On January 13, 2020, the President of the Federal Republic of Nigeria signed the Finance Act 2020 (the “Finance Act” or the “Act”) into law, and the Minister for Finance has announced February 1, 2020 as the commencement date for the implementation of the Act. The Act amends the Companies Income Tax Act (“CITA”), the Value Added Tax Act, the Customs and Excise Tariff Act, the Personal Income Tax Act, the Capital Gains Tax Act, the Stamp Duties Act, and the Petroleum Profits Tax Act. In terms of its impactfulness within the Nigerian business sector, the Finance Act is the first of its kind in over two decades and is intended to support the funding of the 2020 budget. This article highlights some of the major features of this new Law.
Download PDFIn August 2015, the Federal Competition and Consumer Protection Bill, 2015 was introduced by the National Assembly and successfully, on the 5th of February 2019, President Muhammadu Buhari assented to the Federal Competition and Consumer Protection Act 2018 ("FCCP Act") which repealed the Consumer Protection Council Act (CPCA) (Cap. 25, Laws of The Federation 2004) as well as Sections 118-128 of the Investment & Securities Act 2007
Download PDFThe new Companies and Allied Matters Bill is an improvement on the current legislation and will significantly enhance the ease of doing business in Nigeria which is likely to reflect in an improved rating in the World Bank Doing Business (WBDB) Ranking Index. The bold reforms contained in the new Bill will bring Nigeria's Companies Regulation in tandem with global best practice.
Download PDFThe Federal Government of Nigeria, in September 2018, promulgated the new Flare Gas Prevention of Waste and Pollution Regulations 2018 (“the Regulations”). The Regulations provide a legal framework for the utilization and commercialization of Flare Gas in Nigeria. It further introduced a new penalty regime for gas flaring and imposes strict obligations on exploration and production companies. The new regulations also have implications for certain categories of industry stakeholders and apply to persons who make use of flared Gas.
Download PDFThe purpose of this guide is to give readers a brief overview of key aspects of Nigerian law on establishing and running a business. It is aimed at organizations and persons from other countries who are interested in doing business in Nigeria. This guide is not intended to be definitive on every aspect of Nigerian law. It only gives indications of applicable considerations from a commercial, tax and general regulatory point of view. The content of this guide is for information purposes only. It does not constitute legal advice, nor is it intended to do so. Should you require legal advice, please do not hesitate to contact us in respect of the details provided in this guide. Nigeria's legal system is based on English Common Law with significant divergence which has been developed over the last decade. The law is stated as at 31st of May 2018.
Download PDFThe Petroleum Industry Governance Bill (PIGB) passed the second reading at the National Assembly on the 2nd of November, 2016 and was referred to the Committee on Petroleum Upstream, Downstream and Gas. The PIGB aims at significantly improving the state of the petroleum industry by dealing with the institutional and governance structure of the industry. Our Senior Partner Gbenga Biobaku and one of our associates Sandra Gini were part of the multidisciplinary team that advised and drafted the PIGB for the Nigerian Senate. The Firm Gbenga Biobaku& Co. acted as lead legal advisers to the Senate on the project.
Download PDFThe National Industrial Court is vested with exclusive jurisdiction on all labour, employment and related matters and as such all labour, employment and allied matters pending before State High Courts across Nigeria are required to be transferred to the National Industrial Court. This position was confirmed in the recent case of Josiah Madu vs. Solus Schall Nigeria Ltd (Unrep.)
Download PDFThe Federal High Court, Abuja in the case of Federal Inland Revenue Service VS. Nigerian National Petroleum Corporation & Others recently decided that an Arbitration Tribunal lacks jurisdiction to determine issues relating to taxation or connected with the Federal Government revenue as such jurisdiction is exclusively conferred on the FHC by the Constitution of the Federal Republic of Nigeria.
Download PDFThe Federal Ministry of Mines and Steel Development (the 'Ministry') recently issued new mining regulations titled the Nigerian Minerals and Mining Regulations 2011 (the 'Regulations')
Download PDFThe Nigerian Content Development and Monitoring Board Issues Draft Regulations For The Implementation Of The Nigerian Oil and gas Industry Content Development Act 2010.
Download PDFThe Federal Government of Nigeria, in its bid to improve the welfare of Nigerian employees recently enacted the Employees' Compensation Act 2010 ('˜ECA' or 'the Act') which introduces a new social security scheme for workers in the country.
Download PDFPresident Goodluck Jonathan launched the most comprehensive plan which it tagged Roadmap for Power Sector Reforms aimed at restructuring the power sector and achieve stable electricity in the country.
Download PDFNigeria is one of the world's largest producers of crude oil. The country currently produces an average of 2.5 million barrels of crude oil per day. This makes her the 10th largest producer of crude oil in the world and the 6th largest exporter among OPEC members. Production capacity currently stands at about 3 million barrels per day whilst reserves is about 35 billion barrels which the government intends to increase to 40 billion barrels by the year 2010.
Download PDFThis article examines in a very general way the existing framework for the taxation of expatriates in Nigeria. It considers in brief the applicable tax rate, the portion of the expatriate income that is actually subject to tax, how the tax is calculated, when an expatriate would be deemed resident in Nigeria and how the tax filing is carried out.
Download PDFThe Mining Industry is now a global industry with many countries competing for exploration funds. The fierce international competition suggests that mining companies and their investment funds would only go to those countries where the enabling environment would allow the private sector to flourish without hindrance.
Download PDFWith a population of about 140 million people, Nigeria is undoubtedly Africa's most populous country, making it the African destination of choice for serious investors looking to take advantage of a potentially large market.
Download PDFThe National Assembly on 30th April 2003 passed the Coastal and Inland Shipping (Cabotage) Act (the Cabotage Act) into Law. It was stipulated that the provisions of the Cabotage Act would become enforceable from 1st May 2004. The much awaited guidelines for the implementation of the provisions of the Cabotage Act were eventually released by the Honourable Minister of Transport on 7th of June 2004. We intend to give an overview of the guidelines in this newsletter.
Download PDFAs a result of international pressure particularly from the United States of America, some European countries and the global ombudsman, the Financial Action Task Force (FATF) based in Paris, France, threatening to apply sanctions on Nigeria and its banks for the rising cases of fraud and sharp practices in the financial system, the Federal Government recently reinforced the country's laws in its bid to tackle the ugly trend.
Download PDFAfter much waiting, Nigeria and Sao Tome on the 22nd of April 2003, flagged off the licensing round for nine oil blocks in the Joint Development Zone (JDZ). The JDZ is an area of overlapping maritime boundary claims between Nigeria and Sao Tome, which both countries have agreed to jointly develop. The area is estimated to hold crude reserves of about six billion barrels.
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