Public ID: PID-G254DG

Revised Nigerian rules now enable the creation of non‑resident corporate accounts

in Nigeria

Trade barrier summary

Nigerian banking regulations had required the disclosure of personal details for corporate accounts, even for local subsidiaries of foreign businesses. Releasing this personal information would have been in direct contradiction to the UK Data Protection Act (DPA). This caused significant issues for UK businesses wishing to set up corporate bank accounts.

In January 2025, Nigerian banking services offered 2 new methods for non-residents to use to create corporate accounts. This was further supported by a revised policy framework for the Non-Resident Bank Verification Number (NRBVN) in May 2025.

These changes, while retaining Nigeria’s Know Your Customer (KYC) requirements, have enabled UK businesses to set up corporate accounts without infringing UK DPA.

This supports the UK’s continued regulatory collaboration efforts to facilitate cross-border investment and financial inclusion.

Sectors affected

Pharmaceuticals and biotechnology

Resolved

Yes - June 2025

Date reported

6 November 2024

Last updated

14 August 2026

Public ID

PID-G254DG

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