The Nigerian Government has announced interventions and palliative measures to cushion the negative economic impact of the COVID-19 on individuals and business organisations respectively. On the 13th of April, 2020, the Nigerian President Muhammadu Buhari addressed the nation following the initial cessation of all movements in Lagos State, Ogun State & the Federal Capital Territory […]
read moreManufacturing in Nigeria increased 3.40 percent in March of 2018 over the same month in the previous year[1]. This statistics highlights the growing concern and prospects in local manufacturing businesses in Nigeria. However, in terms of the legal regulatory regime, the regulatory requirements differ according to the industry even though there are some generally applicable […]
read moreIntroduction The world has fast become a global village; therefore it is common to find instances of existing business relationships between two entities in separate countries. Entities are now able to extend their business endeavours to other countries with the aid of technology, which has additionally helped to ensure a smooth sailing of business operations […]
read moreIntroduction Ownership of land is one of the most fundamental weapons of control and economic growth for nations, communities and individuals. The acquisition and ownership of land is an essential tool for economic development. As Babatunde Fashola, the Former Governor of Lagos State, noted in 2015 “In our basic economics, land is a very important […]
read moreINTRODUCTION Shareholders’ Agreements[1] are agreements that describe and set out the mode of operation of companies, the rights of respective shareholders and how they are to be exercised, the obligations, privileges and protection of minority shareholders amongst other relevant issues. In simple terms, a Shareholders’ Agreement is an agreement between shareholders. The utility of Shareholders Agreements […]
read moreOn the 14thof June 2018, the Financial Reporting Council of Nigeria (FRC) unveiled the draft of the Nigerian Code of Corporate Governance (NCCG) 2018. The NCCG, which comes about two years after the suspension of the earlier 2016 draft, is made pursuant to the powers of the FRC under Section 11(c) and Section 51(c) of […]
read moreValue Added Tax (VAT) is a form of tax imposed on the supply of all goods and services, save for a list of items provided by the Value Added Tax Act (VATA). Thus, VAT is required to be deducted by a supplier/provider on all sums payable to a client for the supply of all goods […]
read moreOn the 15thof May 2018, the Nigerian Senate passed a bill to repeal and re-enact the Companies and Allied Matters Act 1990(CAMA). The passage of the bill comes as a major milestone in the Nigerian business climate as it is the first significant amendment to the CAMA after 28years of being in operation. With a […]
read moreIntroduction Prior to the promulgation of the Nigerian Investment Promotion Decree (No. 16) 1995[1], the Nigerian economy experienced an alarming rate of diminution of foreign investments and capital flight as a result of the implementation of the Indigenization Policy in 1972[2]. The promulgation of the Nigerian Investment Promotion Decree (No. 16) 1995, and the Foreign […]
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Introduction It is trite that individuals are liable to tax on their income/profits from employment, trade, business or investments. This tax is required to be remitted to the relevant tax authority in the state in which such individual is resident, subject however to certain exceptions.[1] Furthermore, owners of business entities such as Sole Proprietorships […]
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