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.
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.
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”).
This attached paper by Dr. Adeoye Adefulu (Partner, Odujinrin & Adefulu) and Dr. Ekpen Omonbude (Economic Adviser (Natural Resources), Commonwealth Secretariat, London), explores the intricacies of the subsidy regime in the Nigerian petroleum product supply industry and proposes proactive solutions to problems that arise therefrom.
In 2010, the Lagos State Government in a bid to boost the real estate sector in the State, signed into law the Mortgage and Property Law, 2010 (the “2010 Law”). The main objective of the Law was to provide a legal structure as well as regulations for the mortgage industry.
In the case of Ministry Of Works & Transportation, Adamawa State V. Yakubu (2013) Vol. 1, Misc. (Pt. 11), the Supreme Court held that it is improper and against the law for a court process to be issued or signed in a law firm’s name.
The objective of the National Investor Protection Fund (“NIPF”) is to compensate investors whose losses are not covered under the Investor Protection Fund administered by securities exchanges and capital trade points. The NIPF Rules 2015 (the “Rules”) governs the administration of the NIPF and applies only to defalcations by capital market operators and not dealing members of securities exchanges or capital trade points.
Nigeria’s financial assistance rules are stifling its M&A sector. Damilola Adetunji and Kemi Salau of Odujinrin & Adefulu and Susan Whitehead of Hogan Lovells investigate some alternatives that could help the economy to fulfill its potential.
The Petroleum Industry Bill (PIB), which has been with us in one form or the other since 2008, proposes to completely overhaul Nigeria’s petroleum industry. The current draft of the Bill, sent to the National Assembly in 2012, seeks to, amongst others, restructure the regulatory and commercial institutions in the petroleum industry, change the fiscal dynamics and reform the operational mechanisms of the upstream, downstream and natural gas industries. This paper highlights 5 actions the incoming government may take to get oil industry reform back on track.
The Rules of the Nigerian Stock Exchange (the “NSE” or “Exchange”) on Board Meetings and General Meetings (“Rules”) as approved by the Securities and Exchange Commission (“SEC”)1 are intended to guide directors and trustees of listed companies in ensuring compliance with the standards set by Nigerian company laws as regards their fiduciary duties of skill, care and diligence.
One of the time honored pillars upon which rest the concept of modern Justice is captured in the Latin maxim, “audi alteram partem” which when translated means “hear the other Party”. This rule of natural justice ensures that equal opportunity and protection is afforded the competing interests and rights of the contending Parties. To achieve this, a party commencing a suit placed before Court for adjudication has an obligation to ensure that all Processes filed by him, in the suit, gets to the attention of the Defendant by proper service.
The highpoint of the Nigerian power sector reform process had hitherto been the November 2013 handover of successor Power Holding Company of Nigeria (“PHCN”) utilities to private sector investors. Not since the passage of the Electric Power Sector Reform Act in 2005 (“EPSRA”), had the Federal Government of Nigeria shown its firm commitment to true liberalization in the sector. In anticipation of a privatized electricity market, investors made good their commitments for the balance of the purchase price for the respective PHCN assets and moved to consummate all relevant Industry Agreements.