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nig limited i

January 18, 2011 Leave a comment Go to comments

I’m so happy – The SKA Group is finally in the process of being registered in Nigeria.

A few hours ago, I met with my lawyer, Kunle M* at my residence to sign the documents for the registration. I have never ever ever ever signed so many documents! It was probably so many because I had to sign for two (2). I’ll explain – First, I had to sign for The SKA Group. As a Corporation, it is recognized as an independent entity under law. The SKA Group will own seventy percent (70%) of all subsidiaries. I also had to sign for myself as I will own thirty percent (30%) of them. My mum had to sign a couple too because unlike Canada, there has to be a minimum of two (2) directors for a company in order to have it registered in Nigeria; and I chose my mum. I will retain ninety percent (90%) ownership of the conglomerate, while she will have ten percent (10%) ownership. The conglomerate has to have the majority share of the companies in order to be the parent company. I don’t lose any control as I already own ninety percent (90%) of The SKA Group Inc. It took me a while to understand that lol.

I do not recall if I mentioned it in the last year’s post, but in Nigeria, the parent company plus each of the subsidiaries will have to be separately registered as individual companies. Once that is completed, the subsidiaries will then be consolidated under the parent company as subsidiaries. I initially thought it was total fee of N90,000 for the whole thing, but apparently, it is N90,000 per company including legal fees. That would make it a grand total if N810,000 for the parent company and its eight subsidiaries.

In order not to pull my hair out, I decided to register just two for now. Unfortunately, this means I have to endure another 14 hr flight back to Nigeria when it is completed. I was hoping I would be able to get all that done before returning. Oh well, more family time for me! I will put updates as it goes on as nig limited II, III and so on.


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