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INTRODUCTION According to the Food and Agricultural Organisation of the United Nations (FAO), agriculture remains one of the largest sectors of the Nigerian economy and employs two-thirds of the entire labour force. However, a major factor that has stifled the growth of the...

  WHICH FINANCIAL INSTITUTIONS' TRANSACTIONS ARE LIABLE TO VALUE ADDED TAX IN NIGERIA? THE FIRS PERSPECTIVE AND MATTERS ARISING  Value Added Tax (“VAT”) is a consumption tax that is levied at the rate of 7.5% on the supply of all goods and services that are backed by...

Image courtesy:istockphoto.com BACKGROUND On the 8th of April 2021, the Securities and Exchange Commission (the “SEC”), issued a press release addressing the activities of online investment and trading platforms which facilitate direct access of the investing Nigerian public to...

INTRODUCTION The Finance Act, 2020 (the Act) was signed into law by President Muhammadu Buhari on 31st December, 2020. The objectives of the Act include reforming Nigerian tax laws to align with global best practices, supporting small businesses in line with the ongoing ease of...

Background On November 13, 2020, President Muhammadu Buhari assented to the Banks and Other Financial Institutions Act (BOFIA) (amendment) Bill 2020. This action effectively repeals BOFIA 2004 and enacts BOFIA 2020. The legislation provides a more stringent regulatory regime,...

Background The signing into law of the Companies and Allied Matters Act 2020 (CAMA 2020) in August 2020 by President Muhammadu Buhari is generally believed by various stakeholders to be a positive development for businesses in Nigeria. The government has been keen on improving...

BACKGROUND The President of the Federal Republic of Nigeria, Muhammadu Buhari, signed into law the Companies and Allied Matters Act, 2020 (the “Act” or “New CAMA”) on the 7th of August, 2020. The Act repeals the Companies and Allied Matters Act, 1990, which had been in force...

BACKGROUND Value Added Tax (“VAT”) is a consumption tax that is levied at the rate of 7.5% on the supply of all goods and services that are backed by consideration except for those goods and services specifically exempted under the VAT Act as amended. Part I and II of the First...

Background The President of the Federal Republic of Nigeria, President Muhammadu Buhari, recently presented the Nigerian Tax and Fiscal Law (Amendment) Bill, 2019 (the Finance Bill) to the National Assembly for consideration and passage into law. The Finance Bill has been...

Background On the 19th of August, 2019, Nigerian Electricity Regulatory Commission (NERC) issued minor tariff reviews (“2016 – 2018 Minor Review Order”) to the Multi-Year Tariff Order 2015-2024 (MYTO 2015), to take into consideration the impact of macroeconomic variables on the...

COVID-19 and Implications of Force Majeure Claims in Contractual Arrangements  Introduction  The sudden and unexpected emergence of the coronavirus (COVID-19 or Virus) pandemic has greatly disrupted the global economy. Countries around the world have imposed travel bans,...

BACKGROUND On 14th January, 2020, President Muhammadu Buhari signed the Finance Act, 2019 (the “Finance Act”) into law. The Finance Act made radical   changes to several provisions of Nigerian tax laws, including the Value Added Tax Act, Cap V1, Laws of the Federation of...