Business Permit, Expatriate Quota and other services


The Citizenship and Business Department has responsibility for administering and enforcing the provisions of the Immigration Act, 2015 related to the establishment of business in Nigeria and the employment of expatriates. In other words, the Department is entrusted principally with the following responsibilities;

  • Issuance of Business Permit and expatriate Quota positions
    • Monitoring the execution of the quota positions granted in order to ensure the effective transfer of technology to Nigerians and eventual indigenization of the positions occupied by the Expatriates.

All applications by Companies for Business Permit and Expatriate Quota should be accompanied by the following documents:


For only Joint Venture and Wholly Foreign Owned Companies.

NOTE: For Business Permit, the Authorized share capital must not be less than 100 million in respect of each Company.

  • Certificate of Incorporation;
  • Memorandum and Article of Association;
  • Feasibility Report (should be certified or registered with Corporate Affairs Commission (CAC).
  • Corporate Affairs Commission’s CAC Form C02 & C07 OR CAC 2.2, CAC 2.3 & CAC 2.5 OR CAC 1.1
  • Joint Venture Agreement for partnership venture between Nigerian and Foreigners (original to be presented for sighting).
  • Company’s Current Tax Clearance Certificate (Original to be presented for sighting).
  • Lease Agreement for C of O for operating premises (original to be presented for sighting).


  • Certificate of Incorporation.
  • Memorandum and Article of Association.
  • Feasibility Report (should be certified or registered with Corporate Affairs Commission (CAC).
  • Corporate Affairs Commission’s CAC Form C02 & C07 OR CAC 2.2, CAC 2.3 & CAC 2.5 OR CAC 1.1
  • Upload CAC Memorandum for Guidance Of Applicants (FOR NGOs, Religion Bodies, Educational Bodies e.t.c)
  • Joint Venture Agreement for Partnership Venture between Nigerian and Foreigners (original to be presented for sighting).
  • Company’s Current Tax Clearance Certificate (Original to be presented for sighting).
  • Lease Agreement for C of O for Operating Premises (original to be presented for sighting).
  • Evidence of Imported Machinery such as; Form M, Pro Forma invoice, Shipping Documents and Clean Certificate of Inspection issued by Government appointed Pre-Shipment Inspection Agents.
  • License / Permit / Certificate from relevant Government Agencies / Department / Ministries for the Operation or Execution of Project if Company is Engaged in oil Services, health care services, fishing, mining, constructions (Work Registration Board), etc. (original to be presented for sighting).
  • Evidence of work at hand, its duration and value attached to the contract(s) if the Company is engaged in building, Civil Engineering, Construction, etc. (original to be presented for sighting).
  • Proposed Annual Salaries to be paid to the Expatriates to be recruited indicating Designation, Names, Jobs Description and Qualifications (CV and copies of credentials of Expatriates to be attached).


  • Corporate Tax Clearance Certificate (original to be presented for sighting).
  • Current Tax Clearance Certificate of the Expatriates (original to be presented for sighting).
  • Expatriate Quota Returns for the three months preceding the date of approval;
  • Detailed Training Program for Nigerians.
  • List of Nigerians understudying Expatriates on prescribed format showing Date Employed, Qualification, etc.
  • List of Nigerian Senior/Management Staff showing names Designations, Qualifications, Salaries Per Annum.
  • Current Audited Accounts and
  • Annual Income Tax Clearance Certificate of the Expatriate staff (original to be presented for sighting).


  • Corporate Tax Clearance Certificate (original to be presented for sighting).
  • Current Tax Clearance Certificate of the Expatriates (original to be presented for sighting).
  • Expatriate Quota Returns for the three months preceding the Date of Approval.
  • Detailed Training Program for Nigerians.
  • List of Nigerians understudying Expatriate on prescribed format showing Date Employed, Qualification, etc.
  • List of Nigerian Senior/Management Staff showing names Designations, Qualifications, Salaries Per Annum.
  • Certified Current Audited Accounts.
  • Annual income tax Clearance Certificate of the Expatriate staff (original to be presented for sighting).
  • Evidence of Acquired Machinery or Expansion if Company is engaged in manufacturing in Form C of Inspection (CCI) issued by Government appointed Pre-Shipment Inspection Agents.
  • Evidence of new contract if Company is engaged in Construction/Engineering and Oil (original to be presented for sighting) see b (ii) for guidance and
  • Evidence of acquired farm/factory if Company is engaged in agro-allied business (original to be presented for sighting).


  • In applying for Restoration, there must be reasons and proof for the reactivation and revitalizing the company i.e. Previously Depressed Economy, increased demand for the Company’s Product / Services and Acquisition of New Machinery i.e. Clean Certificate of Inspection (CCI) issued by Government appointed Pre-shipment Inspection AGENTS


  • In cases where a Company has difficulty in filling or owing to Exigency of Operations, it is at liberty to apply for the Re-Designation of the affected position and this will be considered, purely on its own merit.


