On Thursday, February 8, 2018, the Executive Governor of Lagos State, Akinwunmi Ambode signed the Lagos State Electric Power Sector Reform bill into law (the “Law”). The Law establishes an Embedded Power Scheme (the “Scheme”) in Lagos State (the “State”)...
“IPO activity in the year remained mute …” so said Mr. Oscar Onyema, CEO of Nigeria’s premier and biggest bourse, the Nigerian Nigerian Stock Exchange(”NSE”), while giving his review of the 2017 calendar year and outlook for 2018.
There hasbeen a steady...
On 29 December 2017, the Nigerian President signed into law the Niger-Delta Development Commission (Establishment)(Amendment) Act (“Amendment Act”). The Amendment Act amends the provisions of Section 14(2)(b) of the Niger-Delta Development Commission...
As we commence 2018, we thought to examine landmark events in 2017 in the Energy space (i.e. oil, gas and power) and offer some insight on what we expect in these sectors in 2018.
Highlights:
Upstream:
Commencement of renegotiations of Production Sharing...
On June 22, 2001, a new regime of real property taxation commenced in Lagos State with the Land Use Charge Law, No. 11 of 2001 (the “Law”). The stated objective of the Law is to generate additional revenue via taxes to contribute to the development of...
As the Nigerian government considers holding a bid round for marginal fields, we thought to highlight 10 things to expect when the bid guidelines are released by the Department of Petroleum Resources.
The fields on offer would be publicly announced.
Applicable...
On Friday, 15th September, 2017 our Managing Partner, Chinedu Anaje, was a facilitator at the FATE Foundation School of Entrepreneurship. He taught on the Nuts and Bolts of Incorporating and Running a Business.
Here are some pictures from the class....
As the Nigerian House of Representatives hinges towards the passage of the amendment of the Nigeria LNG (Fiscal Incentives’, Guarantees and Assurances) Act (the “NLNG Act”), through a legislative instrument currently styled, “A Bill for an Act to amend...
Further to our regulatory and compliance update of 19 May 2017 on the Executive Order on the Ease of Doing Business in Nigeria, the Department of Petroleum Resources (“DPR”) recently released timelines for service delivery (the “Timeline Document”). One...
On Monday, August 21, 2017, the Lagos State Internal Revenue Service (LIRS) released a public notice (the LIRS Notice) on the voluntary pension contribution (VPC) tax relief. According to the LIRS, it will henceforth, only allow the VPC tax relief in...