The Resolution For Signing Authority In Bank is a crucial corporate governance document required by Nigerian banks and regulatory authorities when establishing or modifying signing authorities for corporate bank accounts. This document becomes necessary when a company opens new bank accounts, changes authorized signatories, modifies transaction limits, or updates signing arrangements. It must comply with the Banks and Other Financial Institutions Act (BOFIA) 2020, Companies and Allied Matters Act (CAMA) 2020, and Central Bank of Nigeria regulations. The resolution typically results from a board meeting decision and must be filed with both the bank and potentially the Corporate Affairs Commission. It serves as the primary reference document for banks when verifying transaction authorization and is essential for maintaining proper financial controls and corporate governance.
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1. Company Details: Legal name of the company, registration number, and registered address
2. Meeting Details: Date, time, and location of the board meeting where the resolution was passed
3. Resolution Declaration: Formal statement that the resolution was duly passed according to company constitution
4. Authorization Statement: Clear statement of the board's decision to authorize bank signatories
5. Signatory Details: Names, positions, and identification details of authorized signatories
6. Signing Powers and Limits: Specification of transaction limits and signing arrangements (sole/joint)
7. Bank Account Details: Specific bank accounts covered by this resolution
8. Certification: Authentication by company secretary or director that the resolution is true and accurate
1. Special Instructions: Used when specific transaction types need special arrangements or additional approvals
2. Digital Banking Access: Include when authorizing online banking access and digital transaction capabilities
3. Foreign Currency Authority: Required when signatories need authority for foreign currency accounts
4. Revocation of Previous Authority: Include when this resolution supersedes previous signing authorities
5. Branch Specifications: Needed when authority is limited to specific bank branches
6. Term of Authority: Include when the signing authority has a specific duration or expiry date
1. Schedule A - Authorized Signatories List: Detailed list of all authorized signatories with specimen signatures
2. Schedule B - Account Details: Comprehensive list of all bank accounts covered by the resolution
3. Schedule C - Transaction Limits Matrix: Detailed breakdown of transaction limits for different signatory combinations
4. Appendix 1 - Identity Documents: Copies of identification documents for all authorized signatories
5. Appendix 2 - Board Meeting Extract: Certified extract of board meeting minutes where resolution was passed
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Corporate
Manufacturing
Retail
Technology
Healthcare
Education
Non-Profit
Energy
Real Estate
Construction
Transportation
Agriculture
Mining
Telecommunications
Relevant Teams
Finance
Legal
Corporate Secretariat
Treasury
Accounts
Operations
Executive Management
Board of Directors
Compliance
Risk Management
Relevant Roles
Chief Executive Officer
Managing Director
Chief Financial Officer
Finance Director
Company Secretary
Board Director
Financial Controller
Treasury Manager
Accounts Manager
Operations Director
General Manager
Branch Manager
Regional Manager
Department Head
Senior Finance Manager
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