February 2021

THE CBN REGULATORY FRAMEWORK FOR OPEN BANKING IN NIGERIA The Central Bank of Nigeria “CBN” on 17 February 2021 issued the Regulatory Framework for Open Banking in Nigeria (‘the Framework’) which aims to promote the sharing and leveraging of customer-permissioned data by Banks in order to build solutions and services that provide efficiency, greater financial […]

CHANGES OCCASIONED BY THE FINANCE ACT 2020 The President Buhari on 31st December 2020 signed into law the Finance Act 2020. The Act amends among others the Capital Gains Tax Act, Companies Income Tax Act, Industrial Development (Income Tax Relief) Act, Personal Income Tax Act, Tertiary Education Trust Fund (Establishment Etc.) Act, Custom and Excise […]

The Securities and Exchange Commission “SEC” on 12 February 2021 issued a press release “the Press Release” to address comments on a perceived policy conflict between the SEC Statement on Digital Assets and their Classification and Treatment of September 11, 2020and the Central Bank of Nigeria “CBN” Circular of 5February 2021 which effectively prohibits financial […]

An Introduction A Gas Sale and Purchase Agreement (GSPA) is the key agreement detailing the sale and purchase of a quantity of natural gas. Natural Gas is an invisible product and is a major source of clean energy. Natural gas can either be associated gas or non-associated gas. Associated gas: Natural gas that comes from […]

  The Central Bank of Nigeria “CBN” on 5 February 2021 published a circular “2021 Circular” which it titled Letter To All Deposit Money Banks, Non-Bank Financial Institutions And Other Financial Institutions.  By the 2021 Circular, financial institutions are being prohibited from supporting or aiding cryptocurrency transactions The CBN further requires regulated financial institutions to identify […]

FG Okays N35bn For NEPZA Power Station The federal government yesterday approved the sum of N35billion for the building of a power station by the Nigerian Export Processing Zone Authority (NEPZA) in Akamkpa, Cross River State. ØMinister of Industry, Trade and Investment, Niyi Adebayo, disclosed this to State House correspondents after the virtual federal executive […]

The Lagos Internal Revenue Services (LIRS) on the 29th day of January 2021 issued a Public Notice extending the deadline for the filing of Employer’s Annual Return. This extension is stated to last for 2 weeks starting from the 1st day of February 2021 to the 14th day of February 2021. The extension was granted […]

Nigeria’s External Reserves Hit $36.23b on Higher Crude Oil Prices Nigeria’s foreign exchange (forex) reserves rose from $34.94 billion last November to $36.23 billion by January 21, 2021 on the back of increase in global crude oil prices. Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, who spoke at the end of the Monetary Policy […]