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Resolution For Signing Authority In Bank for Nigeria

Resolution For Signing Authority In Bank Template for Nigeria

A Resolution for Signing Authority in Bank is a formal corporate document used in Nigeria that establishes and documents the authority granted to specific individuals to operate company bank accounts. The document, governed by Nigerian banking laws including BOFIA 2020 and CAMA 2020, specifies who can sign banking documents, conduct transactions, and access banking services on behalf of the company. It includes details about transaction limits, signing arrangements (sole or joint), and specific powers granted to each authorized signatory, ensuring compliance with both corporate governance requirements and banking regulations.

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What is a Resolution For Signing Authority In Bank?

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.

What sections should be included in a Resolution For Signing Authority In Bank?

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

What sections are optional to include in a Resolution For Signing Authority In Bank?

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

What schedules should be included in a Resolution For Signing Authority In Bank?

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

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Nigeria

Publisher

Ƶ

Document Type

Board Resolution

Cost

Free to use
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

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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