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On the 13th of November 2020, President Muhammadu Buhari signed into law, the Banks and other Financial Institutions Act 2020 (the “Act”) which ushered in significant modifications to the Nigerian banking sector and the financial services market in general. The Act repealed the Banks and Other Financial Institutions Act 1991 (“BOFIA 1991”) and introduced key provisions (incorporating international best practices and recent global legal developments) in relation to the regulation of banks and other financial institutions in Nigeria...

The 2021 Finance Bill

Posted on Nov 26, 2020

Sequel to the enactment of the Finance Act 2020 which introduced sweeping reforms and development in the Nigerian tax regime, the Minister of Finance on 13th November 2020 issued the Proposed Finance Bill 2021 (“Bill”) with incremental changes to the Capital Gains Tax Act Cap C1 Laws of the Federation of Nigeria 2004 (“CGTA”), the Companies Income Tax Act Cap C21 Laws of the Federation of Nigeria 2004 (“CITA”)...

Financial Statements must now include changes in equity and such other matters as are required to be reported in accordance with the applicable accounting standards approved by the Federal Reporting Council of Nigeria.

Within 14 days after sending copies of the statutory report to its members. The Repealed Act did not stipulate a timeline although it stated that the statutory report should be delivered to the Commission “forthwith” delivery of same to its members.

All acts and decisions validly made under the Repealed Act remains valid and binding pursuant to Section 2(1) of the Interpretations Act. Also, the Companies Regulation 2012 remains extant to the extent that it is not in conflict with the Act by virtue of Section-4(2)(a) of the Interpretations Act.

The purpose of the Draft Framework on Alternative Dispute Resolution for the Information Communication Sector 2020 is to create an avenue for the resolution of domestic and cross-border ICT disputes through ADR.

In response to the fast-evolving spate of global developments in the financial technology sector (Fintech), regulators across the world are constantly devising innovative approaches to keep up with the innovations.

For a long time, the tax obligations of digital platforms companies owned and operated by non-Nigerians was a moot point. The Finance Act however resolves the contention that profits of digital platform companies are taxable in Nigeria. Section 3(b) of the Finance Act, 2019 is aimed specifically at resolving the peculiar taxation challenge of the digital economy.

Innovate for a Green Future

Posted on Apr 26, 2020

At some point in human history, advancement in technology was powered by innovations heavily reliant on fossil fuels and other carbon monoxide emitting products. These innovations, were indisputably efficacious in meeting the challenges at the time of their emergence, although with significant adverse effect on the climate.

Startups, particularly tech startups, have experienced an exponential year-on-year increase in capital investments over the last three to four years, but the investment gap, especially in developing countries like Nigeria remains huge.

Nigeria has a growing population in excess of 190 Million people with more than half between the ages of 24-35 . The United Nations estimates that Nigeria will become the 3rd most populous country in the world by the year 2050.

While the situation is still unfolding and the continent’s technology ecosystems are still adjusting to new realities, we collaborated with a US-based law firm Vazi Legal to produce this short report on how the COVID-19 Pandemic is affecting African startups.

The outbreak of the coronavirus (COVID-19) and confirmation by the Federal Ministry of Health and the Nigeria Centre for Disease Control of 139 (One Hundred and Thirty-Nine) number of reported cases and counting, there have been unprecedented disruptions to businesses in Nigeria and the economy as a whole.

The recent ratification of the Finance Act (the “Act”) by President Muhammadu Buhari ushers in a new dawn for the business landscape in Nigeria, as the Act brandishes significant modifications to several provisions of the Companies Income Tax Act, Personal Income Tax Act, Value Added Tax Act, Capital Gains Tax Act, and Custom and Excise Tariff Act.

The National Identity Management Commission (NIMC) recently published five regulations guiding the mandatory use of the National Identity Number (NIN). The NIMC has the mandate to establish, own, operate, maintain and manage the National Identity Database in Nigeria...

In the world today, digital platforms and access influence most aspects of our lives and work. From policy making and decision making that enjoys feedback from social media to business decisions made based on research conducted with the help of digital tools...

The dawn of industrialisation has been the start of progressive and developed economies of the world today and the reason is innovation. The aim of every inventor, visionary or innovator is primarily to profit from the creation/works of his hands.

The principal law governing arbitration in Nigeria is the Arbitration and Conciliation Act CAP A18 Laws of the Federation of Nigeria 2004 (the “Act”). Some states in Nigeria have however made legislations to govern Arbitration in their various states. For example the Lagos State Arbitration Law (Law No. 18) 2009 (the “Law”) provides for the resolution of disputes within Lagos State by arbitration, except otherwise agreed by the parties to the arbitration agreement.

Economic growth for most economies is largely driven by Foreign Direct Investment (FDI). Most countries encourage FDI in order to facilitate productivity, reduce unemployment and encourage the possibility of transfer of technology. FDI’s ultimately result in the increase per capita income and reduce the amount of poverty manifested in most economies of the world.