Security is crucial in virtually every loan transaction as it ensures that a lender is able to recover its costs in the event of a borrower’s default. Over the years, lenders have accepted various security packages in support of a borrower’s obligations including fixed and floating charges. A floating charge over the assets of a borrower may often be preferred by the borrower due to its nature as a form of security that does not hamper the borrower’s seamless conduct of its daily business operations whilst also serving as security for its obligations to lenders.
The 1963 Nigerian Immigration Act (“1963 Act”) had been a primary legislation with regards to immigration and other ancillary matters in Nigeria. Given that the 1963 Act had been perceived as out dated, not meeting up with present day realities and long overdue for overhauling, the past president signed into law, the Immigration Act, 2015 ( “Act”).
HIGHLIGHTS OF THE IMMIGRATION ACT, 2015
The Act introduces some innovations over the 1963 Act. This paper presents a highlight of the major reforms introduced by the Act as follows:
The Nigerian Electricity Regulatory Commission, (“NERC”) regulates activities in the Nigerian Electricity Supply Industry (“NESI”) as stipulated by the Electric Power Sector Reform Act (“EPSRA”) 2005. Section 62 of the EPSRA establishes the broad basis for the issuance of licenses by NERC to operators in the NESI, whilst section 63 emphasizes the powers of NERC to make regulations, codes, etc., regarding the rights and obligations of a licensee.
The Federal Government of Nigeria recently commenced reforms to the Nigerian National Petroleum Corporation (“NNPC”/”Corporation”) with the dissolution of its board and executive management and the hiring of a new team to take over the running of the affairs of the Corporation. The thrust of the reform agenda of NNPC is captured in a quote attributed to the new GMD, Dr. Ibe Kachikwu:
“NNPC isn’t a public service, it is a corporation and it is going to be run like a company, generating money and profit for Nigerians…”
The Petroleum Act (the Act), which is the key petroleum industry legislation in Nigeria, makes provisions for the regulation of the Nigerian petroleum industry. The Act provides that no person shall import, store, sell or distribute petroleum product in Nigeria without a license granted by the Minister of Petroleum (the “License”). The Act further vests powers on the Minister to regulate the importation, handling, storage, and distribution of petroleum, petroleum products and other flammable oils and liquids.
As the clock ticks for delinquent debtors of Nigerian banks to liquidate their bad loans before the August 1, 2015 deadline set by the CBN, this Article considers the CBN directive, the rationale behind the “name & shame” strategy adopted by the CBN and alternative measures that may be adopted to achieve the same end.
The CBN Directive
The current drive and effort by the Nigerian Bar Association (NBA) to rid the legal practice of quacks is laudable. Apart from the inherent danger posed by these usurpers to the legal profession, it tends to deny legitimate members of the profession a fair share of the benefits derivable from the practice. It also erodes the profession of the public confidence and trust which is imposed upon it.
In reaction to the World Trade Center, New York bombing on September 11, 2001 and the bombing of the French oil tanker Limburger in October 2002, the International Maritime Organization (“IMO”) in December 2002 amended its Safety of Life at Sea (“SOLAS”) Convention (1974/1988) by enacting the International Ship and Port Facility Security Code (the “ISPS Code” or the “Code”) which prescribes the responsibilities of governments, shipping companies, shipboard personnel, and port/facility personnel to detect security threats and take preventive measures against security incidents affecting ship
In recent times, increase in cross-border crimes have necessitated the demand for the physical surrender of individuals suspected to have committed criminal acts and thereafter fled the jurisdiction of the Court in the territory where said crimes were committed. The purview of this article is to consider the provisions as well as the application of the Extradition Act, CAP E25, Volume 6, Laws of the Federation of Nigeria, 2004. (“Extradition Act” or the “Act”).
A floating charge is a form of security for borrowings or other indebtedness, taken over specified assets owned by a company (the borrower), the constituent items of which are constantly changing. A unique feature of the floating charge is that it merely hovers and thus allows the borrower to deal with the assets in the ordinary course of its business whilst providing the required security for a lender.
The Transfer Pricing Division of the Federal Inland Revenue Service (FIRS) in a Communiqué indicated that all foreign companies that derive income from Nigeria are now required to include audited financial statements, tax computations and other relevant information in their tax returns commencing from January 1, 2015 in line with Section 55 of the Companies Income Tax Act (CITA).
The Nigerian Mortgage Refinancing Company Plc. (“NMRC”) which was incorporated on June 24, 2013 is a combined initiative of the Federal Ministry of Finance, the Central Bank of Nigeria, Federal Ministry of Lands & Urban Development & Housing and the World Bank/International Finance Corporation (“IFC”) and a key component of the Nigeria Housing Finance Programme.