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.
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
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”).
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.
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.