  • The main reason for the granting of a PUR Quota slot for which a Certificate would be issued is to enable the Foreign Subscriber(s) adequately protect their interest and to give them a sense of greater commitment. The criteria and documents required for PUR are:


  • The minimum Share Capital should be N100 Million.
  • Appreciable net profit of which not less than N2 million has been paid as Corporate Tax (original to be presented for sighting).
  • Certificate and Detailed Audited Account.
  • Certificate of Incorporation.
  • Monthly Returns of Expatriate Quota.
  • Company Organization Structure Address Icon.
  • Individual Income Tax Clearance Certificate of the Expatriates (original to be presented for sighting).
  • Political /policy direction of Government.
  • Company’s area of Business to fall within the priority sectors of the economy.
  • Evidence that PUR would Guarantee Technology Transfer and
  • Company should have large Quota Portfolio and Corresponding shareholding as an added qualification.


  • Certificate of Incorporation.
  • Memorandum and Article of Association.
  • Feasibility Report (should be certified or registered with Corporate Affairs Commission (CAC).
  • Corporate Affairs Commission’s Form CAC 2.3& 2.5 or CAC C02 & C07.
  • Company’s Current Tax Clearance Certificate (Original to be presented for sighting).
  • Lease Agreement for C of O for Operating Premises (original to be presented for sighting.
  • Evidence of Imported Machinery, such as, Form M, Pro forma invoice, shipping documents and Clean Certificate of Inspection issued by Government appointed Pre-Shipment Inspection Agents.
  • License / Permit / Certificate from relevant Government Agencies / Department / Ministries for the operation or execution of project if Company is engaged in Oil Services, Health Care Services, Fishing, Mining, Constructions (Work Registration Board), etc (original to be presented for sighting) and
  • Evidence of work at hand, its duration and value attached to the contract(s) if the Company is engaged in Building, Civil engineering, construction, etc (original to be presented for sighting); proposed annual salaries to be paid to the expatriates to be recruited indicating designation, names, jobs description and qualifications (CV and copies of credentials of expatriates to be attached).


NOTE: Board Resolution should indicate the names of Directors present at the meeting and must be fully signed by the Chairman and Company Secretary.

  • Board Resolution on the changes in either the composition of the Board of directors, Location of Business or line of activities duly registered with the Corporate Affairs Commission;
  • Extract of Minutes of Board of Directors Meeting showing decision was taken and attendance.
  • Evidence of Resignation / Appointment of Directors (old & new) where applicable; and
  • Company Current Tax Clearance Certificate (original to be presented for sighting).

For Business Permit, Expatriate Quota and other allied services, feel free to contact us

Tolulope Oguntade 
Regville Associates


FIRS One Click TCC January 2nd, 2023


January 2nd 2023, The Federal Inland Revenue Service via its social media platforms gave Business Owners a beautiful Happy New Year Gift: Get Your Tax Clearance Certificate In One Click. Waoo! what a relief, what a joy to business owners. Industry experts showered praises on the Revenue Service, they said it is a giant boost to the Nation’s Ease of Doing Business.

We compiled Five (5) Take Homes from this development

1. NO LIABILITY FROM PRECEDING YEARS: Only Companies with no liabilities including already due VAT will have access to download the Tax Clearance Certificate.

2. PREVIOUS ACCOUNTS/STATEMENT OF AFFAIRS: Preceding Years’ Audited Financial Statement or Statement of Account must have been filed.

3. TAXPROMAX REGISTRATION: If you have not completed your TaxProMax Registration, then you can’t have access to the platform. Issuance of Tax Identification Number (which recently comes with CAC Registration) doesn’t imply the Company is registered on TaxProMax.

4. BUSINESS NAMES: It is worth noting that Business Names can’t apply for or be issued Tax Clearance certificates rather the State issued Tax Clearance Certificate/Document will suffice as the Business Name Tax Clearance.

5. DECEMBER 31ST 2023 EXPIRATION: Unlike the Temporary TCC rolled out some years back which covered only 6 months, this is a full-year tax clearance certificate bearing December 31st 2023 as its expiration date.


This is a beautiful development and we appreciate the management of FIRS for this lofty stride, reducing the bottleneck process of getting TCC from tax offices.

We also want to draw the attention of the Revenue Service to the other missing information on the TCC. A careful look at the downloaded Tax Clearance Certificate as of the 3rd of January, 2023 shows that information for some assessment years is missing. We are sure the Revenue Service has duly noted the anomaly and will rectify same as soon as possible.

For Tax, Tax Clearance Certificates and other Compliance Matters

Tolulope Oguntade
Regville Associates


Source: GSMA Mobile for Development


36% of Nigerian adults are unbanked. CBN aims for 95% financial inclusion by 2024. 92% of the nation’s adult male population have mobile phones while 88% of the adult female population have mobile phones.


CBN aims “To enhance financial inclusion in rural areas by increasing access to deposit products and payment/remittance services to small businesses, low-income households and other entities through high-volume low-value transactions in a secured technology-driven environment.”


As at the time of writing this article, there are five (5) PSBs in Nigeria namely 9 PSB (a subsidiary of 9Mobile), Hope PSB (A Subsidiary of Unified Payments) , Money Master PSB (A Subsidiary of Globacom), Momo PSB (A Subsidiary of MTN Nigeria), SmartCash PSB (A subsidiary of Airtel Nigeria).


The Central Bank of Nigeria is the main regulator of PSBs in Nigeria, Deposits are also Nigeria Deposit Insurance Corporation (NDIC) insured.


