Covid-19

Special Purpose Acquisition Companies“SPACs” also known as blank check companies are duly registered public limited companies, formed to raise capital in an Initial Public Offering (“IPO”) with the purpose of using the proceeds to acquire one or more unspecified companies, businesses or assets (target companies) to be identified after the IPO. Spacs have been used […]

One of the biggest problems faced by the Insurance Industry in Nigeria is lack of awareness. Most people are not aware of the existence of Insurance neither do they know its relevance. There are certain insurance policies that the Federal Government of Nigeria has made compulsory for every individual and business in the country to […]

In order to promote the ease of doing business in Nigeria, the Nigerian Senate passed the Companies and Allied Matters bill which was assented to by President Muhammed Buhari in August 2020. The new Companies and Allied Matter Act (CAMA) repeals the old Companies and Allied Matters Act of 2004. These are some of the […]

Financial technology has gained acceptance within the country to remain competitive in the financial services ecosystem. ​Financial companies (FinTech) have emerged to offer operational services to Banks and other financial institutions, and the public. Our focus in this article shall be on switches as a payment system. Operation Of Fintech Companies FinTech companies basically operate as Payment Service Providers that […]

With the advancement in technology and the accompanying digitisation and globalisation of businesses and personal data, cyber-crime is on the rise. To ensure the protection of personal data of individuals and of privacy rights, the National Information Technology Development Agency (NITDA) on 25th of January 2019, in the bid to protect the personal data of […]

Your Rights As a Nigerian Electricity Consumer This week we will be examining the Meter Reading, Billing Cash Collections and Credit Management for Electricity Supplies Regulations, 2007. The following are the rights to note from this regulation: Right to transparent electricity billing: Every Distribution Company (Disco) shall obtain, through its authorized representatives, an actual reading […]

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.  […]