The Trusted Advisors. Top tier Law firm in Lagos Nigeria
  • Home
  • About Us
  • Practice Areas
    • Dispute Management & Resolution
    • Corporate & Commercial
    • Admiralty
    • Employment & Labour Law
    • Fiscal & Finance
    • ICT & Media
    • Property
    • Data Protection
  • Our Team
  • Gallery
    • Department
    • TTA Internal Moot Competition
    • TTA Customer Service Week
    • Staff Send Forth
  • Insights
  • Competition
  • TSC
  • Careers
  • Contact Us
Select Page

REQUIREMENTS FOR OPENING A BANK ACCOUNT AS A FOREIGNER IN NIGERIA

by trustedadmin | Feb 23, 2023 | Business, Insights | 0 comments

REQUIREMENTS FOR OPENING A BANK ACCOUNT AS A FOREIGNER IN NIGERIA | The Trusted Advisors

Foreign persons/companies are welcome to open bank accounts in Nigeria, provided all the necessary conditions are met. This is often necessary as opening a bank account is a pre-requisite to doing business or setting up a company in Nigeria.  In addition, with a corporate/ business bank account, foreign companies are better able to monitor their finances and comply with other regulatory requirements.

To open a bank account in Nigeria as a foreign person, you must be a resident of Nigeria.[i] This is because a residence permit and evidence of a physical address in Nigeria are some of the required documents necessary to open a bank account.

READ ALSO: ACQUISITION OF REAL ESTATE BY ALIENS IN NIGERIA

Furthermore, a foreigner, whether as an individual or company, would need to obtain a Bank Verification Number (BVN).[ii] All account holders with Nigerian banks must have a BVN, foreigners inclusive. Thus, a foreigner is advised to visit any bank in Nigeria to obtain a BVN. Where the foreigner is not within Nigeria and wants to enroll from his/her location outside the country, he/she may make an inquiry to the nearest Nigerian embassy for the procedure for enrolling for the BVN in that foreign country.

Although the procedure for opening a bank account in Nigeria as a foreigner may differ from bank to bank, the documentary requirements are essentially the same. The following is a checklist of documents required to open a bank account as a foreign company in Nigeria[iii]:

  • Certified Memorandum and Articles of Association
  • Corporate Affairs Commission (CAC) Certificate
  • A company seal (if available)
  • Resolution from the Board of Directors/Proprietor authorizing the opening of the account and approving the account signatories
  • Company Tax Identification Number (TIN)
  • Certified true copies of incorporation documents
  • Utility bill showing physical address
  • Business permit & Residence permit
  • Bank Verification Number (BVN) of a director/proprietor
  • Completed Corporate Account opening form signed by designated signatories
  • Means of Identification by directors/proprietors
  • Passport Photograph of signatories
  • Personal details of the directors
  • Two (2) duly filled reference forms by corporate account holders
  • Special Control Unit Against Money Laundering (SCUML) registration, where applicable
  • Minimum Opening Balance of N5,000 – N10,000 depending on the particular bank

READ ALSO: SALVAGING FOREIGNERS FROM LOSS OF BUSINESS IN NIGERIA: A LEGAL PERSPECTIVE

CONCLUSION

Banks in Nigeria provide a wide range of services that a foreigner may take advantage of, such as the transfer of funds outside the country, internet banking, credit and debit cards, maintaining multi-currency accounts, etc.[iv] The specific service may vary from bank to bank, therefore, it is advised that when selecting a desired bank, attention should be placed on the type of services they render, amongst other things. It is advised that foreigners also choose a bank with a branch in one’s foreign country.

Opening a bank account in Nigeria as a foreigner can be a seamless process, provided that all the necessary documents are readily available.


[i] Resolution Law Firm, Can a Foreigner Open a Bank Account in Nigeria https://www.resolutionlawng.com/can-a-foreigner-open-a-bank-account-in-nigeria/ Accessed on February 10, 2023

[ii] Ibid

[iii] Aziza.com.ng, Guide to Open Business Bank Account as a Foreigner in Nigeria https://www.aziza.com.ng/guide-to-open-business-bank-account-as-a-foreigners-in-nigeria/

[iv] Ibid

Written by Omolumo Adeife for The Trusted Advisors

Email us: [email protected]

Telephone Number: +234 810 159 9159

Submit a Comment Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • Legal considerations on animal cruelty in Nigeria
  • FREE TRADE ZONES IN NIGERIA: LEGAL FRAMEWORK, INCENTIVES AND OPPORTUNITIES FOR INVESTMENT
  • HOW TO MAKE AN INSURANCE CLAIM IN NIGERIA
  • BENEFITS OF DATA PROTECTION COMPLIANCE TO ORGANIZATIONS IN NIGERIA
  • AN OVERVIEW OF THE RIGHTS OF BANK CUSTOMERS IN NIGERIA

Recent Comments

    Video Gallery

    Subscribe to our Newsletter 


    Quick Links

    Home

    About

    Practice Area

    Careers

    Contact

    Copyright 2021. All rights reserved. The Trusted Advisors

    • Follow
    • Follow
    • Follow