  • Accept deposits from customers and small businesses
  • Hold funds in an electronic wallet
  • Invest in an interest-bearing FBN and CBN securities and offer saving products
  • Provide POS and ATM Services
  • Build a network of physical banking agents for deposits, payments and withdrawals
  • Issue prepaid and debit cards
  • Provide inbound remittance services
  • Engage in different forms of local payments including merchant payments, bill payments ad person-to-person transfers.


  • They are not to issue loans, advances and guarantees.
  • They are also not allowed to trade in foreign exchanges except for remittances
  • They are also not allowed to issue insurance products.


Steps to obtain a PSB license from CBN

  • Obtain the Grant of Approval-in-Principle (AIP)
  • Obtain the Grant for a Final Banking License


  • Formal application for the grant of a Payment Service Bank license addressed to the Governor of the CBN attached with a proposal to be submitted to the Director, Financial Policy and Regulation Department (FPRD), CBN. The proposal shall contain the business case, vision and strategy, corporate governance arrangements, risk management, compliance; and financial viability.
  • A non-refundable application fee of N500,000 (five hundred thousand Naira only) in bank draft, payable to the Central Bank of Nigeria or such other amount as the CBN may specify from time to time
  • Evidence of capital contribution made by each shareholder
  • Evidence of name reservation with the Corporate Affairs Commission (CAC)
  • Detailed business plan or feasibility report
  • The draft copy of the company’s Memorandum and Articles of Association (MEMART)
  • A written and duly executed undertaking by the promoters that the bank will be adequately capitalized for the volume and character of its business at all times, and that the CBN shall have powers to supervise and regulate its operations
  • Shareholders’ agreement providing for disposal/transfer of shares as well as authorization, amendments, waivers, reimbursement of expenses
  • Statement of intent to invest in the bank by each investor
  • Technical Services Agreement
  • Detailed Manuals and Policies, particularly

For corporate investors as the promoters shall forward the following additional documents:

  • Certificate of Incorporation and certified true copies of other incorporation documents
  • Board resolution supporting the company’s decision to invest in the equity shares of the proposed bank
  • Names and addresses (business and residential) of owners, directors, and their related companies, if any; and
  • Audited financial statements & reports of the company and Tax Clearance Certificate for the immediate past 3 years.

Where all the above requirements have been met, the CBN shall notify the applicant of its decision within 90 days. When the CBN is pleased with the application, it will grant the applicant an Approval-in-Principle (AIP).

Afterwards, the Applicant shall register the PSB with the Corporate Affairs Commission with a 5 Billion minimum share capital.


The applicants of a planned PSB must apply to the CBN for the grant of a final license not later than six (6) months after receiving the A.I.P. The application shall be accompanied by the following:

  • A non-refundable licensing fee of N2,000,000.00 (Two Million Naira Only) in bank draft payable to the Central Bank of Nigeria
  • Certified True Copy (CTC) of Certificate of Incorporation of the bank
  • CTC of Form CAC 1.1
  • Evidence of the location of the Head Office (rented or owned) for the take-off of the business
  • Schedule of changes, if any, in the Board and Shareholding after the grant of AIP;
  • Evidence of ability to meet technical requirements and modern infrastructural facilities such as office equipment, computers, and telecommunications, to perform the bank’s operations and meet CBN and other regulatory requirements;
  • Copies of letters of offer and acceptance of employment in respect of the management team;
  • Detailed resumes of top management staff;
  • Completed Fitness and Propriety Questionnaire; and sworn declaration of net worth executed by top management staff; 
  • Bank Verification Number (BVN) and Tax Clearance Certificate of each top management staff;
  • Comprehensive plan on the commencement of the bank’s operations with milestones and timelines for the roll-out of crucial payment channels; and
  • Board and staff training program.

Following that the above requirements have been met, the central bank of Nigeria shall conduct other inspection, which includes: checking the physical structure of the building, verifying the capital contributions of the promoters, meeting with the Board and Management team whose resumes had earlier been submitted to the CBN, check the original copy submitted in support of the license.

For bespoke consultation on setting up a Payment Service Bank in Nigeria

Regville Associates                                                                                                                    08065111667                                                                                         

Taxation of Expatriates in Nigeria

Expat Tax


There have been instances whereby people move from a different country to another for different reasons. This is due to Globalization and trans-border migration. As a result, these people move across various national borders for permanent migration, tourism, and work.

Moreover, it should be noted that such persons who find jobs abroad or overseas are usually referred to as expatriates. There are several countries in the world where expatriates migrate to another country for the sake of a new life and greener pastures. However, when it comes to recruiting or employing expatriates, Nigeria is included, especially in the sphere of oil and gas and also the mining industries.

Regardless of their respective countries, every expatriate in Nigeria is bound by the Federal Republic of Nigeria’s laws, which also include the various tax laws that exist in the country. There are certain tax obligations on expatriates and Nigerian nationals based on income and others.

Importantly, every expatriate must get familiar with his/her tax obligations by the various tax laws which are done to abide by the tax laws imposed.

Who Are Expatriates?

Expatriates are those people who chose or have been chosen to live in another country other than where they legally reside for employment or tourism. On the other hand, they are citizens of other nations who have chosen to live in other places of the world. They are also known as expats, who sometimes form their communities in their foreign country.

