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The Central Bank of Nigeria (CBN) has pursuant to the power conferred on it to promote sound financial system, released the Global Standing Instructions (Individuals) (GSI) in Nigeria to enhance recovery of loan across the banking sector and reduce non-performing loans with effect from 1st August 2020. The GSI provides a process of loan recovery […]

On the 9th of July 2020 the Lagos State Internal Revenue Service issued a notice on the implementation of tax incentives and reliefs for tax payers in Lagos State. This Public notice comes following their earlier public notice issued by the service extending the time for the filling of annual returns from 31st March – […]

Do you know your right as an electricity consumer? The Nigeria Electricity Regulation Commission (the Commission) has provided some Regulations targeted at safeguarding the rights of electricity consumers. In this series, we will be examining these Regulations and the rights they provided. This week, we are considering the Connection and Disconnection Procedures for Electricity Services, […]

The Lagos State Internal Revenue Service or (“LIRS” or “the Service”) recently released a public notice on the 1st of July 2020, to the public and taxpayers especially those with matters under reconciliation with the Service. This Public notice was stated not to amend or override any existing law in force in Nigeria including the […]

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. […]