Structure of Mergers A merger can be done by; a) purchase or lease of shares, interests or assets in the other company(s), b) by amalgamation or other combination with the other company(s), or c) by a joint venture. Section 92(1)(b) of the Federal Competition and Consumer Protection Act (FCCPA). A merger may also be horizontal […]
The Federal Inland Revenue Services “FIRS” on April 29, 2020 released an information circular to clarify the amendment of the Stamp Duties Act by the Finance Act 2019. Electronic Documents Section 2 of the Stamp Duties Act was amended to expand the scope of instrument liable to stamp duties to include “electronic documents”. What Instruments? […]
Regulators The primary legislation governing telecommunications in Nigeria is the Nigerian Communications (NCC) Act 2003, complemented by NCC regulations, guidelines and codes, for example the NCC recently released the Nigerian National Broadband Plan (NNBP) 2020-2025 designed to provide: (a) deliver data download speeds across Nigeria – a minimum of 25Mbps in urban areas, and 10Mbps […]
The Pandemic Business Dispute Resolution Service which offers facilitated negotiation, low-cost arbitration and mediation has been jointly created by the Chartered Institute of Arbitrators (CIArb) the leading global professional organisation for Arbitration as well as other forms of dispute resolution and the Centre for Effective Dispute Resolution (CEDR), known internationally for its mediation work. Businesses […]
The Value added Tax Act 1993 provides for the payment of tax by non-resident foreign companies that carry on business in Nigeria by insisting that such companies register with the board for the purposes of tax, using the address of the person it has a subsisting contract as its addresses for the purpose of correspondence […]
A Management Buyout (MBO) is an acquisition of a business by its management team of the controlling shares of the company usually (but not always) in coordination with an external party financing such as a credited lender or a Private Equity fund. Who To Consider A Management Buy-Out An owner or a vendor buy out […]
The adverse economic effects of the Covid-19 pandemic have resulted in companies considering various options to remain a going concern. One of these ways is forming a partnership. A partnership is an agreement between two or more persons with the same objectives to manage and operate a business for profit making. Partnerships in Nigeria are […]
A group of companies, partnerships, joint-ventures, affiliated companies may conduct transactions amongst themselves. Many countries, like Nigeria, have adopted transfer pricing mechanisms to ensure such transactions are done at arm’s length. Companies need to pay more attention to such transactions to avoid falling short of transfer pricing requirements and being taxed higher than they planned. […]
DO YOU KNOW: The Lagos State Internal Revenue Service has issued a public notice further extending the deadline of filing of annual tax returns for individual taxpayers including self- employed persons from the 1st to 30th of June 2020. This further extension as done by the Service is in line with the effort of the […]
Introduction It is no longer news that COVID-19 is going to change the way companies, Small and Medium businesses, individuals, and governments at all levels engage in business. Due to social distancing, a lot of reliance would be placed on the internet, as most business transactions would be conducted and concluded online, with little or no physical interaction between contracting parties. […]
The Honorable Minister of Finance, Budget and National Planning on 3rd February 2020 signed into law the Value Added Tax Act Modification Order 2020 (The Order). The Order contains a modification of the First Schedule of the Value Added Tax Act (VATA) containing the goods and services exempted from taxation under the VATA, extends the […]
With investors’ confidence in traditional markets waning in the wake of COVID-19, there is the question whether investments in virtual currencies would rise as an alternative. In Africa and Nigeria, the public awareness of virtual currency is certainly growing, but are the Nigerian regulators considering more oversight of the sector for investors’ protection? Nigeria Warns […]
Cybercrime, an unpredictable risk to all business is fast becoming rampant seeing that a lot of business now have online presence largely as a result of the COVID -19 global pandemic. Some common cybercrimes include malware, keylogging, phishing, hacking, bank/e-commerce fraud resulting in reputational damage or business interruption. In effect Cybercrime is no exempt of […]
© All rights reserved. • TONBOFA Law Practice, United Kingdom is non-SRA regulated | Designed by Quezt