Tax Obligations of Expatriates in Nigeria

Generally, all expatriates are subject to similar tax laws as Nigerian citizens based on their income. Every expatriate should note that their assessable income for taxation about the income from their employment is the amount of the income of the particular year of assessment.

However, any expatriate whose employment duties are done wholly or partly in Nigeria will not be seen to derive the income from their employment in Nigeria where;

  • If the duties are executed on behalf of an employer in another country, and the remuneration of expatriates is not borne by a fixed base of the employer in Nigeria; and
  • If the expatriate is not in Nigeria for 183 days, including annual leave or a temporary period of absence.
  • The employee’s income is taxed in the other country under a treaty preventing double taxation in that country.

The personal income tax of an expatriate is paid to the relevant tax authority in their state of residence. Therefore they must pay their income tax for any particular year of assessment to the State if they have been there for that particular year. An expatriate’s place of residence must necessarily be the place that is available for his domestic use for a relevant day. Note that the place of residence does not include hotels or other temporary lodging places.

However, if an expatriate is a temporary worker, he must remit income tax to any state where he is found during the year. Any income tax that the expatriate may have paid to the tax authority of another State during a specific assessment year would be applied as a tax credit against the tax due.

What Portion of an Expatriate’s Income is taxable?

Every expatriate is taxed based on the aggregate amount of their yearly income, which may come from salary, fee, wage, allowance, or other employment gain or profits, which include bonuses, compensations, premiums, benefits, or other favors granted by the employer to the expatriate.

Income Tax Rates

When it comes to taxation, Nigeria works on a progressive tax rate system whereby people are required to pay taxes based on total taxable income. Therefore, Consolidated Tax Relief Allowance is granted to those who pay taxes before the income and application of the tax rate band. The relief is granted as high as N200,000 or One per cent of the Annual Gross Income, including 20 per cent of the Annual Gross Income.

It should be noted that the Annual Gross Income serves as the total gross emoluments less all tax exemptions, deductions, and statutory reliefs. Below are the Annual Total income and Marginal Rate;

Total Annual Income (NGN)Marginal Rate
First N300,0007%
Next N300,00011%
Next N500,00015%
Next N500,00019%
Next N1,600,00021%
Above N3,200,00024%

Deduction of Personal Income Tax

The personal income tax of an expatriate under paid employment must be deducted at the source from any remuneration paid or from the payment made on account of the remuneration by his or her employer based on the Pay-As-You-Earn (PAYE) Scheme.

Additionally, the employer must submit a return detailing all remuneration given to the expatriate by January 31st of each year with regard to the year prior. This return must be submitted to the appropriate State tax authorities.

Frequently Asked Questions

Which items are Exempted from Taxes?

The dividends, interests, rents, and royalties earned abroad and brought into Nigeria through channels approved by governments are exempted from Nigerian tax.

What Taxation System does Nigeria Use?

Nigeria uses a decentralized tax system that works in a way that each level of government is independently responsible for the administration of taxes within its jurisdiction. The revenues generated to fund government expenditures are sourced from a pool of taxes from each tier of government.

Is Foreign Income Taxable in Nigeria?

Once a fixed base/taxable presence is established, foreign persons making business profits in Nigeria are subject to taxation under Section 6 of the PITA, subject to any applicable treaties.


The Personal Income Tax Act outlines what income is subject to taxation, what deductions are permitted by law, and who is responsible for collecting personal income tax in Nigeria as a method of determining how much tax is owed by people or employees. For this purpose, expats in Nigeria need to have a fundamental awareness of their tax obligations.

For more information, inquiries and filings about the taxation of expatriates in Nigeria, kindly reach out to us.

Tolulope Oguntade 
Regville Associates                                                                                                                    08065111667                                                                                         

What are Trade Secrets, and How Can they be Protected in Nigeria?

Trade Secrets – Intellectual Property


For decades, most companies and corporations worldwide have done virtually everything possible to conceal their trade secrets from the public. Similarly, protecting trade secrets is important for any company that wants to stay prosperous and function perfectly for a long time.

For information to be declared a trade secret under the law of certain countries, a company must take reasonable steps to keep it hidden from the general public, have economic value on its own, and contain relevant information.  Trade secrets are a part of a company’s intellectual property.

What are Trade Secrets?

Trade secrets are the process of production or practice that looks valuable to a company and is not to be generally known or revealed to the public. Trade secrets are valuable to every company because they serve as a competitive strategy or advantage that the company has over its competitors.

The Scope of Trade Secrets

The development of trade secrets began with keeping confidential information away from society. This concept is said to be traced back to the middle of the 19th century, which served as a period when capitalism was on the rise. However, trade secrets became inoperative when it was realized that the concept would be a relevant part of the law.

However, it should be noted that the case of Prince Albert v Strange played a crucial part in developing the area of law in as much as trade secrets are concerned. According to the facts of the case, the Queen and Prince Albert made artwork (which are specifically etchings) for the sole purpose of their amusement and their private entertainment, but they sometimes had prints to give to friends. As a result, the defendant had made unauthorized copies intending to put them on public display. Accordingly, an injunction was granted to restrain him from doing so.

