CBN ISSUES REVISED GUIDELINES FOR PAYMENTS SERVICE BANKS
On 27 August 2020, The Central Bank of Nigeria (CBN) released the revised Guidelines for Licensing and Regulation of Payment Service Banks (PSBs) in Nigeria ( the Revised Guidelines) to
WHAT IS ELECTRICITY COMPETITION TRANSITION CHARGE?
The Nigerian Electricity Regulatory Commission (NERC or the Commission) pursuant to the provisions of Section 28 of the Electric Power Sector Reform Act ("EPSRA" or the "Act") issued guidelines to
CHANGES OCCASIONED BY THE COMPANIES AND ALLIED MATTERS ACT 2019
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
FINTECH AND PAYMENT SERVICE PROVIDERS
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
SAFEGUARDING THE RIGHTS OF INDIVIDUALS TO PROTECTION OF PERSONAL DATA
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
FINTECH AND PAYMENT SYSTEM PROVIDERS
Financial technology has gained acceptance within the country to remain competitive in the financial services ecosystem. Financial companies (FinTechs) have emerged to offer operational services to Banks and other financial institutions, and the public. Our
THE RIGHT OF AN ELECTRICITY CONSUMER
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
CENTRAL BANK OF NIGERIA’S GLOBAL LOAN RECOVERY PROCEDURE
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
Implementation of Tax Incentives and Reliefs for Taxpayers [Individuals and Businesses] in Lagos State.
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
RIGHTS OF A NIGERIAN ELECTRICITY CONSUMER
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
LAGOS STATE’S VIRTUAL TAX AUDIT RECONCILIATION
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
Africa Energy Update
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MERGERS & ACQUISITION IN NIGERIA
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
STAMP DUTY IS PAYABLE ON YOUR E-DOCUMENTS/MESSAGES
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
INVESTING IN TELECOMMUNICATIONS IN NIGERIA
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
RESOLVING SMALL PANDEMIC DISPUTES
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
NON-RESIDENT COMPANY/ PERSON TAXABLE IN NIGERIA
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
Africa Energy Update
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MANAGEMENT BUY-OUT AS AN INTERNAL RESTRUCTURING OPTION
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
FORGING PARTNERSHIP TO SURVIVE ECONOMIC CONSTRAINTS
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
