- December 14, 2019
- Posted by: admin
- Category: Company Registrations
QUESTION: What are the advantages of Forming a Non-governmental organization (NGO) or Incorporated Trustee legally or Illegally?
Simple, Access to FREE Millions of NAIRA or DOLLARS pouring in through donations, aids, tithes, contributions, benefit, assistance, offerings, hand-outs, etc that is 100% TAX-FREE and almost Unaccounted for by the Members!!! LOL
Anyway apart from the above crooked and dodgy reasons Nigerians register NGOs, the advantage legally is:
a. It is a corporate body and has the right to sue or be sued.
b. It has a Legal Personality i.e No single person can claim its ownership. i.e Despite the Billions invested by Dangote in his Foundation, it doesn’t belong to him but he can be a major decision maker amongst the board of Trustees, B.O.T.
c. Perpetual Succession: It continues for life, even after the death of the major donors or board of Trustees, it continues with new Trustees taking over i.e if the Principal Trustee dies, the organization continues with a new set of B.O.T.
d. Power to Hold Land OR Properties: This is a major factor in being a Non-governmental organization (NGO) or Incorporated Trustee. The CAC is very particular about Non-governmental organization (NGO) or Incorporated Trustees Having the capacity to own lands or buy lands for its operations.
There are lots more benefits, let’s continue next week.
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