The complete guide for Nigerian founders and foreign investors setting up a proper business structure.

💼 Just registered your company? Let us help you open a business account that ticks every compliance box.

Why a Corporate Bank Account is Non-Negotiable (No, Your Personal Account Doesn’t Count)

Opening a corporate bank account is a mandatory step for any business operating in Nigeria. Whether you’re a local entrepreneur or a foreign investor, Nigerian banks will require a proper corporate account to separate your personal and business finances.

Here’s why it matters:

• Enables your business to receive payments in its registered name
  
• Required for compliance with FIRS, NIPC, and SCUML
  
• Builds your business credit and financial reputation
  
• Makes it easier to apply for loans, grants, and contracts
  

👔 Corporate account = real business operations. Let’s get you there fast.

Who Can Open a Corporate Bank Account in Nigeria?

To be eligible, your business must be legally registered with the Corporate Affairs Commission (CAC). The following business types qualify:

• Private Limited Companies (LTD)
  
• Public Limited Companies (PLC)
  
• Incorporated Trustees (NGOs, associations)
  
• Business names (with some limitations)
  
• Foreign-owned companies (with local incorporation)
  

📣 New company owner? We help clients complete the post-CAC process including account opening. Talk to us.

Prerequisites Before You Head to the Bank

Before you stroll into your nearest GTBank or Access Bank, make sure you have the following:

Basic Company Documents:

• CAC Certificate (RC or BN Number)
  
• Memorandum & Articles of Association (MEMART)
  
• Form CAC 1.1 (or Status Report)
  
• Tax Identification Number (TIN)
  
• Utility bill (for the company or directors)
  
• Valid means of ID for directors (passport, NIN, voter’s card)
  

For Foreign-Owned Companies:

• Business Permit (from Ministry of Interior)
  
• NIPC Registration Certificate
  
• Evidence of minimum share capital (usually ₦100 million)
  

📋 Avoid document drama. Book a session to get our free checklist customized to your company type.

How to Open a Corporate Bank Account in Nigeria (Step-by-Step Process)

Step 1: Choose the Right Bank
Popular choices include GTBank, Access Bank, Zenith, UBA, and FCMB. Factors to consider: online banking, ease of KYC, forex account support.

Step 2: Prepare Your Documents
Arrange all required originals and photocopies. Ensure consistency in company name and address across documents.

Step 3: Visit a Physical Branch
Most banks still require a physical visit for account opening, especially for first-time corporate clients.

Step 4: Fill Forms and Attend Interview
Directors or authorized signatories may be interviewed for KYC and AML purposes.

Step 5: Bank Compliance Review
The bank verifies all documents and may request further clarifications.

Step 6: Account Activation
Once approved, you’ll receive your corporate account details. You can now deposit funds and transact.

✅ Top Banks & Their Corporate Account Requirements

🌍 Need help opening remotely? We help diaspora clients open accounts without travel. Ask how.

Special Notes for Foreign-Owned Companies

If you’re a foreign investor, Nigerian banks will run enhanced due diligence. You must:

• Show evidence of CAC incorporation (with 100% foreign ownership noted)
  
• Present your NIPC certificate and Business Permit
  
• Provide proof of share capital deposit (via capital importation certificate)
  
• Be ready for signatory interviews and international document authentication
  

💬 Yes, we know the shortcuts that won’t break the rules. Let’s get your documents bank-ready.

Mistakes to Avoid When Opening a Business Account in Nigeria

• ❌ Using company names inconsistent with CAC records
  
• ❌ Submitting expired IDs or missing utility bills
  
• ❌ Not checking bank-specific compliance rules
  
• ❌ Listing the wrong signatories or address
  

🚫 We offer a free pre-submission document audit. Let us help you avoid rejections.

FAQs About Corporate Bank Accounts in Nigeria

Q: How long does it take to open a corporate account?
A: 2 to 10 business days depending on the bank and your documents.

Q: Can I open one remotely?
A: Yes, with proper authorization and help from an in-country agent.

Q: Do I need a physical office?
A: Some banks insist on this. Others accept virtual offices with proof.

Q: Can I open a domiciliary (USD) account too?
A: Yes, most banks will let you open a foreign currency account alongside your naira account.

Q: Is SCUML required?
A: Yes, if you’re in designated non-financial businesses like real estate, consulting, NGOs, etc.

Get It Done Right — Let’s Open Your Account Today

📞 Book a FREE call with our business launch experts:

• Corporate account opening support
  
• Document collation & bank interfacing
  
• End-to-end post-CAC setup (TIN, SCUML, permits)
  

✨ We’ve opened over 200+ business accounts across Nigerian banks. Yours could be next.

Suggested Internal Links

• How to Register a Limited Liability Company in Nigeriahttps://www.ebconsults.ng/2025/05/10/how-to-register-a-limited-liability-company-in-nigeria-2025-guide/
  
• Required Documents for Foreigners Starting a Business in Nigeriahttps://www.ebconsults.ng/2025/06/18/%f0%9f%97%82%ef%b8%8f-required-documents-for-foreigners-starting-a-business-in-nigeria-2025-guide/
  
• How to Apply for an Expatriate Quota and STR Visa in Nigeriahttps://www.ebconsults.ng/2025/10/10/how-to-apply-for-an-expatriate-quota-and-str-visa-in-nigeria-2025-guide/