Nigeria’s CAC Withdraws N100 Million Minimum Capital for Foreign Companies

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The Corporate Affairs Commission (CAC) has rescinded its earlier directive imposing a minimum paid-up capital of N100 million on companies with foreign participation. The reversal was communicated by the commission through its official social media platform on Friday.

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In a statement, the commission advised its valued customers and the public to disregard the previously issued notice titled “Minimum Paid-Up Capital for Companies with Foreign Participation.” The commission clarified that the initial notice, which focused on paid-up capital rather than issued capital, was grounded in the Federal Ministry of Interior Handbook on Expatriate Quota Administration 2022 Revised Edition, as referenced on page five.

The CAC assured stakeholders that an amended notice pertaining to the aforementioned matter would be issued in due course. This development follows the Commission’s announcement on Tuesday, where it declared the initiation of the implementation of the revised requirement of N100 million in minimum paid-up capital for companies involving foreign participation. It is noteworthy that the pre-existing minimum paid-up capital for such companies stood at N10 million prior to this review.

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