Suppose the authority of the relevant law had helped to restrain third parties from taking credit for other people’s research, hard work, and valuable information. In that case, trade secrets don’t necessarily have to be innovations or inventions. Still, they should serve as valuable information regarding processes, finance, and technical know-how, which should not be known or made available to the general public.

The rationale for the Protection of Trade Secrets

One of the frequently asked questions which need to be answered in the world of intellectual property rights is- why should trade secrets be protected when it is already a secret? The best answer to this challenging but demanding question is that when a trade secret of a business is said to be protected, that protection preserves the ingenuity of such a secret since it has a real economic value in the eyes of the company protecting it. According to the World Intellectual Property Organization (WIPO), protecting trade secrets will assist most businesses in the following:

1. A strategic motive to prevent competitors from utilizing similar ideas or innovations without bearing the expense or risk associated with developing the innovations.

2. Maintaining and promoting specific standards of commercial ethics and fair dealing.

3. Provides the best idea for businesses to innovate by protecting the substantial time and capital invested in developing innovations that are competitively advantageous in the sphere of technology or commerce, especially those that are kept secret or do not merit the cost of patenting.

You should also know that since trade secrets serve as intangible property, they can be utilized as collateral in the event of debt financing.

How are Trade Secrets Protected in Nigeria?

Trade secrets also serve as confidential information in some jurisdictions and become public knowledge when lost. The protection also goes forever as a result of this.  In Nigeria, the law concerning trade secrets could be more systematic. Although there are several technology-driven start-ups in Nigeria, the regulation of intellectual property is a limitation to the likes of Patents, Copyright, Designs, and Trademark.

Suppose there is an absence of any definite law that seeks to protect and regulate trade secrets in Nigeria. In that case, the architect of such a trade secret has to endeavor to protect such information from being disclosed to a third party.

Frequently Asked Questions

How are Trade Secrets Protected in Nigeria?

The concept of trade secrets in Nigeria was derived from common law. As a result, persons and private and even public companies have relied upon contract laws and other legal principles to prove a claim for the misappropriation of trade secrets.

What Qualifies as Trade Secrets?

A trade secret will be qualified as one if it is subject to reasonable efforts to keep it secret, has actual or potential independent economic worth due to not being commonly known, and has value to others who cannot access the information legally.

What is the Trade Secret of Coca-Cola?

According to a source from the web, the secret recipe for Coca-Cola is called pepsin, which is a digestive enzyme extracted from the stomach of pigs. However, Coca-Cola was initially referred to as Pepsin Cola in 1896 and then Pepsi-Cola in 1898.

However, the name Coca-Cola was created by Pemberton, a medicine inventor and morphine addict. This drink was made from a secret mixture of stimulant cocoa leaf and African kola nuts containing caffeine.

What is the Difference Between Trademarks and Trade Secrets?

Firstly, what needs to be known is that trademarks protect products, brand names, and services. In addition, the product’s logo is also protected by the package design. On the other hand, Trade secrets are certain kind of intellectual property that includes things like patent, copyright, and trademarks.

Why is Trade Secret Better Than Copyright?

The protection of trade secrets is not limited to twenty years, like patents or copyrights (100 years). Restricting access to information or limiting the number of people with knowledge of it is most of the ways to protect trade secrets.


Trade secrets are an essential component of intellectual property portfolios, enabling organizations to safeguard their exclusive know-how, secret formulas, and other basic knowledge that are not public information, whose secrecy provides an economic benefit to their holder, and there is also active protection.

For further inquiries about intellectual property protection. Feel Free to contact us

Tolulope Oguntade 
Regville Associates                                                                                                                                                                                                              08065111667


Car Insurance

There are different kinds of circumstances in life that man cannot prevent. On the other hand, we can protect ourselves from incidents such as financial fallouts and other unfortunate losses, which is where insurance comes in. However, selecting a specific type of insurance is essential based on the situation. Insurance comes in various styles, but this article will focus on third-party insurance.

What is Third Party Insurance?

Third-party insurance aims to protect the insured if a loss or damage is sustained by a third party other than the insured. Third-party insurance has to do with car insurance. Other expenses, such as medical expenses of the third party, are covered by this insurance up to the sum of 3 million naira for a private motor, according to a new circular from the National Insurance Commission (NAICOM), effective 1st of January, 2023. So as you know, this kind of insurance is the most common form of auto insurance.

This is called third-party insurance because it doesn’t protect you from damages caused to yourself in the event of an accident or any other incident. It also doesn’t include coverage for claims related to drunk driving or driving without a license.

Third-Party Insurance in Nigeria

Having third-party insurance in Nigeria is compulsory. This law is backed up by the Motor Vehicle (Third Party) Insurance Act of 1950, which is part of the six mandatory classes of insurance under the laws of the Federal Republic of Nigeria.

One of the reasons most vehicle owners in Nigeria third-party insurance is that they want to get cleared by law enforcement agencies in case anything happens. Another primary reason is that third-party insurance is cheaper than a comprehensive insurance policy.

Therefore, all insurance companies in Nigeria are being supervised by the National Insurance Commission (NAICOM) This is done to stabilize the insurance industry by contributing optimally to Nigeria’s economy.

Third-Party Insurance Policy; How Does It Work?

Third-party insurance works in a way that shields the policyholder from legal responsibility or liability if the use of the vehicle causes the death or injury of a third person.

