In continuation of our series on the minimum share capital requirements for different types of companies, Part 2 contains the requirement for companies ranging from banks to companies dealing with aviation and lottery.

S/No.Types Of CompanyMinimum Share CapitalJustificationCertificate Required
25.Private Security Guards/Consultants N10MGuideline on requirement for registration of private guard security companies made pursuant to Nigerian Securities And Civil Defense Corps Act No 2 Of 2003At least one director should be a retired security officer
26Pension Fund AdministratorN150MPension Reform Act 2004 requirement for licensing of pension fund custodians, February, 2005
27Pension Fund/Asset CustodiansN2BSame as above
 28293031Travel AgencyNIL Nigerian Civil Aviation Authority Regulation
Air Transport (International)N2B
Air Transport (local )N500M
Air Transport (regional)N1B
32333435363738BanksN25BCentral Bank of Nigeria regulation“““““Approval in principle from CBN
Micro-Finance BankN20M
Bureau De ChangeN35M
Bureau De ChangeN35M
Finance CompanyN20M
Primary Mortgage InstituteN100M
Credit BureauN500M
Asset ManagementN20M
39Equipment LeasingNILNILNIL
40LotteryN5MNational Lottery Act 2005. National Lottery Amendment Regulation 2007 S. 2 (1)6
41Pharmaceutical BusinessNILPharmacist Council Of Nigeria Decree No. 91 Of 1992 s. 1 (a) and s. 10 (1)Certificate issued by the Pharmacist Council Of Nigeria
42Engineering Firms & ConsultantsNILEngineering Registration etc Act Cap E11 2004. s. 1Certificate issued by the Council for the Regulation of Engineering in Nigeria
43Hospital/ClinicsNILMedical & Dental Practitioners Act Cap 221 L.F.N 1990Certificate issued by Medical & Dental Council of Nigeria
44Consulting FirmsNILCorporate Affairs Commission RegulationAt least one director should have professional certificate in relevant field
45ArchitectureNILCertificate issued by Nigeria Institute of Architecture
46Training And Advisory ServicesCorporate Affairs Commission RegulationAt least one director should have professional certificate in relevant field

In part 3 of this series, we will conclude our list with other companies and their minimum share capital requirements.
For questions or clarifications on this or other legal topics, contact us.