Bank accounts are important for the smooth operations of businesses across the world, for remitting monies and facilitating all types of financial transactions. Before opening a bank account, you may want to shop around and find a bank that is not only convenient to you, but offers you the best deal.

MyIncorporation Nigeria takes care of the concerns of her clients in this regard by taking into consideration the specific needs of individual client.

Nigerian banks are currently enjoying the dividends of consolidation, mergers and acquisitions. In a 2014 edition by The Banker magazine of the Financial Times Group, thirteen Nigerian banks have been listed among the leading 1000 Global Banks.

Holding a business bank account in Nigeria offers the following benefits:






















Opening a bank account for your business is easy and quite straight forward as long as all the required documentation is provided to officials at your preferred bank.


  • A duly completed Account Opening Form: The account opening form consists of a series of questionnaires aimed at collecting important and private information about an intending bank customer – the company and the promoters of the company. It is similar to the Know-Your-Customer. In this document, the customer is expected to provide information ranging from the name of the corporate applicant, registered address, details of directors, next of kin, to standing instruction.
  • Certificate of Incorporation: The Certificate of Incorporation is a legal document which represents an evidence of registration at the Corporate Affairs Commission. Usually printed on a special paper, the Certificate of Incorporation consists of details such as the company’s RC Number, the Name of the Company, the date of Incorporation, the Certificate’s serial number, authenticity features, and the Registrar General’s signature.
  • Certified True Copies of the Memorandum and Articles of Association: The Memorandum and Articles of Association is a document that spells out the objectives of the company and a statement made by each subscriber confirming their intention to form a company and become a member of that company. The MEMART as it is commonly called, is the legal document that governs the company and the outside.
  • Certified True Copies of: Form Co2 (Details of Shareholding & Allotment); Form Co7 (Particulars of Directors) and Form 2.1 (Particulars of Company Secretary): The importance of these forms is that they consist of information about the company and its directors such as you have submitted to the Corporate Affairs Commission. Hence, they must be a Certified True Copy of the exact documentation in CAC’s custody. Apart from Form Co2 & Co7, banks now request a copy of Form 2.1 where the company secretary is stated.

  • Board Resolution: Nigerian banks will usually request you provide an extract of meeting where the bank was unanimously appointed as the company’s preferred banker. Although some banks already have a format of this resolution included in the account opening package given to you, others will request that you present a copy of this on your company’s letterhead, signed by an authorized signatory or by the company’s managing director.

  • Specimen Signature Cards: The specimen signature card is an official copy of your signature that is kept on file and if needed in the future can be used to verify if a signature is genuine.

  • Individual Means of Identification of the Directors/Signatories: Among list of identification document accept in Nigerian banks include the data page of a valid national passport, a valid driver’s license, and a valid national identification card. Some banks may accept a Voter’s Registration Card or a recognized identity card of your employer. However, non-Nigerians are usually requested to provide the data page of their national passport.
  • Two Passport-sized Photographs of each Signatory to the Account: This does not need any further explanation. However, you will do well to ensure that you provide a recent, coloured 2×2 inches (51x51mm) picture.
  • Utility Bill of the Business Address: The banks will request you provide an evidence of your business address in order to check-mate the tendency of a customer giving out fictitious business addresses. Documents usually accepted as an evidence include a recent (not more that 3 months) electricity bill stating clearly the address of your business, water bill and waste disposal bill. In addition, officials of these banks often do a physical confirmation of the business address at an unscheduled time.
  • Power of Attorney (optional): A power of attorney is the power or right you give to an individual or agency to act on your behalf or to represent you or your company at the bank in situations that warrant it. Such circumstances may include collection of statements of account, submission of confidential documents, account balances and subsequent liaison with the bank.
  • Letter of Indemnity (where applicable): A letter of indemnity is a legal document guaranteeing that contractual provisions will be met, otherwise financial reparation will be made. The Letter of Indemnity is usually included in the account opening package so you don’t need to prepare one all by yourself. All you need to do is append your signature to it agreeing to the terms and conditions. However, you might need to study the terms and conditions very well and ask questions from your professional adviser should you have any doubt.
  • Two Independent and Satisfactorily Completed Reference by Corporate Account Holders: You will also be required to provide two independent bank references who will attest to your suitability to operate a corporate bank account. The referees must be a private limited company in Nigeria and operating a bank account for at least 6 months in your preferred bank or other banks in Nigeria. References are often confirmed by banks.
  • Residence/Work Permit (for non-Nigerians): Any foreigner who own a Nigerian company and wish to be a signatory to a corporate account in any Nigerian bank will be required to present a copy of their residence/work permits.
  • SCULM Registration (where applicable): The SCULM is an abbreviation of the Standard Control Unit against Money Laundering. Banks are required to obtain an evidence of SCULM registration for certain nature of businesses. These nature of businesses include: dealers in jewelleries, luxury goods, professional service providers and consulting firms, hotels & hospitality, vehicle dealers, real estate, construction companies, supermarkets, etc. The SCUML is an arm of the Economic and Financial Crimes Commission and the agency is charged with the responsibility of monitoring, supervising, and regulating activities of Designated Non-Financial Institutions in line with the Money Laundering Prohibition Act 2011.
  • Tax Identification Number: You will also be required to provide the tax identification number issued to your company at the Federal Inland Revenue Service (FIRS).
  • Initial Deposit: Finally, a specified account opening initial deposit will be required of you to complete this banking process. There is no standard figure placed by these banks. However, initial deposits is known to range from N5,000 ($32) to as high as N250,000 ($1563) depending on the bank in question and the branch location. It is worthy of mention that the quality of a bank is not linked to the amount requested as initial deposits. Certain charges are usually also deducted from the initial deposits such as issuance of cheque book, company search at the Corporate Affairs Commission, Internet Banking Token, etc.

Once all these requirements have been presented by you, the bank account will be opened in 2 to 3 days or at most 1 week after all the documents have been duly verified by the bank.


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