Roles of the National Insurance Commission (NAICOM)

NAICOM discharges several functions, known as mandates, as specified in the NAICOM Act of 1997. These functions apply to every insurance company in Nigeria. They are stated below;

● To develop standards for the conduct of insurance companies in Nigeria.
● Act as transaction regulators between insurers and reinsurers, which includes those outside Nigeria.
● Approves warranties, standards, and conditions applicable to every class of insurance business.
● Approves premium insurance rates to be paid for all insurance business classes.
● NAICOM also acts as a counsellor or adviser to the Federal Government on every issue related to insurance.

How to Get Third-Party Insurance in Nigeria

In Nigeria, Third-party insurance can be obtainable in any company with a license from the National Insurance Commission (NAICOM), which should serve as general or for composite insurance companies. Note that there are procedures to buy such an insurance policy. Applicants must fill out the following forms;

● Know Your Customer (KYC) Form
● Insurance Physical Inspection Form
● Motor Proposal Form

However, applicants can get this done in any insurance company around Nigeria offering Third-Party Insurance. Some of these companies will be listed below;

● NEM Insurance
● Mutual Benefit Insurance
● Leadway Assurance
● Consolidated Hallmark
● Custodian Insurance Plc
● Axa Mansard
● Allianz Nigeria Insurance
● AIICO Insurance

What is the Cost of Third-Party Insurance?

The National Insurance Commission raised the premium for third-party motor insurance premium from N5,000 to N15,000, effective January 1, 2023.

Why is Third-Party Insurance Important?

This insurance policy favors only a third party and not the insurer to some extent. Nevertheless, the insurer gets protected from having to sort out the cost of repair or replacements of third-party damages. The following reasons below will state the importance of having third-party insurance.

● The insurance policy provides protection against liability based on damages suffered by a third party.
● Protection from facing the punishment of the law.
● Compared to comprehensive insurance, third-party insurance is cheaper.
● Serves as the primary form of auto insurance with lower premiums.
● Several third-party companies, like Leadway Assurance, offer hybrid plans.
● Also offers protection from further complications with the law in the event of an accident.

Frequently Asked Questions

What Happens if I Have an Accident on Third-Party Insurance?
You will be required to pay for your vehicle’s damages if they determine that you are at fault. Send any correspondence or claim forms you receive from the other driver or their insurer after an accident to your own insurance company.

What are The Disadvantages of Third-Party Insurance?
If there is an accident, a third-party auto insurance policy will not cover the cost of any damage done to the vehicle or any possessions within. Additionally, it won’t cover your car or if your goods are lost or destroyed.

Why is it called Third-Party Insurance? It is necessary to have third-party liability insurance, the lowest level of protection you may get. A person involved in a car insurance claim who is not you is referred to as a “third party” (the policyholder or the driver).


Third-Party insurance has played a significant role based on how road users have prevented themselves from emergencies and costs. However, lots of people need to be made aware of the fact that third-party insurance exists and has several benefits. Understanding the policy and the conditions attached to third-party insurance will help you lay claims and reports.




It’s the Holiday Season; it is a time of reflection, visiting friends and loved ones, meeting old friends and colleagues, sharing thoughts, giving to friends and family, giving back to society, and impacting lives. Sometimes, we desire to formalise this gathering, meeting, giving back, giving it a structure, and making it go beyond this season, then thoughts of a foundation, NGO, club, etc. sets in.

Here is a guide to setting up your NGO, Club, Foundation, Society,

  1. OUTLINE YOUR PURPOSE OR MOTIVATION. NGOs are generally set up to advance religious, educational, literary, scientific, social/cultural development, and sporting and charitable causes.

Identify and outline your primary purpose and motivation.

  1. DRAFT OUT A LIST OF NAMES: Draft a list of names that align with or reflect your purpose, e.g. Tolulope Oguntade Foundation, Advocacy for Better Governance, Resistance Against Domestic Violence, Sokoto Youths for Better Education etc.

The names must be unambiguous, not identical or nearly resembles any NGO already registered, must not be undesirable, offensive or otherwise contrary to public policy, or must be capable of undermining public peace and national security.

  1. PEN DOWN THE TRUSTEE(S). A Trustee acts as a guardian for the NGO who protects and maintains the core values and purposes of the NGO. As a collective body, the trustees hold the authority and responsibility to ensure the fulfilment of an NGO’s mission. A person qualified to be appointed a Trustee must not be under 18 years of age, unsound mind; undischarged bankrupt; or convicted of an offence involving fraud or dishonesty within five years of his proposed appointment.

When choosing a Trustee, consider their views, opinion and what they stand for, and make sure it aligns with your purpose and objective of setting up the NGO in the first place.

