��������Ƶ

A Board Resolution For Borrowing Loan From Bank is a crucial corporate document required in Nigeria whenever a company seeks to obtain financing from a banking institution. This document, governed by the Companies and Allied Matters Act (CAMA) 2020 and other relevant Nigerian banking regulations, formally records the board's approval of the borrowing and delegates authority to specific officers to execute the loan documentation. It typically becomes necessary when a company needs to expand operations, fund major projects, or manage working capital needs. The resolution must demonstrate compliance with corporate governance requirements, including proper meeting procedures, quorum requirements, and clear authorization parameters. Banks in Nigeria require this resolution as part of their due diligence process before disbursing any loan facility.

1. Title and Company Details: Full legal name of the company, registration number, and registered address

2. Meeting Details: Date, time, location of the board meeting, and confirmation of proper notice

3. Attendance and Quorum: List of directors present and confirmation that quorum requirements were met

4. Chairman: Identification of the meeting's chairman

5. Purpose of Meeting: Statement that the meeting was convened to consider and approve borrowing from the specified bank

6. Loan Facility Details: Specific details of the proposed loan including amount, purpose, and lending bank

7. Board Deliberation: Record that the board considered the terms and conditions of the facility

8. Resolution Statements: The actual resolutions passed, including borrowing approval and authorization of specific officers

9. Execution Authority: Authorization of specific officers to execute loan documents

10. Certification: Statement certifying that the resolution is true and accurate