#Legal Sense

Appropriate legal structures for school owners

By Funmilayo Olagunju

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In time past, school (primary and secondary) owners were allowed to register the school name as a Business Name with Corporate Affairs Commission.

On the 4th day of March, 2022, the Corporate Affairs Commission gave a directive that schools, academies and related institutions of learning should no longer be approved nor registered as a Business Names.

The rationale for the decision that was announced through the office of the Registrar General is that a learning institution is a body corporate with perpetual succession. A school that has been registered as a Business Name is expected to upgrade the school to a Limited Liability Company to ensure compliance and continuity.

An Incorporated Trustees registered as non-profit can not bring school operation into the scope of the Incorporated Trustee except it is part of the registered objectives of the Incorporated Trustee.

Beyond the appropriate registration with the Corporate Affairs Commission, each school is expected to acquire the appropriate license from the Ministry of Education. This shall be done after inspection of the facilities, activities and curriculum of the school seeking approval by the officials from the Ministry.

Aspiration to own a school is a noble one and profitable one if the right steps are properly taken. Failure to obtain the necessary license might have unpleasant consequences and sanctions.

“Suppose one of you wants to build a tower. Won’t you first sit down and estimate the cost to see if you have enough money to complete it?”

Luke 14:28 (NIV).

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