On the 5th of December, 2023, the Corporate Affairs Commission [the Commission] released a public notice stipulating that companies involving foreign participation must now maintain a minimum paid-up capital of N100,000,000 (One Hundred Million Naira). This adjustment aligns with the guidelines outlined in the Revised Handbook on Expatriate Quota Administration (2022).

Consequently, any application for the incorporation of a company with foreign involvement will only be considered if it adheres to the specified requirement. Existing companies with foreign participation possessing a paid-up capital below N100,000,000 are urged to ensure compliance within six (6) months from the notice date. Failure to do so may result in the initiation of compulsory winding-up proceedings by the Commission, as per the provisions of section 571(e) of the Companies and Allied Matters Act, 2020.