On 25th July 2023, the Corporate Affairs Commission (“the Commission”) in partnership with the NBA-SBL organised a training workshop on the use of the Beneficial Ownership Register (“BOR").
On 31 May 2023, the Governor of the Central Bank of Nigeria (CBN) in exercising powers granted under the Banks and Other Financial Institutions Act 2020 (the Act) issued the Central Bank of Nigeria (Customer Due Diligence) Regulations 2023 (the CDD Regulations). One of the objectives of the Regulations is to
On 12 June 2023, President Bola Ahmed Adekunle Tinubu signed the Data Protection Bill into law (“the Act”), now referred to as the Data Protection Act 2023. Prior to the Act, the principal law on data protection in Nigeria was the Nigeria Data Protection Regulations (“NDPR”) amongst other relevant data privacy provisions across various statutes and sector-specific regulations.
Technology continues to gain ground globally and affect businesses and governments alike. Nigeria, like many other countries was not sufficiently poised for the changes the digital economy brought to taxation and only tried to recover from an eroded tax base by relying on the BEPS Action Plans. Beyond the digital economy,
The Arbitration and Mediation Act 2023(“the Act”) was assented to by the former President of the Federal Republic of Nigeria, President Muhammadu Buhari on 26 May 2023 after several years of review and criticism of the Arbitration and Conciliation Act, Cap A18, Laws of the Federation of Nigeria 2004 ("ACA").
Nigeria's tax laws and regulations have undergone various amendments in the past, with the Finance Act 2023 (“the Act or “FA”) being the most recent amendment. The Act, which became effective on 1 May 2023 though assented to on 28 May 2023 modified certain sections of the Capital Gains Tax Act, Companies Income Tax Act,