A Board Resolution Account Opening is a crucial corporate document required when a company in Nigeria seeks to establish banking relationships. This resolution is mandated by the Companies and Allied Matters Act (CAMA) 2020 and must comply with Central Bank of Nigeria (CBN) guidelines. It is typically needed when incorporating a new company, changing banking arrangements, or opening additional accounts. The document captures the board's authorization for account opening, designates authorized signatories, sets transaction limits, and specifies operating mandates. Banks rely on this resolution as evidence of proper corporate authorization and governance compliance. The resolution must be properly executed following Nigerian corporate law requirements and usually requires certification by the Company Secretary or a Director.
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1. Title and Date: Formal title of the resolution and date of the board meeting
2. Company Details: Full legal name, registration number, and registered address of the company
3. Meeting Details: Confirmation of proper notice, quorum present, and meeting chair
4. Attendees: List of directors present and absent
5. Bank Account Authorization: Resolution to open account(s) with specified bank(s)
6. Authorized Signatories: Names, positions, and signing powers of authorized individuals
7. Operating Instructions: Signing limits and combinations of signatories required for different transaction types
8. Declaration: Statement confirming the resolution was duly passed
9. Certification: Company Secretary or Director's certification of the resolution's accuracy
1. Online Banking Authorization: Include when authorizing internet banking services and specifying users
2. Foreign Currency Accounts: Include when authorizing opening of foreign currency denominated accounts
3. Special Instructions: Include when there are specific operational requirements or restrictions
4. Additional Services: Include when authorizing additional banking services like trade finance or overdraft facilities
5. Branch Designation: Include when specifying particular branch(es) for account operation
1. List of Authorized Signatories: Detailed information about each authorized signatory including specimen signatures
2. Transaction Limits Matrix: Table showing transaction limits and required signatory combinations
3. Supporting Documents: List of documents submitted to the bank (e.g., ID documents, company registration)
4. Board Members' Information: Details of all current board members and their positions
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Manufacturing
Technology
Retail
Healthcare
Energy
Construction
Agriculture
Transportation
Education
Professional Services
Mining
Real Estate
Telecommunications
Non-Profit Organizations
Relevant Teams
Legal
Finance
Treasury
Compliance
Corporate Secretariat
Board of Directors
Executive Management
Banking Operations
Relevant Roles
Chief Executive Officer
Managing Director
Company Secretary
Chief Financial Officer
Finance Director
Treasury Manager
Board Director
Executive Director
Non-Executive Director
Financial Controller
Compliance Officer
Legal Counsel
Account Manager
Banking Relationship Manager
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