Key Steps to Becoming a Public Limited Company (PLC) in Nigeria
By George NWOGU | BIZVILLE PROJECT MANAGEMENT Limited
Dear Industry Colleagues and Partners,
For a simple guide on important documents for managing an Oil and Gas EPC company, check out my earlier article [Link].
If you’re thinking about turning your company into a Public Limited Company (PLC) in Nigeria, here are the key steps you need to take:
1. Minimum Share Capital
Your company needs to have at least ₦2,000,000 in authorized share capital. At least 25% of this money must be issued and fully paid up.
2. Become a Public Company
You’ll need to officially change your company’s status to a Public Limited Company (PLC). This means updating your company’s documents to show it’s now a public company.
3. Board of Directors
A PLC must have at least three directors (the people who make important decisions for the company). You’ll also need to make sure your company follows good governance practices.
4. Financial Reporting and Audits
Your company must prepare financial statements every year that meet international standards. These statements need to be checked by an independent auditor and submitted to the Securities and Exchange Commission (SEC).
5. Listing on the Nigerian Stock Exchange (NSE)
To go public, your company must apply to be listed on the Nigerian Stock Exchange (NSE). This means meeting their rules, including making sure a certain percentage of your shares are available to the public and following their disclosure rules.
6. Regulatory Approvals
Finally, you’ll need to get approvals from the necessary regulatory bodies, like the Securities and Exchange Commission (SEC) and the Corporate Affairs Commission (CAC), to make sure your company is following Nigerian laws.
These steps are crucial to prepare your company for becoming a PLC, helping you grow your business and gain access to more capital.
Feel free to connect with me if you want to talk more about turning your company into a PLC in Nigeria as I have been successful in turning a business name to a limited liability company in 2020 and turning yours to PLC is not beyond our capability in terms of engaging the regulators and meeting compliance rules.
Source: Nigerian Companies and Allied Matters Act (CAMA)
COO, BIZVILLE PROJECT MANAGEMENT Limited
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