Nigeria Forex and CFDs Brokerage License

Permitted activities

The Nigeria Forex and CFDs Brokerage/ Sub- broker license allows both STP and market making activities on an online Forex and CFDs trading platform

The Nigeria regulatory authority

The license is issued and regulated by the Nigeria Securities Exchange Commission, SEC

Why Choose Nigeria;

Growing Economy; Nigeria economy is one of the fastest growing in the world and is expected to be the largest economy in the world by 2050.
Access to resources – Nigeria has abundant natural resources including oil and gas which makes it a great place to set up business. it also has a large and well-educated work force.
Favourable business climate -the Nigeria government has in place investment policies and regulations that are favourable to foreign.
Strategic location – Nigeria is strategically located in west Africa providing businesses with access to a large market of over 400m in the ECOWAS region
Shorter time lines – it takes a relatively short period to obtain this license.

Operational Requirements;

The applicant must first establish a limited liability company in Nigeria;
The company should have a minimum of 2 directors who can be of any nationality
Minimum of one shareholder which can be an individual also acting as director or a company registered in any other jurisdiction;
Company can be 100% owned by foreigners
A minimum paid up share capital of 10Million Naira
Open Bank account with a Nigerian bank
Ensure a Local Virtual office address / Registered address
Appointment of company secretary
Applicant profile or a feasibility report

Requirements for Directors and Shareholders

If a holding company is involved (i.e. where shareholder is a company):

Certificate of Incorporation;
Memorandum and articles of association;
Details of Registered Office and Principal place of Business and directors, shareholders;
Recent set of accounts and Resolution approving Investment/shareholding as appropriate;
Any corporate brochures/company profile;

Personal KYC for all the shareholders/UBOs/directors of the holding company

Step by Step License Application Process

Step 1: Collection of Information;

Step 2: Preparing Application Forms, Drafting and Compiling Documentation & Reviewing of Application

Providing client with the information, documents and requirements for applying for the License;
Assisting client in answering questions about the application process and requirements for a Nigeria Forex and CFDs brokerage license
Checking the scans of the filled documents and forms;
Reviewing, suggesting amendments to finalize the application form and questionnaires;
Drafting the Memorandum and Articles of Association of the Company;
Sending client, the Memorandum and Articles of Association for review and confirmation.

Step 3: Filing Application.

Once the company corporate documents are ready, they are submitted to the Nigeria Corporate Affairs Commission, CAC for registration
Once the company is registered and license application is ready, it is filed with Securities Exchange Commission, together with the requisite fees.

Step 4: Follow up and liaising with CAC and SEC

Follow up with CAC and SEC including attending to any queries until the outcome of the application is given.

Timeline

Once the regulator is provided with all the required information, license shall be granted within 2 months.

Other optional services;