Letter To Add Signatory To Bank Account Template for Nigeria

A formal letter addressed to a Nigerian bank requesting the addition of a new signatory to an existing bank account. The document complies with Nigerian banking regulations, including the Banks and Other Financial Institutions Act (BOFIA) 2020 and Central Bank of Nigeria (CBN) guidelines. It contains essential details about the account holder, the proposed new signatory, and the requested signing authorities. The letter includes necessary declarations, authorizations, and references to supporting documentation required under Nigerian banking laws and anti-money laundering regulations.

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What is a Letter To Add Signatory To Bank Account?

A Letter to Add Signatory to Bank Account is a crucial document used when an account holder needs to authorize additional persons to operate a bank account in Nigeria. This document is essential for both personal and corporate accounts when expanding signing authority, replacing existing signatories, or modifying account operating mandates. The letter must comply with Nigerian banking regulations, including BOFIA 2020, CBN guidelines, and anti-money laundering laws. It typically includes detailed information about the account holder, the new signatory's credentials, proposed signing rights, and required supporting documentation. For corporate accounts, it often references board resolutions and company authorizations. The document serves as a formal instruction to the bank and forms part of the account's permanent records.

What sections should be included in a Letter To Add Signatory To Bank Account?

1. Bank Details: Full name and address of the bank branch, account number, and current account name

2. Account Holder Information: Full details of the existing account holder(s) including full name, address, and contact information

3. Request Statement: Clear statement of intent to add a new signatory to the account

4. New Signatory Details: Complete information about the proposed new signatory including full name, address, identification details, and contact information

5. Signature Category: Specification of signing category (sole signatory, joint signatory, etc.) and any transaction limits

6. Authorization: Statement confirming the authority to make this request and accordance with account mandate

7. Current Signatories: Names and signatures of existing authorized signatories approving this addition

What sections are optional to include in a Letter To Add Signatory To Bank Account?

1. Corporate Resolution: Required for corporate accounts - reference to board resolution authorizing the addition of new signatory

2. Relationship Declaration: Statement explaining the relationship between the account holder and new signatory, if required by the bank

3. Special Instructions: Any specific instructions regarding the operation of the account with the new signatory

4. Reason for Addition: Explanation of why the new signatory is being added, if required by the bank

5. Specimen Signature: Space for the new signatory's specimen signature, if not provided in a separate form

What schedules should be included in a Letter To Add Signatory To Bank Account?

1. Identification Documents: Copies of required ID documents for the new signatory (passport, national ID, etc.)

2. Board Resolution: For corporate accounts - certified copy of board resolution approving the addition of new signatory

3. Specimen Signature Form: Bank's official form for capturing the new signatory's specimen signature

4. KYC Documentation: Required Know Your Customer documentation for the new signatory

5. Existing Mandate: Copy of existing account mandate or signing instructions for reference

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

Jurisdiction

Nigeria

Publisher

Genie AI

Document Type

Letter of Authority

Sector

Banking

Cost

Free to use

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