Nigeria: Electronic certificates for imports of capital | KPMG | GLOBAL

Nigeria: Electronic certificates for imports of capital

Nigeria: Electronic certificates for imports of capital

The Central Bank of Nigeria issued guidance on deploying an electronic certificate of capital importation (eCCI) platform, that has an effective date of 11 September 2017.

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Certificates of Capital Importation (CCI) are issued by Nigerian banks as evidence of direct foreign capital investment into Nigeria. Such capital inflows may relate to debt or equity, and can be in the form of cash or goods. Foreign investors can use the CCI as a guarantee for unconditional repatriation of capital and profits, as well as any interest and/or dividend attributable to their investments.

The transition from hardcopy CCIs to eCCIs is part of the central bank’s efforts to promote transparency and process efficiency, and digitise its database of CCIs issued to investors. 

 

Read a September 2017 report [PDF 151 KB] prepared by the KPMG member firm in Nigeria

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