Most investors contemplating to do business in Nigeria are always asking the following question before planning- can a foreigner be a director in a Nigerian company? The answer to this question is Yes.
The Nigerian governing law for a company registration or business formation is the Companies and Allied Matters Act (CAMA) LFN 2004. The CAMA allows a foreigner to establish a company in Nigeria and own same 100%. The law also does not preclude a foreigner from being a director in a Nigerian company. Consequently, a foreigner seeking to do business in Nigeria can be a director of a Nigerian company.
However, a foreigner may not be a Managing Director of a Nigerian company unless such foreigner has obtained a requisite work permit, specifically the Combined Expatriate Residence Permit and Aliens Card (CERPAC).
A foreigner seeking to establish a new company in Nigeria or become a Director of an existing Nigerian company may seek further consultation with the business lawyers in Nigeria for advisory.
By Corporate & Commercial Law Department at Resolution Law Firm