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Author: Admin | 2025-04-28
BlogLatest Updates and News Quarrying business is an important sub-sector of the Nigerian mining industry. The mining and quarrying sector contributed over N100 billion to Nigeria’s GDP in 2021. The quarrying business sector is regulated by the Federal Ministry of Mines and Steel (“Ministry”) in terms of issuance of registration, permits, community development agreements and memorandum of understanding on miners. The Ministry acts through the Mining Cadastre Office to manage and administer mineral titles in Nigeria. Below are what a prospective investor needs to know about how to set up a quarry business in Nigeria. What are the regulatory Frameworks for guiding the operation of Quarry Business in Nigeria?The primary laws regulating the operating of quarry business in Nigeria are contained in the following legislations:i. Land Use Act 1978ii. Nigerian Mineral and Mining Act 2007iii. National Environmental (Quarrying and Blasting Operations) Regulations, 2013. Note that there are other regulations applicable in the quarry business in Nigeria.Is there any mandatory share capital for a company seeking to engage into quarry business in Nigeria?Yes, the minimum share capital for a company seeking to undertake a quarry business in Nigeria must be N5,000.000.00 (Five Million Naira).You can click the link below to read more on how to register a company in Nigeria:What are the requirements for incorporating a Quarry Company in Nigeria? Incorporation of a quarry company is the prerogative of the Corporate Affairs Commission (CAC) subject to fulfilling all incorporation requirements and payment applicable fees. Below are the requirements for incorporating a company seeking to engage in quarry business in Nigeria:Two proposed names for the company: these names will be submitted to the CAC for name search, screening and approval. Upon approval, the promoters may thereafter proceed to register the company with the approved name.Proposed registered address within Nigeria, email address and phone number of the company.Details of the Shareholders, Director(s) and Company Secretary which must include their names, Contact/Home address, Email address, Phone number, Date of birth, Occupation, National Identification Number (NIN), and electronic signature respectively. Please note that for foreigners, an international passport will be sufficient for means of identification.Object of company: The company must be registered as a company engaged in quarry business.You can learn more about the requirement for registering a company in Nigeria here.What are the post-incorporation registrations and approvals required for setting up a quarry company in Nigeria?Upon incorporation, the following are the (2) post-incorporation requirements
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