Registration of Company Charges

Registration of Company Charges

NGN50,000

File All Your Company's Security Instruments with the CAC

Any security document or instrument under which a company creates a mortgage or charge (whether fixed or floating) must be registered at the CAC within 90 days of that mortgage’s or charge’s creation. A failure to register a registrable security document with the Corporate Affairs Commission (CAC) will render the mortgage or charge thereunder void against a liquidator or any creditor of that company.

Service Fee (All inclusive):

NGN50,000

File Your Security Interests in Nigeria

Here’s how SplashDict's CAC-accredited experts assist you:

  • Documentation & Filing: We prepare the necessary documents and resolutions, and file the notice of Reduction in Share Capital with the CAC.

  • Official Document: Receive a Certificate of Issued Share Capital, updated CAC Status Report, and updated Memorandum and Articles of Association (MEMART) confirming the reduction in your company's share capital.

  • Transparent Pricing: Covers CAC fees, FIRS' stamp duty fees, and our service fee with no hidden charges.

  • Fast Processing: Filing is completed within 3 to 7 working days, depending on CAC approval.

  • Ongoing Support: Get expert help from our Chartered Secretary and compliance team for all regulatory needs.

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Why File Registration of Charges with CAC?

A charge is a security interest over a company’s property or assets, created in favour of a creditor or lender to secure repayment of a debt or fulfilment of an obligation. Filing such a charge with the Corporate Affairs Commission (CAC) is a legal requirement under the Companies and Allied Matters Act (CAMA), ensuring that these security arrangements are formally recorded and enforceable.

By registering a charge, you create a public record of any encumbrances on company assets, providing notice to potential creditors, investors, and other stakeholders. This promotes transparency, protects the lender’s interest, and establishes clear legal priority in case of disputes, insolvency, or liquidation. Common examples include mortgages over land, fixed charges on machinery, floating charges over inventory, and debentures.

  • Legal Priority: Registering a charge establishes the legal priority of the lender's claim over the asset. For example, a fixed charge on a ship gives the lender a priority claim, while a floating charge over assets like book debts protects their interest in a changing pool of assets.

  • Enhanced Security for Loans: A registered charge, whether a legal mortgage or an all-assets debenture, provides a lender with a legally enforceable security interest, making it easier for your company to secure financing and obtain credit.

  • Transparency and Public Record: The public register of charges provides transparency to potential lenders, who can perform a search to see which of the company's assets are already secured against a debt.

  • Compliance and Penalty Avoidance: Filing ensures compliance with legal requirements, and failure to register can render the charge void against liquidators, creditors, and administrators, leaving the security unprotected.

CAC Post-Incorporation Services

Requirements for Filing Registration of Company Charges with CAC

  • Company Details: Provide the company’s name and CAC registration number.

  • Special Resolution: A signed resolution from the directors or authorized officers approving the creation of the charge.

  • Lender's Information: The full names of the person(s), security agents, or trustees entitled to the charge. 

  • Type of Charge: A selection from a list of predefined charge types, such as Floating Charge or Fixed Charge, Legal Mortgage on land, All Assets Debenture, Deed of Share Charge, or Charge on Ship and Aircraft.

  • Charge Document: A certified true copy of the legal document creating the charge. This can be a Debenture, Legal Mortgage, Deed of Share Charge, Bill of Sale, Vessel Mortgage, or a Tripartite Charge.

  • Details of the Property: A description of the property or assets being charged (e.g., equipment, a lease, book debts, or uncalled share capital). The total amount of the charge, along with its currency type (e.g., Naira, US Dollar, Euro).

  • Date of Creation: The exact date the charge was created.

  • Additional Disclosures: You may need to confirm if the instrument contains a floating charge, a negative pledge clause, or if the company is acting as a trustee for the property.

  • Previous Charges: If applicable, you will also need to provide the amount and date of any previous charges or mortgages.

  • Annual Returns: It is mandatory that all of your company’s annual returns are fully paid and up to date before submitting this application.

  • Authorization: The application must be signed by the company's directors, secretary, or an authorized representative.

Register Charges

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