Registration of charges in Nigeria.

Registration of charges in Nigeria.

May 06, 2019

According to the Companies and Allied Matter Act (CAMA), every charge must be registered within 90 days of the creation of a such charge. However, when a charge is not registered within 90 days after its creation, the company can apply to the court for extension of time and same will be granted if the court is satisfied that it will not be prejudice to the creditors or shareholders, and that it is just and equitable to grant an extension of time for the registration of such charge.

The procedure for registering charges is as follows;

  1. A duly stamped and sealed Deed with a counterpart copy.
  2. A duly completed Form for notice of charge
  3. Court order where applicable.
  4. Photocopy of previous registered Deed in case of Deed of up stamping.
  5. Payment of fees.

Where the charge is a mortgage, evidence of application for Governor’s consent duly submitted to the appropriate authority must be disclosed.

 

 

 

 

The information in this blog post (“post”) is provided for general informational purposes only, no information contained in this post should be construed as legal advice, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through this post without seeking the appropriate legal or professional advice from the particular facts and circumstances at issue from a lawyer. This post is protected by intellectual property law and regulations. It may however be shared using appropriate sharing tools provided that our authorship is always acknowledged and this Disclaimer Notice attached

More Articles

Search

Connect With Us

Got any questions?

If you are having any questions, please feel free to ask.

Send us an email

Frequently Asked

  • Why must I file Annual Returns?

    It is a mandatory statutory requirement under the Companies and Allied Matters Act to file Annual Returns yearly. 

  • Do I need a Company Secretary?

    A limited liability company (LLC) must have a company secretary.

  • What is an execution clause in a contract?

    This is the section in which the parties sign the contract or agreement.

  • Is there a penalty for late renewal of registration of products with NAFDAC?

    Yes, there is a late renewal fee, which is dependent on the category of the product.

  • What is classified as personal data?

    Name, photograph, personal health/bio information, account/financial information, phone number, Address, date of birth, place of birth, Email address, etc.

  • Can industrial design be protected under copy right law?

    Yes, it can be protected under copyright law as a work of Art.

  • What are the product categories available when registering with NAFDAC?

    The product categories include: Food, Cosmetics, Drug, Medical Device, Agro-Chemicals & Pesticide, Veterinary Products, Vaccines & Biologicals, Herbal and Nutraceuticals and Water

  • Why do i need a Shareholders Agreement?

    You need a Shareholders Agreement to protect your investment in a company.  The shareholders Agreement establishes a fair relationship between all shareholders and sets out how the company is run.

  • Does Trademark registration protect my website domain name?

    Yes, it does.

Call Us Now on +234 901 719 0079 Chat on WhatsApp