LIRS EXTENDS DEADLINE FOR FILING ANNUAL RETURNS
The Lagos Internal Revenue Services (LIRS) on the 29th day of January 2021 issued a Public Notice extending the deadline for the filing of Employer’s Annual Return. This extension is
The CBN Framework For Regulatory Sand Box Operations
The Central Bank of Nigeria (CBN) on 13 January 2021 published a Framework on Regulatory Sandbox Operations (‘the Framework’) for a formal process to conduct live tests of new, innovative
NEW LICENCE CATEGORIZATION FOR THE NIGERIAN PAYMENTS SYSTEM
The Central Bank of Nigeria (CBN) on 9 December 2020 published the Circular on New License Categorisations for the Nigerian Payment Systems (NLC Circular), which has made it easier to
Summary Of The Agreement Establishing The African Continental Free Trade Area And Its Protocols
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
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GUIDELINES FOR THE ESTABLISHMENT AND OPERATIONS OF DOWNSTREAM GAS FACILITIES
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
THINGS TO KNOW IN TALKING WITH ANGEL INVESTORS
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
EXPLORING SPECIAL PURPOSE ACQUISITION COMPANIES IN NIGERIA
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
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THE PETROLEUM INDUSTRY BILL 2020: A SUMMARY
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
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USING SIDE POCKETS FOR ILLIQUID FUND ASSETS
Hedge funds are a type of mutual funds that employ hedging techniques to minimize risk. There are no laws or rules that apply specifically to hedge funds in Nigeria. They
EXPLORING VENTURE CAPITAL FINANCING IN NIGERIA
It is common knowledge that all businesses need finance or capital to start up, run or expand their businesses. Many Nigerian entrepreneurs, small businesses and companies do not have sufficient
NERC MAKES MYTO COST-REFLECTIVE
Introduction Further to the authority given under Section 76 of the EPSR (Electric Power Sector Reform) Act 2005, the Nigerian Electricity Regulatory Commission (NERC or the Commission) established a policy
DO YOU PAY VAT ON LEASED PROPERTIES?
In Ess-ay Holdings Limited v. FIRS (Federal Inland Revenue Services), the Tax Appeal Tribunal “TAT” ruled that under the VAT Act, VAT is paid on the supply of goods and
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NIGERIAN SEC REGULATES DIGITAL ASSETS
In line with the powers conferred on the Securities and Exchange Commission “SEC” “the Commission” by Section 13 of the Investment and Securities Act, 2007, the Commission recently issued a Statement on
COMPULSORY INSURANCE COVERS IN NIGERIA
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
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