Tax Alert | Migration of physical CCIs due latest 28 November, 2016

Migration of physical CCIs due latest 28 November, 2016

Some deposit money banks have recently sent out notices to customers to submit active (i.e. unutilized/partly utilized) physical certificates of capital importation (CCIs) for data capturing and migration to the new electronic format (e-CCI). This notice is in line with the recent activities of Central Bank of Nigeria (CBN) geared towards automating the process for issuance and administration of CCIs.  

The new process is expected to boost service delivery and operational efficiency, enable investors track investments easily, monitor status of requests for CBN’s approval of fund repatriation, and ease the process of transferring or amending CCIs where investments are transferred to a third party.

Highlights of the notice:

  • Correspondence from the deposit money banks indicates that the deadline for migrating to this new system is Monday, 28 November 2016
  • Migration of CCIs earlier transferred from initial issuing bank to other banks on request, will be processed by the new bank

It is expected that physical CCIs will be phased out once the automated application process goes-live. The official date for this is yet to be communicated but is rumored to be targeted toward sometime in the first quarter of 2017. Companies are however enjoined to ensure compliance with the directive to migrate their physical CCIs to e-CCI within the stipulated timeline.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.