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...
This piece is a sequel to our briefing note titled “The Flare Gas (Prevention of Waste and Pollution) Regulations, 2018: A New Dawn” wherein we did an overview of the Flare Gas (Prevention of Waste and Pollution) Regulations, 2018 (the “Regulations”).
Following...
An internal memo of the Federal Inland Revenue Service (FIRS) dated July 25, 2018 and captioned “Re: Circular on Withholding Tax Utilisation and K-Card Update Key Deliverables” (Memo) has become public knowledge. The Memo directed all Tax Controllers...
Overtime, it has continued to be a raging controversy among legal minds on whether leave of Court should indeed be required for service of an originating process sealed from the registry of a State judicial division of the Federal High Court of Nigeriato...
Following the suspension of the Nigerian Gas Flare CommercialisationProgramme (the “Programme”) in Q4 of 2017, by the Federal Government of Nigeria due to the lack of sufficient regulations to guide the Programme amongst other reasons, the President of...
As part of the Petroleum Industry reforms, the Nigerian National Assembly recently held a public hearing on the Petroleum Host and Impacted Communities Development Bill 2018 (the “Bill” or “Host Community Bill”) amongst other bills to be enacted by the...
On April 26, 2018, the Nigerian Securities and Exchange Commission (SEC) approved the Nigerian Stock Exchange (NSE) drafted Rules on Suspension of Trading in Listed Securities (Trading Suspension Rules). About 180 days earlier, SEC had instructed the...
The Nigerian parliament which comprises of the House of Representatives and the Senate would be holding public hearings on the following bills in the coming days;
(i) Petroleum Industry Fiscal Bill 2018,
(ii) Petroleum Industry Administration Bill 2018...