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 for determining electricity tariff in the Nigerian Electricity Supply Industry (NESI) and subsequently issued a Tariff Order called the Multi-Year Tariff Order (MYTO) that sets
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 services and a lease is neither a good or service and therefore not subject to VAT. In reaching its decision, the TAT noted that the
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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 Digital Assets And Their Classification and Treatment “the Statement” to now regulate crypto-token or crypto-coin investments when the character of the investments qualifies as securities transactions.
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
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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 update the 2018 Guidelines for Licensing and Regulation of Payment Service Banks (PSBs) in Nigeria (the 2018 Guidelines). Minimum Capital Requirement for PSBS The CBN
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 provide regulatory guidance to distribution and trading licensees in filing applications to NERC for the collection of Competition Transition Charge (CTC ) “the Guideline”. What
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
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 focus in this article however shall be on switches as a payment service provider Operation Of Fintech Companies FinTech companies basically operate as Payments System
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
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