Newsletter

The amended Court of Appeal Rules 2021 comes in time to suit the changing clime our Judicial system in Nigeria is going through.  We have highlighted the salient changes in this article. Read more

The Federal High Court recently ruled that the Federal Government is not empowered to make tax laws in relation to VAT, withholding tax, education tax and technology tax . The constitution does not allow the Federal Government to make tax laws outside the taxation of incomes, profits, and capital gains. Read More

AGREEMENT ESTABLISHING THE AFRICAN CONTINENTAL FREE TRADE AREA The Agreement establishing the African Continental Free Trade Area was formulated in line with the Abuja Treaty aimed at integrating African’s market by having a continental market with a free movement of persons, capital, goods and services which are crucial for deepening economic integration and promoting agricultural […]

Introduction The Department of Petroleum Resources (DPR) on Sunday, 11th October 2020 released Guidelines for the Establishment and Operations of Downstream Gas Facilities. The Guideline is issued pursuant to Petroleum Act 1969, Mineral Oils (Safety) Regulations (MOSR) 1997 and the Petroleum Regulations 1967. It stipulates the minimum requirements, procedures and conditions to be fulfilled before […]

Angel Investing is a type of business funding where high net worth individuals invest in early stage high growth private companies. Angel Investors fill the equity finance gap between start-up and seed capital (usually from founders and ‘family and friends’) and venture capital. Regulation of Business Angel Investment in Nigeria There are no specific regulations […]

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 […]

Introduction It is no longer news that crude oil dominates Nigeria’s economy, accounting for about 90% of the country’s foreign exchange earnings. For some years now, successive governments have attempted to pass an all-encompassing Petroleum Industry Bill (PIB or the Bill) to no avail. Now, the present administration has sent a new PIB to the National Assembly. The […]

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 […]

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 […]