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

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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. 
  • Must my Company Secretary be a Lawyer?

    Although it’s ideal to have a lawyer as a company secretary, it is not compulsory for small private businesses.
  • Why is mutual assent important in a contract?

    This is one of the key elements of a contract because is shows the meeting of the minds of both parties
  • What are the product categories available when registering with NAFDAC?

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  • Can I use the data collected legally for one purpose for another purpose?

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  • What is eligible for Patent registration?

    Patents are granted for the invention of products or processes. However, for it to be patentable, the invention

    • Must be new,
    • Must have an inventive step that is not obvious to someone with knowledge and experience in the subject,
    • Must be capable of being made or used in some kind of industry and not be, a scientific or mathematical discovery, theory or method, a literary, dramatic, musical or artistic work, a way of performing a mental act, playing a game or doing business, the presentation of information, or some computer programs, an animal or plant variety, a method of medical treatment or diagnosis,
    • And must not be against public policy or morality.
  • What will happen if I buy the wrong category of forms with NAFDAC?

    Nothing, the purchased form will be in your account for future use.

     
  • Can my kids be shareholders in my company?

    Yes your kids can hold shares in your company but there must be a minimum of two adult shareholders before kids can be included.
  • Does Trademark registration protect my website domain name?

    Yes, it does.
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