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Background:
Economies
across the globe have begun responding to the Covid-19 pandemic not only
medically but in economic terms, with various monetary and fiscal interventions
being implemented. Nigeria is not left out with some monetary and fiscal
measures...
Background:
On Wednesday, August 14, 2019, Nigeria’s Federal Inland Revenue Service (“FIRS”) issued a Public Notice (“FIRS Notice”) directing principal companies, especially those in the fast-moving consumer goods (“FMCG”) industry, to ensure that “compensation...
The Deep Offshore and Inland Basin Production Sharing Contract (Amendment) Act 2019: Matters Arising
Introduction:
Further to the Nigerian government’s announcement in 2017 of its intention to revisit the fiscal terms of existing Production Sharing Contracts, the Nigerian President on November 5, 2019 assented to the Deep Offshore and Inland Basin Production...
Following the recent ‘naming and shaming’ of tax defaulters and their bankers by the Federal Inland Revenue Service (‘FIRS’ or “the Service”, used interchangeably) on the official website of the FIRS and its wide circulation via social media/the internet,...
Introduction
On Monday the 22nd of July 2019 news broke that one Mr. Precious Owolabi, a youth corps member serving at Channels Television News in Abuja, was shot while reporting the clash between the Nigerian Police Force (“NPF”) and members of the Islamic...
Background
On May 20, 2019, the news hit the airwaves that His Excellency, Arakunrin Oluwarotimi Akeredolu, the Executive Governor of Ondo State, in company of the Chairman of the National Drug Law Enforcement Agency (“NDLEA”), Colonel Muhammad Mustapha...
Background:
By its circular dated May 20, 2019 captioned “Minimum Paid-up Share Capital Policy for Insurance and Reinsurance Companies in Nigeria” (the “Policy”), the National Insurance Commission (“NAICOM”) reviewed the minimum paid-up share capital...
INTRODUCTION
Further to the release of the Flare Gas (Prevention of Waste and Pollution) Regulations, 2018 and the subsequent re-launch of the Nigerian Gas Flare Commercialisation Programme (“NGFCP”) by the Federal Government of Nigeria (“FGN”), the FGN...
By its circular dated September 13, 2018, the Central Bank of Nigeria (CBN) released the Regulations on Instant (Inter – Bank) Electronic Funds Transfer Services in Nigeria (the Regulations). The Regulations becomes effective from October 2, 2018 and...