Appropriation Act 2018

President Muhammadu Buhari recently signed the 2018 Appropriation Bill into law. The 2018 Appropriation Act authorizes the issue from the Consolidated Revenue Fund of the Federation, the total sum of N9.12 trillion of which the sum of N531 billion is

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Deep Offshore and Inland Basin Production Sharing Contracts (Amd.) Bill, 2018

The President recently sent the Deep Offshore and Inland Basin Production Sharing Contracts (Amd.) Bill, 2018 to the National Assembly for consideration and passage. The Bill seeks to amend Section 16 of the Deep Offshore and Inland Basin Production Sharing

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The CAMA 2004 (Repeal & Re-enactment) Bill, 2018

Recently, the Senate passed the Companies and Allied Matters Act 2004 (Repeal & Re-enactment) Bill 2018. The Bill proposes to make significant amendments to the Act and they include: • Provision for single membership and directorship for small companies etc.,

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AfDB to invest $20bn into Nigerian Investment Sector

The African Development Bank to invest $20 billion into the Nigerian Investment Sector. The African Development Bank (AfDB) and African Export-Import Bank (Afrexim) are to invest the sum of $20 billion in two projects spearheaded by the Federal Government, in

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Nigerian Immigration Services reveals drop in passport applications

The Nigerian Bureau of Statistics has released the Immigration Statistics for the year 2017 reflecting that there was an 80.43% drop in passport applications in 2017. A total of 720,958 applications were received in 2017 as against 3.68 million in

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Nigeria Yet To Sign Free Trade Agreement

The African Continental Free Trade Area (AfCFTA) has been signed by 44 African countries at a summit of the African Union in Kigali, Rwanda. 10 of the African Union’s (AU) 55 member states, including Nigeria are yet to sign the

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FIRS Increased Tax Revenue By N700bn in 2017

According to the FIRS, it recorded four million new taxpayers, raising its revenue in 2017 to 700 billion naira. The government hopes to finance some of its capital projects in the 2018 budget from non-oil revenue. It has also launched

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The House of Reps to Increase the Power of AMCON In Debt Recovery

A bill seeking to amend the Asset Management Corporation of Nigeria (AMCON) Act is being considered by the House of Representatives. The proposed amendments will further empower AMCON to recover debts more effectively and efficiently. During a technical session held

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Organised Private Sector rejects the reduction of the Land Use Charge

The Organised Private Sector, (OPS) on Friday, 19th March 2018 petitioned the Lagos State Government rejecting the reduction to the Land Use Charge rates. Its basis for rejection is that its requests in the formal submission to government had not

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MTN to be listed on the Nigerian Stock Exchange

MTN has reiterated its commitment to list its Nigerian subsidiary on the Nigerian Stock Exchange this year. The listing is part of the terms of settlement agreed with the Nigerian government. The Nigerian Communications Commission (NCC) initially fined the company

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