How to open a business account in Nigerian Banks

How to open a business account in Nigerian Banks – Opening and operating a business account in Nigerian banks is different from running an individual account in terms of its requirements and documentations. To be able to own a business account, the business must be duly registered with Nigeria’s Corporate Affairs Commission (CAC) or by a relevant agency depending on the nature of business.

A business account generally falls under tier three KYC level and all its documentations must comply with the CBN policy on tier three accounts.

For easy understanding I’m going to divide the requirements into two, one for the account signatories and the other for the business itself.

REQUIREMENTS FOR INDIVIDUAL SIGNATORIES

The following are required from individual signatories of a business bank account in Nigeria:

1. A valid primary ID card
2. Means of address verification (utility bill, etc)
3. Two passport photograph
4. A duly filled and signed mandate form
5. Tax identification number (TIN)

DOCUMENTS REQUIRED FOR THE BUSINESS

The following documents are required from the business before opening and operating the account:

1. Documentary evidence of address
2. 2 references
3. 2 Passport photograph
4. Valid ID of all signatories
5. Residence Permit (Foreigners)
6. Forms CO7 and CO2
7. Certificate of Incorporation / Business Registration
8. Memorandum and Article of Association
9. Board resolution
10. Search report
11. Duly executed Terms & Conditions

Note that all these documents will be verified by the bank and as such ensure they all valid and authentic, the bank will also conduct a search report with your CAC certificate to verify the existence of the business with their legal unit which you will be required to pay a total sum of N5,000 for the search. As a checking account, you will be charged for your cheque booklet.

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