Procedure for dissolving an Incorporated Trustee/Foundation/NGO in Nigeria

Procedure for dissolving an Incorporated Trustee/Foundation/NGO in Nigeria

October 12, 2021

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;

  1. 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.

  1. 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circumstances that the body corporate be dissolved; and v; the certificate of registration of the association has been withdrawn, cancelled or revoked by the Commission.
  2. 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.
  3. 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.
  4. 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 hello@618bees.com, or give us a call on +2349017190079. 618 Bees will complete your application with the Corporate Affairs Commission (CAC).

 

 

 

The information in this blog post (“post”) is provided for general informational purposes only, no information contained in this post should be construed as legal advice, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through this post without seeking the appropriate legal or professional advice from the particular facts and circumstances at issue from a lawyer. This post is protected by intellectual property law and regulations. It may however be shared using appropriate sharing tools provided that our authorship is always acknowledged and this Disclaimer Notice attached.

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