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An Advisory Agreement sets out the terms when someone (the advisor) provides professional guidance to a business or individual in Nigeria. It's a formal contract that spells out what advice will be given, how much it costs, and how long the relationship will last - common in sectors like finance, technology, and business consulting.

Under Nigerian business law, these agreements protect both parties by clearly defining confidentiality rules, payment structures, and the scope of advisory services. They're especially important for ensuring compliance with the Securities and Exchange Commission's regulations when dealing with investment advice or corporate governance matters.

Consider using an Advisory Agreement when bringing in external expertise for your Nigerian business, especially during strategic transitions like expansion, restructuring, or entering new markets. This agreement becomes essential before sharing sensitive company information with consultants, financial advisors, or industry specialists.

The agreement protects your interests when seeking guidance on regulatory compliance, investment decisions, or technical matters. It's particularly valuable for startups engaging mentors, established companies hiring management consultants, and organizations needing specialized advice on Nigerian market dynamics or SEC compliance requirements.

• Advisory Board Agreement: Used when forming a formal advisory board with multiple experts who provide strategic guidance as a group
• Startup Advisor Agreement: Tailored for early-stage companies engaging individual mentors, often including equity compensation terms
• Advisory Shares Agreement: Specifically focuses on equity-based compensation for advisors, common in Nigerian tech startups
• Advisor Contract: A simpler, fee-based arrangement for short-term or project-specific advisory services

• Business Owners: Seek expert guidance for strategic decisions, often initiating Advisory Agreements to formalize relationships with industry experts
• Professional Advisors: Consultants, industry specialists, and subject matter experts who provide paid guidance under these agreements
• Legal Counsel: Draft and review agreements to ensure compliance with Nigerian corporate law and SEC regulations
• Startup Founders: Engage mentors and experienced business leaders through equity-based advisory arrangements
• Corporate Directors: Approve and oversee advisory relationships, especially when they involve significant company resources

• Advisor Details: Gather the advisor's credentials, expertise areas, and professional registration numbers if required by Nigerian regulations
• Scope Definition: Outline specific services, deliverables, and expected time commitment from the advisor
• Compensation Terms: Determine fee structure, payment schedule, and any equity arrangements following SEC guidelines
• Duration Planning: Set clear start and end dates, including renewal options and termination conditions
• Confidentiality Needs: List specific company information the advisor will access and required protection measures
• Document Generation: Use our platform to create a legally-sound agreement that includes all required elements under Nigerian law

• Parties & Roles: Clear identification of advisor and company, including registration numbers and addresses
• Service Scope: Detailed description of advisory services, deliverables, and performance metrics
• Compensation Terms: Fee structure, payment schedule, and any equity arrangements per Nigerian SEC guidelines
• Confidentiality: Protection of company information and trade secrets under Nigerian business law
• Duration & Termination: Agreement period, renewal terms, and conditions for ending the relationship
• Governing Law: Explicit statement that Nigerian law governs the agreement
• Dispute Resolution: Clear process for handling disagreements, including arbitration preferences

The key difference between an Advisory Agreement and an Agency Agreement lies in their scope and authority levels. While both involve professional services, they serve distinct purposes in Nigerian business relationships.

• Decision-Making Authority: Agency Agreements grant the agent power to make binding decisions or transactions on behalf of the principal, while Advisory Agreements only provide recommendations without decision-making power
• Legal Liability: Agents can legally bind their principals to third parties, whereas advisors bear no such authority and only face liability for their advice quality
• Compensation Structure: Agency Agreements often include commission-based payments tied to specific transactions, while Advisory Agreements typically feature fixed fees or equity arrangements
• Regulatory Requirements: Agency relationships face stricter regulatory oversight under Nigerian agency laws, while advisory relationships have more flexibility in their structure