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Resolution Letter For Bank Signing Authority for Nigeria

Resolution Letter For Bank Signing Authority Template for Nigeria

A Resolution Letter for Bank Signing Authority is a formal corporate document used in Nigeria that establishes and documents the authority granted to specific individuals within an organization to operate company bank accounts. The document, governed by Nigerian banking laws including BOFIA 2020 and CAMA 2020, specifies the scope of authority, transaction limits, and signing combinations for authorized signatories. It serves as a crucial instrument for both the company and the bank in managing account operations and maintaining proper financial controls while ensuring compliance with Nigerian banking regulations and corporate governance requirements.

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Resolution Letter For Bank Signing Authority

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What is a Resolution Letter For Bank Signing Authority?

A Resolution Letter For Bank Signing Authority is a fundamental document required when establishing or modifying banking relationships in Nigeria. It is typically needed when setting up new bank accounts, changing authorized signatories, updating signing limits, or revising operating mandates. The document must comply with Nigerian banking regulations, particularly the Banks and Other Financial Institutions Act (BOFIA) 2020 and the Companies and Allied Matters Act (CAMA) 2020. It contains crucial information such as the company's details, authorized signatories' information, their respective powers, transaction limits, and specific operating instructions. This resolution serves as the primary reference document for banks to verify and process transactions, making it essential for effective corporate banking operations and financial control.

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

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

2. Meeting Details: Date, time, and type of meeting (board/shareholder) where resolution was passed

3. Resolution Statement: Clear statement that this is a certified extract of the resolution passed

4. Bank Account Details: Specification of the bank and account numbers to which the authority applies

5. Authorized Signatories: Names, positions, and specimen signatures of appointed authorized signatories

6. Signing Authority Limits: Financial limits and transaction types for each signatory category

7. Operating Instructions: Signing combinations and any specific operational requirements

8. Certification: Authentication by company secretary or director confirming the resolution's validity

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

1. Previous Resolution Revocation: Section revoking previous banking authorities, used when replacing existing mandates

2. Digital Banking Access: Authorization for online banking access and digital services, included when digital banking services are required

3. Special Instructions: Any specific conditions or restrictions, included when there are unusual requirements

4. Foreign Currency Authority: Special provisions for foreign currency transactions, used when foreign currency accounts are involved

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

1. Specimen Signature Sheet: Document containing specimen signatures of all authorized signatories

2. Board Resolution Extract: Certified extract from board minutes approving the banking mandate

3. Identification Documents: Copies of ID documents for all authorized signatories

4. Company Registration Documents: Copy of certificate of incorporation and other relevant company registration documents

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

Letter of Authority

Cost

Free to use
Relevant legal definitions




















Clauses


















Relevant Industries

Banking and Financial Services

Corporate

Manufacturing

Retail

Technology

Healthcare

Education

Construction

Energy

Transportation

Agriculture

Mining

Real Estate

Telecommunications

Professional Services

Relevant Teams

Finance

Legal

Corporate Secretariat

Treasury

Accounts

Executive Management

Board of Directors

Operations

Corporate Services

Compliance

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Finance Director

Managing Director

Company Secretary

Financial Controller

Treasury Manager

Accounts Manager

Board Director

Executive Director

General Manager

Finance Manager

Operations Director

Head of Finance

Corporate Services 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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