All prospective licensees are required to incorporate a Limited Liability Company with the Corporate Affairs Commission (CAC) and such company must have a minimum share capital of N20,000, 000 (Twenty Million Naira).

LSLGA promotes local content thus, in case of a foreign owned company, a minimum of 15% shares must be held by Nigerian(s) in the alternative the submission of a bank guarantee or surety bond in the sum of N100, 000, 000 (One Million Naira) from a recognized financial institution in Nigeria.