Justice Ministry Issues Guidelines for Guarantee Companies’ Registration

The Ministry of Justice has said it has issued guidelines for the issuance of the Attorney-General’s authority for the registration of Companies Limited by Guarantee.

Also known as Guarantee Companies, Companies Limited by Guarantee are companies without shareholders but owned by members called guarantors.

Speaking on Thursday in Abuja, the Solicitor General of the Federation and Permanent Secretary of the Ministry, Beatrice Jedy-Agba, said the exercise was to foster an environment that empowers entrepreneurs and attracts investments.

Represented by the Director, the Solicitors Department, Gladys Odegbaro, said the guideline was the first in the country, adding that it had been designed to reduce the time frame for processing applications for the Attorney-General’s authority.

She said, “These guidelines, as indicated are designed to achieve consistency in the processing of applications for mandatory authority, reduce the time for processing the same, and give advance notice of requirements to all stakeholders, including members of the Nigerian Bar Association, Corporate Affairs Commission, Promoters of Companies Limited by Guarantee, among others.

“These guidelines, the first of its kind in Nigeria have therefore been produced to cover a wide range of issues connected with the subject matter. Special care has been taken to address the challenges and issues commonly associated with the processing of applications for the Attorney-General’s authorisation.

“I encourage you to engage in constructive discussions and work together we can create an environment where businesses can thrive both for the citizenry and investors.”