CAC Issues Fresh Guidelines For Banks Recapitalization, Merger

“Payment of stamp duties and filing fees, Issuance of a letter acknowledging notice of increase and requirement of regulatory approval, filing of regulatory approval and the issuance of a certificate of increase.” Under this category, the commission warned that the notice of the fact that regulatory approval is required must be filed in accordance with the provisions of Section 127 (3), (4) & (5) of CAMA.

Other requirements include,“Notice of the fact that regulatory approval is required, an affidavit deposed to by a director of the company to the effect that regulatory approval is required for the increase, an amended memorandum of association reflecting the new share capital.

Furthermore, financial institutions aiming to boost their capital share via private placements, rights issues, and/or subscription offers are required to provide a company resolution, return of allotment, and other statutory declarations signed by directors confirming the full payment of the issued share capital.

In the case of new incorporations, the CAC specified that applicants must provide essential documents such as an approved name reservation or availability, preliminary approval from the sector regulator, a completed online incorporation form, and payment of stamp duty and filing fees based on the type of license authorization.

“Annual returns and information on persons with significant control must be filed up-to-date, and certificate of increase shall be issued within 24 hours of filing of regulatory approval,”it said..

Read Full Story