Board Resolution For Bank Account Signatory for Nigeria

Board Resolution For Bank Account Signatory Template for Nigeria

A formal corporate document issued under Nigerian law that records the board of directors' resolution authorizing specific individuals to operate the company's bank accounts. The document complies with the Companies and Allied Matters Act (CAMA) 2020 and Central Bank of Nigeria regulations, specifying the appointment of authorized signatories, their signing powers, transaction limits, and operational mandates. It serves as a crucial instrument for establishing banking relationships and maintaining proper financial controls in accordance with Nigerian corporate governance requirements.

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What is a Board Resolution For Bank Account Signatory?

A Board Resolution For Bank Account Signatory is a fundamental corporate document required by Nigerian banks when establishing or modifying signing authorities for corporate bank accounts. This document is essential when companies need to appoint new signatories, modify existing signing arrangements, or establish new banking relationships. It must comply with the Companies and Allied Matters Act (CAMA) 2020, Banks and Other Financial Institutions Act (BOFIA), and Central Bank of Nigeria guidelines. The resolution typically includes details about authorized signatories, their powers, transaction limits, and specific banking mandates. It's commonly used during company formation, when changing officers, expanding operations, or updating banking arrangements to reflect new organizational structures.

What sections should be included in a Board Resolution For Bank Account Signatory?

1. Title and Company Details: Full legal name of the company, registration number, and registered address

2. Meeting Details: Date, time, location of the board meeting, and statement of proper convening

3. Attendance: List of directors present and absent, confirmation of quorum

4. Chairperson: Identification of the meeting's chairperson

5. Purpose of Resolution: Statement of the purpose regarding bank account signatory changes/appointments

6. Bank Account Details: Specific details of the bank account(s) affected by the resolution

7. Resolution Statement: The formal resolution text appointing/changing signatories

8. Signatory Categories: Classification of signatories (e.g., Category A, Category B) and signing powers

9. Authorization Limits: Transaction limits and approval requirements for different transaction amounts

10. Certification: Statement certifying the resolution as true and accurate

11. Execution: Space for signatures of the Chairman and Company Secretary

What sections are optional to include in a Board Resolution For Bank Account Signatory?

1. Previous Resolution Revocation: Section revoking previous signatory arrangements, used when replacing existing signatories

2. Digital Banking Authorization: Authorization for online banking access and permissions, used when the bank offers digital services

3. Additional Banking Services: Authorization for specific banking services like credit facilities or foreign exchange, used when additional services are required

4. Branch Specification: Specific branch authorizations, used when the company wants to limit transactions to certain branches

5. Effective Date: Specific date when the new signatory arrangement takes effect, used when implementation needs to be delayed

What schedules should be included in a Board Resolution For Bank Account Signatory?

1. Schedule A - Authorized Signatories: Detailed list of authorized signatories with their personal information, designation, and specimen signatures

2. Schedule B - Signatory Matrix: Matrix showing different transaction types and required signatory combinations

3. Appendix 1 - Identity Documents: List of required identity documents for each signatory

4. Appendix 2 - Board Members: Current list of board members and their positions

5. Appendix 3 - Corporate Documents: List of supporting corporate documents provided to the bank (e.g., Certificate of Incorporation, MEMART)

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Nigeria

Publisher

Genie AI

Document Type

Board Resolution

Cost

Free to use
Relevant Industries

Banking and Financial Services

Manufacturing

Retail

Technology

Energy and Natural Resources

Healthcare

Real Estate

Construction

Agriculture

Transportation and Logistics

Education

Professional Services

Telecommunications

Mining

Fast-Moving Consumer Goods

Non-Profit Organizations

Relevant Teams

Finance

Legal

Corporate Secretariat

Treasury

Corporate Governance

Executive Management

Board of Directors

Compliance

Risk Management

Corporate Affairs

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Managing Director

Finance Director

Company Secretary

Board Chairman

Executive Director

Treasury Manager

Financial Controller

Board Director

General Counsel

Head of Finance

Country Manager

Regional Director

Chief Operating Officer

Industries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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