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
Entrepreneurs have a myriad of options for raising capital for their start-ups. Among these options is the Simple Agreement for Future Equity (SAFE). SAFE has been proven to be simple and easy to negotiate. Read more
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
Are you data protection compliant? See below our post on one of the may benefits of data protection compliance. Read more
Are you a Nigerian payment system provider or are you investing in one? Your business may now be categorized as an Other Financial Institution to be regulated by the Central Bank of Nigeria further to the BOFIA 2020. Kindly click for more
Is your business model based on some of your team members being independent contractors/contract staff and not employees? Then you may need to reassess your risk to those team members being called employees if your agreement goes before a court that can be persuaded by the UK Supreme Court Ruling in Uber BV case. Read […]
Under Nigerian Privacy laws, a personal data breach means a breach of security leading to the accidental or unlawful destruction, loss, alteration, unauthorised disclosure of, or access to, personal data. The Nigerian Privacy regulator, in its first enforcement action, has fined a fintech company for personal data breach- Read more
The EU has passed regulations mandating disclosure as regards sustainable investments to protect investors from financial products and companies that claim to be sustainable but are not. These EU regulations will affect financial market participants globally.
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 […]