  1. ENGAGE AN ACCREDITED SOLICITOR: Registering an NGO at the Corporate Affairs Commission requires expertise and know-how; the Solicitor or Firm will help in:

a. The Consent of the RG is required by law to register an NGO; the request form requires three (3) Name Options, Aims, and Objectives of the NGO, Tenure of Trustees, Personal Details of Trustees, Head Office of the Organization, etc

b. As required by law, The Solicitor will publish details of the NGO in two widely spread newspapers; if there is any opposition to the registration, that should be addressed to the Registrar General.

c. The Constitution of the NGO will also be drafted by the Solicitor, which sets outs the internal affairs of the NGO

d. The Minutes of the first meeting will be drafted by the Solicitor, detailing the members present, the appointment of the Trustees, the mode of appointment, adoption of the Special Clause

e. The Solicitor shall also present to each Trustee a Declaration Form to fill, affix passport, and sign declaring that he/she is not an infant, not of unsound mind, has not been declared bankrupt etc. the declaration must be made before a Commissioner of Oaths or a Notary Public.

  1. SETTING OUT: Once the NGO is registered, it becomes a legal entity, having a life, can acquire assets, sue and be sued, and Bank Accounts can be opened in the name of the NGO. Formal meetings can be called for to discuss the Aims and Objectives of the NGO, and you can call for Donations and Pledges both from members are the public.


NGOs are not for profit-making. Hence, they are exempted from some taxes, including Company Income Tax and Education Tax; the donations received are primarily meant for the aims and objectives of the NGO.

For more information, guidance, and registration of NGOs, we are readily available to help.

Tolulope Oguntade 
Regville Associates




A trademark is a distinct sign, mark, design or expression which distinguishes goods and services. According to the Trademarks Act[1]. In order to ensure uniformity across various jurisdictions, the International Classification of Goods and Services (“Nice Classification”) was established by the Nice Agreement 1957.

This classification system is used in Nigeria as well as in several countries globally for the registration of trademarks. The Nice Classification groups together similar goods and services into 45 different classes. Goods are listed in classes 1 to 34 while Services are listed in classes 35 to 45.


Class 1: Chemicals used in industry, science and photography, as well as in agriculture, horticulture and forestry; unprocessed artificial resins, unprocessed plastics; manures; fire extinguishing compositions; tempering and soldering preparations; chemical substances for preserving foodstuffs; tanning substances; adhesives used in industry; unprocessed plastics in the form of liquids, chips or granules.

Class 2: Paints, varnishes, lacquers; preservatives against rust and against deterioration of wood; colorants; mordants; raw natural resins; metals in foil and powder form for painters, decorators, printers and artists.

Class 3: Bleaching preparations and other substances for laundry use; cleaning, polishing, scouring and abrasive preparations; soaps; perfumery, essential oils, cosmetics, hair lotions; dentifrices.

Class 4: Industrial oils and greases; lubricants; dust absorbing, wetting and binding compositions; fuels and illuminants; candles and wicks for lighting; combustible fuels, electricity and scented candles.

Class 5: Pharmaceutical and veterinary preparations; sanitary preparations for medical purposes; dietetic food and substances adapted for medical or veterinary use, food for babies; dietary supplements for humans and animals; plasters, materials for dressings; material for stopping teeth, dental wax; disinfectants; preparations for destroying vermin; fungicides, herbicides.

Class 6: Common metals and their alloys; metal building materials; transportable buildings of metal; materials of metal for railway tracks; non-electric cables and wires of common metal; ironmongery, small items of metal hardware; pipes and tubes of metal; safes; goods of common metal not included in other classes; ores; unwrought and partly wrought common metals; metallic windows and doors; metallic framed conservatories.

Class 7: Machines and machine tools; motors and engines (except for land vehicles); machine coupling and transmission components (except for land vehicles); agricultural implements other than hand-operated; incubators for eggs; automatic vending machines.

Class 8: Hand tools and hand operated implements; cutlery; side arms; razors; electric razors and hair cutters.

Class 9: Scientific, nautical, surveying, photographic, cinematographic, optical, weighing, measuring, signalling, checking (supervision), life-saving and teaching apparatus and instruments; apparatus and instruments for conducting, switching, transforming, accumulating, regulating or controlling electricity; apparatus for recording, transmission or reproduction of sound or images; magnetic data carriers, recording discs; compact discs, DVDs and other digital recording media; mechanisms for coin-operated apparatus; cash registers, calculating machines, data processing equipment, computers; computer software; fire-extinguishing apparatus.

Class 10: Surgical, medical, dental and veterinary apparatus and instruments, artificial limbs, eyes and teeth; orthopaedic articles; suture materials; sex aids; massage apparatus; supportive bandages; furniture adapted for medical use.

Class 11: Apparatus for lighting, heating, steam generating, cooking, refrigerating, drying, ventilating, water supply and sanitary purposes; air conditioning apparatus; electric kettles; gas and electric cookers; vehicle lights and vehicle air conditioning units.

Class 12: Vehicles; apparatus for locomotion by land, air or water; wheelchairs; motors and engines for land vehicles; vehicle body parts and transmissions.

Class 13: Firearms; ammunition and projectiles, explosives; fireworks.

Class 14: Precious metals and their alloys; jewellery, costume jewellery, precious stones; horological and chronometric instruments, clocks and watches.

Class 15: Musical instruments; stands and cases adapted for musical instruments.

Class 16: Paper, cardboard and goods made from these materials, not included in other classes; printed matter; bookbinding material; photographs; stationery; adhesives for stationery or household purposes; artists’ materials; paint brushes; typewriters and office requisites (except furniture); instructional and teaching material (except apparatus); plastic materials for packaging (not included in other classes); printers’ type; printing blocks.

