To issue a corporate bank account in Nigeria, it is required that the bank carry out a search on the company. As such, the process comes at a fee.
The legal search fee is a statutory fee levied by banks for legal search on businesses for account opening. The search is a compulsory requirement by the regulator(CBN) for corporate account opening.
For more details on the fee, click here
For Lenco customers, the fee is applicable to Prime accounts and it does not delay account opening. It is usually charged between 1-6 months after the account has been opened. Please note that it is a one-time charge.