FOUNDATION REGISTRATION PROCEDURES

FOUNDATION REGISTRATION PROCEDURES

Registering a foundation starts with the decision of the owner as to what cause(s) to pursue: civil rights, health, poverty/hunger eradication, education etc. This decision would be part of the description of the foundation in its constitution.

When the Swedish Alfred Nobel formed his ‘’Nobel Peace Foundation’’ he made that firm decision in his will that, never again should the world encourage the development of destructive weapon like dynamite which he invented at the detriment of the accidental death of his son in his laboratory.

So global peace is the cause for which Nobel Foundation was established. We are also aware that a few Africans have qualified for this award, including Nigeria’s Prof. Wole Soyinka.

Another critical decision after cause is whether to go for Incorporated trustees by Guaranty or trustees selected/appointed by the owner.  These should be in the constitution, produced in several copies.  Copies of resolutions extracted from a meeting(s) where such resolutions were passed should be made in several copies.

An example of cause(s) is that of Alhaji Aliko Dangote Foundation which states:  ‘’The Dangote Foundation is dedicated to adding value to people’s lives across Africa by facilitating health, education, and empowerment initiatives.’’  The use of this example is because the causes are many and large, an indication that the resources of the foundation would be very large too. The size of the foundation in terms of cause(s) and resources is determined by the size of the pocket of the owner. Although not necessarily in all cases.

Then the legal processes. You need to collect Incorporation Forms to be completed and signed by the owner and trustees with passport photographs etc.  When in doubt it is recommended that Legal Practitioner should be consulted for these services which can be complex in accordance with s.673 Part C, of the Companies and Allied Matters Act 1990 as amended.

Iyke Ozemena Esq

Corporate Attorney/Consultant 

IKECHUKWU O. ODOEMELAM & CO

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