Legal and business terms, explained plainly

An affidavit is a written statement of facts that you swear is true, signed in front of someone authorised to take oaths. Once sworn, it becomes evidence a court or government office can rely on.

Agency fee is what a property agent charges for finding you a place to rent or buy. In most Nigerian cities it lands somewhere around ten percent of the annual rent, and it is separate from the rent itself.

An annual return is the yearly filing every registered Nigerian business makes to the Corporate Affairs Commission confirming who runs it and where it operates. Skip it long enough and the CAC can treat your company as inactive.

Arbitration is settling a dispute in front of a private decision maker instead of a judge. Both sides agree to it in advance, usually in a clause buried in their contract, and the decision binds them.

The articles of association are the internal rulebook of a company. They set out how decisions get made, how shares move, and what powers directors have.

An assignment is the transfer of your rights under a contract or over property to somebody else. The person handing over is the assignor, the person receiving is the assignee.

Attestation is the act of witnessing a signature and then signing yourself to confirm you saw it happen. It is what turns a signed page into a document that stands up when somebody denies signing it.

Authorised share capital is the total value of shares your company is allowed to issue, as declared at the CAC. It drives your registration fee and your stamp duty, so the number you pick costs money.