Class 17: Rubber, gutta-percha, gum, asbestos, mica and goods made from these materials; plastics in extruded form for use in manufacture; semi-finished plastics materials for use in further manufacture; stopping and insulating materials; flexible non-metallic pipes.

Class 18: Leather and imitations of leather; animal skins, hides; trunks and travelling bags; handbags, rucksacks, purses; umbrellas, parasols and walking sticks; whips, harness and saddlery; clothing for animals.

Class 19: Non-metallic building materials; non-metallic rigid pipes for building; asphalt, pitch and bitumen; non-metallic transportable buildings; non-metallic monuments; non-metallic framed conservatories, doors and windows.

Class 20: Furniture, mirrors, picture frames; articles made of wood, cork, reed, cane, wicker, horn, bone, ivory, whalebone, shell, amber, mother-of-pearl, meerschaum or plastic which are not included in other classes; garden furniture; pillows and cushions.

Class 21: Household or kitchen utensils and containers; combs and sponges; brushes; brush-making materials; articles for cleaning purposes; steel wool; articles made of ceramics, glass, porcelain or earthenware which are not included in other classes; electric and non-electric toothbrushes.

Class 22: Ropes, string, nets, tents, awnings, tarpaulins, sails, sacks for transporting bulk materials; padding and stuffing materials which are not made of rubber or plastics; raw fibrous textile materials.

Class 23: Yarns and threads, for textile use.

Class 24: Textiles and textile goods; bed and table covers; travellers’ rugs, textiles for making articles of clothing; duvets; covers for pillows, cushions or duvets.

Class 25: Clothing, footwear, headgear.

Class 26: Lace and embroidery, ribbons and braid; buttons, hooks and eyes, pins and needles; artificial flowers.

Class 27: Carpets, rugs, mats and matting, linoleum and other materials for covering existing floors; wall hangings (non-textile); wallpaper.

Class 28: Games and playthings; playing cards; gymnastic and sporting articles; decorations for Christmas trees; childrens’ toy bicycles.

Class 29: Meat, fish, poultry and game; meat extracts; preserved, dried and cooked fruits and vegetables; jellies, jams, compotes; eggs, milk and milk products; edible oils and fats; prepared meals; soups and potato crisps.

Class 30: Coffee, tea, cocoa, sugar, rice, tapioca, sago, artificial coffee; flour and preparations made from cereals, bread, pastry and confectionery, ices; honey, treacle; yeast, baking-powder; salt, mustard; vinegar, sauces (condiments); spices; ice; sandwiches; prepared meals; pizzas, pies and pasta dishes.

Class 31: Agricultural, horticultural and forestry products; live animals; fresh fruits and vegetables, seeds, natural plants and flowers; foodstuffs for animals; malt; food and beverages for animals.

Class 32: Beers; mineral and aerated waters; non-alcoholic drinks; fruit drinks and fruit juices; syrups for making beverages; shandy, de-alcoholised drinks, non-alcoholic beers and wines.

Class 33: Alcoholic wines; spirits and liqueurs; alcopops; alcoholic cocktails.

Class 34: Tobacco; smokers’ articles; matches; lighters for smokers.


Class 35: Advertising; business management; business administration; office functions; electronic data storage; organisation, operation and supervision of loyalty and incentive schemes; advertising services provided via the Internet; production of television and radio advertisements; accountancy; auctioneering; trade fairs; opinion polling; data processing; provision of business information; retail services connected with the sale of goods.

Class 36: Insurance; financial services; real estate agency services; building society services; banking; stockbroking; financial services provided via the Internet; issuing of tokens of value in relation to bonus and loyalty schemes; provision of financial information.

Class 37: Building construction; repair; installation services; installation, maintenance and repair of computer hardware; painting and decorating; cleaning services.

Class 38: Telecommunications services; chat room services; portal services; e-mail services; providing user access to the Internet; radio and television broadcasting.

Class 39: Transport; packaging and storage of goods; travel arrangement; distribution of electricity; travel information; provision of car parking facilities.

Class 40: Treatment of materials; development, duplicating and printing of photographs; generation of electricity.

Class 41: Education; providing of training; entertainment; sporting and cultural activities.

Class 42: Scientific and technological services and research and design relating thereto; industrial analysis and research services; design and development of computer hardware and software; computer programming; installation, maintenance and repair of computer software; computer consultancy services; design, drawing and commissioned writing for the compilation of websites; creating, maintaining and hosting the websites of others; design services.

Class 43: Services for providing food and drink; temporary accommodation; restaurant, bar and catering services; provision of holiday accommodation; booking and reservation services for restaurants and holiday accommodation; retirement home services; creche services.

Class 44: Medical services; veterinary services; hygienic and beauty care for human beings or animals; agriculture, horticulture and forestry services; dentistry services; medical analysis for the diagnosis and treatment of persons; pharmacy advice; garden design services.

Class 45: Legal services; conveyancing services; security services for the protection of property and individuals; social work services; consultancy services relating to health and safety; consultancy services relating to personal appearance; provision of personal tarot readings; dating services; funeral services and undertaking services; fire-fighting services; detective agency services.


Applicants may choose to register a mark in one or more classes at an extra cost. An application can only bear one class.

Tolulope Oguntade
Regville Associates