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CNOOC Exploration and Production Nigeria Limited & South Atlantic Petroleum Limited (“The Appellants”), who are contractors to the Oil Mining Lease 130 Production Sharing Contract (“PSC”), prepared the petroleum profit tax returns for the 2010 accounting...
Relevant Facts:
On 13 March, 2017 the Federal High Court (Coram: Honourable Justice (Prof.) Chuka Austine Obiozor (the “Court”) in an action (FHC/L/CS/126/2016: Retail Supermarkets Nigeria Limited v Citibank Nigeria Limited & Central Bank of Nigeria...
Money laundering is the act of concealing the true origin and purpose of illegally acquired money. It is punishable in Nigeria with a jail term of between 7 and 14 years.
For purposes of Nigeria’s anti-money laundering laws (“AML”), a non-financial institution...
Early this month, the Nigerian Government released to the public its Economic Recovery and Growth Plan (“ERGP”), a Medium-Term Plan for 2017-2010 developed for restoring economic growth.
The ERGP address issues of energy from the perspective of electric...
On February 21, 2017, the Presidential Enabling Business Environment Council approved a 60-day National Action Plan on the ease of doing business in Nigeria (the “Plan”). Almost midway into the life of the Plan, we provide you with a summary of the Plan...
The Nigerian government recently released a draft fiscal policy which tends to overhaul the fiscal regime for petroleum operations in Nigeria. Highlights of the policy are as follows:
Reduction of government take for operations in onshore and shallow...
BANKING AND FINANCE ALERT – THE NEW CBN FOREIGN EXCHANGE POLICY: ANY RESPITE FOR FOREIGN EXCHANGE AVAILABILITY?
A New Foreign Exchange Policy
On Monday 21 February 2017, the Central Bank of Nigeria (“CBN”) announced that it shall take new policy...
Nigeria\’s Corporate Affairs Commission (CAC) has announced its de-listing of 38,000 firms from its register of companies. According to the CAC, this action was informed by the failure of the relevant companies to file their annual returns and having...