CAC incorporation creates the legal entity; it does not license a regulated business. Licensing should be mapped before incorporation because the regulator may prescribe the objects, capital, ownership, board, qualified staff, technical systems, premises or preliminary approval needed for registration.

General approvals for a foreign owned operating company

Depending on the model, the general workstream can include CAC incorporation and PSC reporting, NIPC registration, Ministry of Interior business permit, tax registrations, state or municipal premises approvals, employment registrations and data-protection registration. These requirements do not authorise a sector-specific activity.

Sector specific approvals

• Activity: Banking, payments, mobile money and microfinance; Principal authority: Central Bank of Nigeria

• Activity: Capital markets and digital assets; Principal authority: Securities and Exchange Commission

• Activity: Telecommunications and spectrum; Principal authority: Nigerian Communications Commission

• Activity: Electricity; Principal authority: Nigerian Electricity Regulatory Commission or a relevant state regulator where competence has transferred

• Activity: Upstream petroleum; Principal authority: Nigerian Upstream Petroleum Regulatory Commission

• Activity: Midstream and downstream petroleum; Principal authority: Nigerian Midstream and Downstream Petroleum Regulatory Authority

• Activity: Food, drugs, cosmetics and medical devices; Principal authority: NAFDAC

• Activity: Standards and manufacturing certification; Principal authority: Standards Organisation of Nigeria

• Activity: Insurance; Principal authority: National Insurance Commission

• Activity: Aviation; Principal authority: Nigerian Civil Aviation Authority

• Activity: Shipping and maritime services; Principal authority: NIMASA and relevant port or waterways authorities

• Activity: Mining titles; Principal authority: Mining Cadastre Office

• Activity: Private security; Principal authority: Nigeria Security and Civil Defence Corps

• Activity: Broadcasting; Principal authority: National Broadcasting Commission

• Activity: Pensions; Principal authority: National Pension Commission

• Activity: Technology transfer; Principal authority: NOTAP

Product and premises approvals

A licensed company may still need approvals for each product, facility or location. Food, drugs, cosmetics and medical devices may require NAFDAC registration. Telecommunications equipment can require type approval. Imported goods may require SONCAP. Locally manufactured goods may require MANCAP. Factories and high-impact projects may need environmental, planning, fire and occupational-safety approvals.

Practical licensing method

Create a licence matrix stating the activity, regulator, legal entity, preconditions, submission documents, dependencies, renewal, reporting and responsible owner. Separate permissions required before incorporation, before capital is committed, before installation, before marketing and before revenue is earned. Do not rely solely on a consultant’s statement that a licence is “in process”; retain the application, payment evidence, regulator correspondence, approval and conditions.