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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...
Introduction
On Wednesday, August 2, 2017, the Nigerian Federal Executive Council approved the addition of 27 new industries and products to the list of industries considered pioneer. An industry or product is designated as pioneer:
if the industry or...
The Stamp Duties Act (SDA) is 78 years old. It has not been significantly amended since its inception. In recent times, the Federal Government of Nigeria was advised on the capacity of the law to generate about N2Trillion in taxes annually. Efforts have...
“Gas, the Beautiful Bride of Hydrocarbon” – Anonymous
The recently approved National Gas Policy (the “Policy”) by the Nigerian Federal Government (“FGN”) has thrown up mixed reactions from participants in the Nigerian oil and gas industry (the “Industry”)....
Introduction:
The 2015 seminal piece, ‘Distrain under PITA: An analysis and evaluation of Principles and Practice’ may be apt in responding to the question. Please see paper here. This piece hopes to re-engage the relevant principles within the context...
Before a company can be incorporated in Nigeria, the following steps need to be taken:
1. Conduct a Name Availability search and reservation. If the proposed name of the company is approved, Corporate Affairs Commission (“CAC”) will reserve it for 60...
The Petroleum Industry Bill has been stuck at the Nigerian Parliament for the past decade. However, in an attempt to break the jinx of non-passage by successive Governments over the years, the Nigerian Senate in what can be described as an attempt to...
In the past year, the whistle blowing concept has become increasingly popular in the fight against corruption in Nigeria. The Executive Arm of the Federal Government of Nigeria (“FGN”) officially introduced its Whistle Blowing Policy (“WBP”) in Q4 2016....