The Corporate Affairs Commission (CAC) has withdrawn its directive imposing a minimum paid-up capital of one hundred million naira for companies with foreign participation.
The announcement of this reversal was made by the commission through its official social media handle on Friday.
The CAC urged its valued customers and the general public to disregard the earlier notice titled “Minimum Paid-Up Capital for Companies with Foreign Participation.”
The commission clarified that the initial notice, which emphasized paid-up capital rather than issued capital, was based on guidelines outlined in the Federal Ministry of Interior Handbook on Expatriate Quota Administration 2022 Revised Edition, specifically mentioned on page five.
The commission assured stakeholders that a revised notice addressing the issue would be issued in due course.
“Our dear esteemed customers and the general public are hereby advised to disregard our earlier issued notice titled “Minimum Paid-Up Capital for Companies with Foreign Participation”,” the commission said on X.