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Category: Law

DATA PROTECTION: ALL YOU NEED TO KNOW ABOUT DATA PROTECTION & PRIVACY COMPLIANCE

INTRODUCTION Data Protection compliance is the universally accepted practice of ensuring that   sensitive data gathered by organizations and businesses is organized and managed in such a way as to enable organizations to meet enterprise business rules along with lawful and constitutional regulations. Data protection compliance entails establishing policies that outline how data protection is achieved in your organization […]

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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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MEGAWATTS NIGERIA LIMITED V. REGISTERED TRUSTEES OF GBAGADA PHASE II RESIDENTS’ ASSOCIATION – A CASE REVIEW & THE POSSIBLE IMPLICATIONS ON ESTATE RESIDENTS

INTRODUCTION  As a form of strategy for the co-ordination of monetary liability for shared utilities such as power, waste management, security etc. and overall maintenance of estate’s facility, it is not unusual for developers of residential estates and residential communities alike to make membership of estate associations mandatory for residents.  As a matter of fact, […]

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DETERMINING ARM’S LENGTH INTEREST RATE ON INTER-COMPANY LOANS IN NIGERIA

INTRODUCTION For most companies, the transfer of funds in form of loans from one business unit to another is a common phenomenon. The advantages of inter-company loans are favorable to the company as they largely control the terms of such loan. To this end, companies involved in inter-company loans are expected to stay compliant with […]

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NAVIGATING THE REGULATORY FRAMEWORK FOR CHEMICAL IMPORTATION IN NIGERIA

Chemical importation is a highly regulated business activity in Nigeria. This is largely due to the sensitive nature and the possible abuse of some of these chemical items, especially in the wake of the incessant acts of terrorism which has now become a global phenomenon. Thus, it is incumbent on every business owner intending to […]

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EXAMINING NAFDAC GUIDELINES FOR THE IMPORTATION AND MANUFACTURING OF MEDICAL DEVICES IN NIGERIA

  The National Agency for Food and Drugs Administration and Control (NAFDAC) (more particularly the Registration and Regulatory Directorate) is the agency in charge of issuing approvals for medical devices, amongst other classes of regulated products, in Nigeria. According to the NAFDAC Act, LFN 2004, a medical device is any instrument, apparatus or contrivance (including […]

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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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THE LEGAL 500 : TAX COUNTRY COMPARATIVE GUIDE (NIGERIA)

The Legal 500’s Country Comparative Guides are produced in association with the World’s leading lawyers and gives the in-house community a practical overview of the laws and regulations in key jurisdictions, for specific practice areas. Each country chapter is written by a renowned firm in an easy to use Q&A format. The Hot Topic articles […]

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