Document background
The Account Authorization Letter is a critical document in Nigerian banking operations, used when an account holder needs to delegate banking authority to another individual. This delegation might be necessary for various reasons, such as corporate account management, business continuity, or personal circumstances where the primary account holder cannot conduct banking transactions directly. The document must conform to Nigerian banking laws, including BOFIA 2020 and Central Bank of Nigeria regulations, and typically includes detailed information about the account holder, the authorized person, specific powers granted, and any limitations on those powers. It serves as a legal record of the delegation of banking authority and protects all parties involved - the account holder, the authorized person, and the bank.
