Procedure for dissolving an Incorporated Trustee/Foundation/NGO in Nigeria
The procedure for dissolving or closing down an incorporated Trustee/Non-profit organization in Nigeria is provided for under section 850 of the Companies and Allied Matter Act 2020 (CAMA). Organizations known and described as Incorporated Trustees/Non-profit in Nigeria includes – Churches, Non-governmental organizations, Foundations, Associations, etc.
Below is a detailed breakdown on how to close or dissolve one;
- Petition to the court for dissolution brought by any of the following;
i. one or more trustees;
ii. members of the association constituting at least 50% of the total membership; or the Commission.
- The grounds on which the body corporate may be dissolved could be any of the following reasons — i. the aims and objects for which it was established have been fully realised and no useful purpose would be served by keeping the corporation alive; ii. the body corporate is formed to exist for a specified period, that period has expired and it is not necessary for it to continue to exist; iii. all the aims and objects of the association have become illegal or otherwise contrary to public policy; iv; it is just and equitable in all the circumstances that the body corporate be dissolved; and v; the certificate of registration of the association has been withdrawn, cancelled or revoked by the Commission.
- At the hearing of the petition, all persons whose interest or rights may, in the opinion of the Court, be affected by the dissolution shall be put on notice.
- If in the event of a winding up or dissolution of the corporate body there remains, after the satisfaction of all its debts and liabilities, any property whatsoever, the same shall not be paid to or distributed among the members of the association, but shall be given or transferred to some other institutions having objects similar to the objects of the association: Provided that the institution shall be determined by the members of the association at or before the time of dissolution.
- If effect cannot be given to the provisions of subsection (4), the remaining property shall be transferred to some charitable object.
Team 618 Bees
618 Bees can quickly and easily help you dissolve your Non-profit Organization in Nigeria. Log on to our website www.618bees.com or email email@example.com, or give us a call on +2349017190079. 618 Bees will complete your application with the Corporate Affairs Commission (CAC).
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