commission indicating the number of shares allotted and the changes to the company’s shareholding. Further, persons with significant control in any Nigerian company must disclose the details of such control to the company within seven days of coming into control. Accordingly, the changes to the shareholding which affect the persons with significant control must be filed at the CAC by the company within one month from the date of the change(s) to the persons with significant control.