It is usual for parties to a contract to agree on the type of insurance to be obligatorily obtained by one of the parties and for businesses to obtain insurance for interruptions to their businesses. We discuss these below. Force Majeure Insurance Force majeure insurance provides coverage for financial losses arising out of the inability to bring a project to completion. The […]
Companies worldwide must file returns quarterly and annually. Sections 39 and 41 of the Nigerian Securities and Exchange Commission “SEC” Rules 2013 provide for the filing of annual and quarterly reports respectively. The Financial Reporting Council in Nigeria responsible for developing and publishing accounting and financial reporting standards to be observed in the preparation of financial statements of public entities in Nigeria approved the use of the International Financial Reporting standard […]
In some countries, Small and Medium Enterprises are using crowdfunding platforms to raise urgently needed finance for their business costs as a way out of COVID -19 financial constraints. In Nigeria, the Securities and Exchange Commission (SEC) recently released a draft regulatory framework for crowdfunding “Draft Rules”. The Draft Rules is to the effect that funds can be raised through a public online platform to […]
As a result of the Covid-19 pandemic, several issues have arisen in relation to rights and options available to employers and employees in the workplace. These issues and options are herein considered in view of the Nigerian Labour Act but are subject to the terms of relevant employment agreements. Option to lay off employees Redundancy: Based on Section 20 of the Labour Act, an […]
FG not returning fuel subsidy, under-recovery, Egypt, Sudan electricity grids officially connected, Ghanaian government to power airports with solar energy and ECOWAS countries sign up for cleaner vehicles are top stories of Africa energy this week. Download from below to view.
Can a director of a company be personally liable for a company that proceeds to carry out transactions knowing it cannot pay its debts? What does the creditor need to prove to the Court to obtain judgment against the director to claim personal liability for the debt owed? Section 506(1) of Companies and Allied Matters […]
The Department of Petroleum Resources (DPR), pursuant to the Presidential directive of 29th March 2020 restricting movement in certain parts of Nigeria, has directed Oil and Gas Operators by its Circular dated 30th March 2020 to ensure strict compliance with the Presidential directives and limit the number of personnel at project/construction sites. This, according to the circular, is to ensure the safety and welfare […]
The Nigerian Corporate Affairs Commission on 26th March 2020 released the Guideline on holding of Annual General Meetings (Agm) of public companies using proxies. The guideline provides that in view of the COVID-19 pandemic, companies can hold their Annual General Meetings by taking advantage of S.230 Companies and Allied Matters Act (CAMA) on the use of proxies. The guideline makes the following […]
The National information Technology Development Agency (NITDA) has through its Director General Kashifu Inuwa, extended the date for filing of the Annual Data Protection Audit Report from 15th March of every year as provided under the Nigerian Data Protection Regulation to 15th May 2020. All companies which control data of individuals are therefore urged to comply by engaging the services of a Data […]
The Lagos State government has extended the deadline for filing of annual returns for individual taxpayers due to the Covid-19 pandemic. The deadline for filing of returns which was slated for 1st April has been moved to 31st May 2020 and taxpayers are encouraged to file their returns from the comfort of their homes by logging on to […]
As a form of business continuity plan, having an online business is the new business especially during this COVID- 19 pandemic era. Certain risks are however associated with operating an online business, which include the following: – Risk of disclosure of data between parties and to unauthorised 3rd party. – Risk of technological errors e.g. […]
In its bid to cushion the effect of the Covid-19 outbreak on Nigerians, most especially on households, small and medium sized enterprises, the Central Bank of Nigeria (CBN) issued guidelines for the implementation of N50 Billion targeted credit facility. it is a stimulus package to support MSMEs (Micro, Small and Medium Enterprises) affected by this pandemic. Eligible Participants Households with verifiable […]
As a result of the coronavirus and Covid-19 pandemic, businesses that have obtained loans from financial institutions and have facility agreements guiding their contracts will be unable to pay due interest which may lead to an event of default on the part of the borrower. The borrower should check the list of events in the force majeure clause to see if they […]
Obeying rules and regulations in the workplace create an environment where employees feel safe and comfortable to do their job effectively. Without question, employees should follow the rules of the organization they work with. And one of the important rules that employees need to follow strictly is the Privacy Policy of the Company. A Privacy […]
DO YOU KNOW THAT: profits of a nonresident company engaged in transmitting, emitting or receiving signals etc., to the extent that the company has significant economic presence in Nigeria are taxable. profits of a nonresident company providing technical, management, consultancy or professional services to a person resident in Nigeria to the extent that the company […]
© All rights reserved. • TONBOFA Law Practice, United Kingdom is non-SRA regulated | Designed by Quezt