Nigeria recently discovered large deposits of lithium, an essential component for building batteries for electric cars, laptops and mobile devices. Elon Musk, CEO of Tesla, showed interest in signing a trade partnership with the Federal Government of Nigeria for the mining of lithium but
Quick reference guide enabling side-by-side comparison of local insights, including into applicable treaties, domestic legislation and restrictions on governing law; title transfer; registration of aircraft ownership and lease interests; security; enforcement; taxes and payment restrictions; insurance and reinsurance; and recent trends.
The Nigerian financial services industry has experienced significant growth in the last couple of years, due largely to the entry of an increased number of Fintech companies into the market. Nigerian Fintech companies provide innovative cutting-edge products to their customers mostly through the internet, which have in turn improved financial inclusion, especially for the unbanked in Nigeria.
In a bid to reenergize the Nigerian creative economy and make it more globally competitive in the digital age, on March 17 2023, President Muhammadu Buhari signed the Copyright Bill 2022 into law (“the Act”) which repeals the Copyright Act, Cap C28, Laws of the Federation of Nigeria, 2004 (“the old Act”). The main objectives of the Act are to:
Nigeria currently operates a self-assessment system. Prior to 1991, tax administration in Nigeria was based exclusively on assessments made by revenue authorities. Focus has since shifted to the self-assessment system as part of the continuing process to encourage voluntary compliance among corporate and individual taxpayer.
The Nigeria's Finance Bill of 2022 (the Bill) has made changes to several fiscal and administrative laws, including the Public Procurement Act, the Capital Gains Tax Act, the Companies Income Tax Act, the Customs, Excise Tariff, etc. (Consolidation) Act, Corrupt Practices and Other Related Offenses Act, the Personal Income Tax Act, the Petroleum Profits Tax Act (PPTA), and the Stamp Duties Act.
It is increasingly common for tax practitioners to be involved in disputes that span multiple jurisdictions. We operate in a global economy. Supply chains cross continents, and the increasing role of technology accelerates the pace at which economic activity becomes divorced from the structures intended to tax it.
On Tuesday 4 April 2023, the President of the Federal Republic of Nigeria delivered the Nigerian Data Protection Bill 2023 (“the Bill”) to the Senate and House of Representatives chambers of the National Assembly for their consideration.
On Friday, 17 March 2023, President Mohammadu Buhari assented to the Constitution (Fifth Alteration) Bill, 2023. Exactly a year ago, the House of Representatives and Senate approved forty-four of the sixty-seven constitution alteration bills presented without differences and transmitted them to
Quick reference guide enabling side-by-side comparison of local insights, including into types of private equity transaction; corporate governance, disclosure and timing considerations; dissenting shareholder rights; key purchase agreement provisions; participation of target company management; tax; fnancing; shareholders’ agreements; exit strategies (including IPOs); target sectors; cross-border considerations; club/group deals; and key recent developments.
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