TONBOFA LP

[vc_row][vc_column][vc_column_text]The National Assembly has proposed an amendment to the Companies and Allied Matters Act 2020. The purpose of the proposed amendment is to strengthen the operations of NGOs in Nigeria and their compliance with the provision of the Companies and Allied Matters Act. Read more [/vc_column_text][/vc_column][/vc_row]

Data protection and the implication of data breach Everyday, personal data or information are shared, these data reveal sensitive personal information that can be exploited. It is therefore important to protect these data and regulate the way data is used. Authorities through laws and regulations are taking bold steps to protect data of citizens and

The amended Court of Appeal Rules 2021 comes in time to suit the changing clime our Judicial system in Nigeria is going through.  We have highlighted the salient changes in this article. Read more

The Federal High Court recently ruled that the Federal Government is not empowered to make tax laws in relation to VAT, withholding tax, education tax and technology tax.   The constitution does not allow the Federal Government to make tax laws outside the taxation of incomes, profits, and capital gains. Read More

Africa Energy Update- ZIMBABWE: Solgas Energy commissions its 5 MWp Cross Mabale solar power plant Renewable energy producer Solgas Energy is commissioning its Cross Mabale solar power plant in the northern Matabeleland province. The plant, which is connected to the Zimbabwean national grid, has a capacity of 5 MWp. A solar photovoltaic power plant goes into

The passage and signing of the highly anticipated Petroleum Industry Act is a landmark in the oil and gas industry. The Act provides legal, governance, regulatory and fiscal framework for the Nigerian Petroleum Industry and development of Host Communities. For more information on key provisions of the Act click here to learn more

The Fintech Association of Nigeria in collaboration with TONBOFA Law Practice has published a First Volume Compendium of Fintech regulations. It will serve as a point of reference to all stakeholders, particularly banks and other financial institutions to guide compliance and provide investors with information for decision making. You can view using this link https://fintechng.org/fintech-regulation/

Many businesses are facing financial difficulties due to COVID-19 and have sought various means of staying in business, one of which is Mergers and Acquisition. Outlined in this article are things to note before undergoing a merger. Click for more    

The Federal High Court issues Practice Direction for Determination of Tax Disputes. See below for more on the provisions of the Practice direction. Read more  

The Nigerian National Pension Commission has mandated employers to whom the Pension Act relates to comply with the Guideline on Group Life Insurance Policy (GLIP) for Employees on or before 31st July 2021. Click on this link for more on the provision of the GLIP and how to comply. Read more  

A Simple Agreement for Future Equity (SAFE) is a modern seed financing tool introduced by Y Combinator. It addresses the common issue of limited access to traditional funding for startups. SAFE allows investors to provide capital without immediate equity acquisition, instead granting rights to future equity when specific trigger events occur (e.g., future financing, acquisition,

By the ”Proposed Rule On Robo-Advisory Services ” released by SEC Nigeria, Robots may now use an interactive platform to provide investment advice services to clients using innovative technology. Read more

According to the Nigerian FIRS Guideline on Tax treatment of Non-governmental organisation, NGOs are subject to a number of taxes such as income tax, Capital Gains Tax etc. Read more

According to the Nigerian Finance Act, foreign companies which provide some specific services to Nigerians or persons resident in Nigeria may be liable to pay Companies Income Tax if they have significant economic presence in Nigeria. Click on the link below to see what companies are classified as having significant economic presence for the purpose

Nigerian companies with unissued shares must issue them or reduce capital before 31 December 2022. Read more