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Category: Corporate and Commercial Law

SIGNIFICANCE OF THE PETROLEUM INDUSTRY ACT

INTRODUCTION Over the last 20 years, there have been various attempts at reforming the petroleum industry in Nigeria. However, none of these attempts has yielded any tangible result until the National Assembly introduced the Petroleum Industry Bill (PIB) 2020. It is worthy of note to state that the oil and gas industry has a significant […]

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VALIDITY OF THE VAT ACT IN VIEW OF RECENT JUDICIAL PRONOUNCEMENTS

INTRODUCTION The Value Added Tax Act, LFN 2004 (VATA) is the enabling law imposing Value Added Tax (VAT) on the supply of taxable goods and services in Nigeria, and in furtherance of this, the Act has empowered the Federal Inland Revenue Board to be responsible for the administration and collection of this tax. It is […]

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EXAMINING TAX RELIEFS FOR THE INSURANCE SECTOR IN LINE WITH CURRENT REALITIES

INTRODUCTION Nigeria is gradually convalescing from the tensions of the aftermath of civil onslaughts that took place in several parts of the country with Lagos, its commercial hub, being mostly hit by the activities of restive persons at the ebb of protests. These questions bring to mind, the concept of insurance, especially considering that many high […]

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CLOSING DOWN YOUR COMPANY? VOLUNTARY WINDING UP UNDER CAMA 2020

INTRODUCTION Closing down your company is legally known as winding up. Winding-up is a process where a company formally dissolves its business and statutorily goes into extinction. The purpose of a winding-up process is for a company to cease doing business as usual, sell off its assets, pay off creditors (where applicable) and distribute the […]

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AN APPRISAL OF THE AMENDMENTS BY THE FINANCE ACT 2020

INTRODUCTION The Finance Act 2020 amends some provisions of fourteen (14) legislations, however, the focus of this article shall be a brief discourse on the key amendments contained in the Finance Act 2020 of the following Acts: Companies Income Tax Act; Personal Income Tax Act; Value Added Tax Act; Capital Gains Tax Act; Companies and […]

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EXAMINING LIMITED PARTNERSHIPS UNDER CAMA 2020

Limited partnerships are a form of partnerships that are now regulated under the Companies and Allied Matters Act 2020 (CAMA). Partnerships were generally hitherto only regulated federation wide by the Partnership Act 1890 (PA) – a statute of general application not having provisions for Limited Partnerships. Lagos state enacted a law for Partnerships including regulations […]

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HIGHLIGHTS OF THE NEW COMPANIES AND ALLIED MATTERS ACT 2020

INTRODUCTION The signing of the Companies and Allied Matters Act, 2020 (“CAMA, 2020”) into law by President Muhammadu Buhari on the 7th of August, 2020 rides on the successful enactment of the Finance Act which fundamentally repositions Nigeria tax legislations and the enactment of the Federal Competition and Consumer Protection Act of 2019 which represents […]

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The A – Z of Money Lending in Nigeria

Money is necessary for the facilitation of everything in life. To meet the need and demand for money, the art of lending evolved with financial institutions, notably banks, providing large scale credit facilities mainly for investments and related matters. Such credit facilities or loans called for stringent security in the form of cumbersome collaterals. In […]

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