Blog
FIRS: PAYMENT OF STAMP DUTIES ON ATM PRINTOUTS & WHATSAPP MESSAGES
The Finance Act 2019 introduced a number of amendments to the Stamp Duties Act Cap S8, LFN 2004 (as amended) (the ‘Act’). One of such amendments is the inclusion of electronic documents (‘Electr...
DEPARTMENT OF PETROLEUM RESOURCES ANNOUNCES THE COMMENCEMENT OF THE 2020 MARGINAL FIELD BID ROUND
Further to our news alert on 13 April 2020 in which we highlighted reports that the Minister of State for Petroleum Resources had received approval from President Muhammadu Buhari to schedule a bid ro...
COVID-19: SENATE MOVES TO LEGALISE VIRTUAL COURT HEARINGS
The Nigerian Senate, on May 12, 2020, considered a bill seeking to amend the 1999 Constitution of the Federal Republic of Nigeria (‘the Constitution’) to legalise virtual court proceedings. The pr...
Filing Transfer Pricing Returns with the Federal Inland Revenue Service (“FIRS”)
Transfer Pricing (“TP”) is the pricing of goods and services in transactions between related parties (i.e. parties joined by a pre-existing business relationship or common interest[1]). TP enables...
NIGERIA TO PROSECUTE FIRST SET OF PIRATES UNDER THE SUPPRESSION OF PIRACY AND OTHER MARITIME OFFENCES ACT 2019
The Nigerian Navy has handed over ten (10) pirates who attacked a Chinese vessel, the MV “HAILUFANG II”, to the Nigerian Maritime Administration and Safety Agency (NIMASA) for prosecution. The pir...
COVID-19: Consolidating the Gains of Local Content Development in the Nigerian Oil and Gas Industry - National Assembly Commences Process for the Amendment of the NOGICD Act
It has been 10 years since the enactment of the Nigerian Oil and Gas Industry Content Development Act, 2010 (the “NOGICD Act”), which was signed into law on 22nd April, 2010. To mark the 10 years ...
THE LEGALITY OF THE EXISTING LEGAL FRAMEWORK FOR VIRTUAL/REMOTE COURT SITTING IN NIGERIA
On 6th May 2020, the National Judicial Council (“NJC”) issued Guidelines for court sittings and related matters in the COVID 19 period[1] (“Guidelines”). According to the NJC, the Guidelines w...
NMLA SETS UP ADMIRALTY LAW AND PROCEDURE REFORM COMMITTEE
The Nigerian Maritime Law Association (NMLA) has constituted a 16-member committee to review for necessary reform the laws governing admiralty practice in Nigeria. The reform is a necessary step towar...
COVID-19: CBN SETS NEW DEADLINES FOR MICROFINANCE BANKS’ MINIMUM CAPITAL REQUIREMENTS
It is almost 11 weeks since the first confirmed COVID-19 case in Nigeria. However, with the impact of COVID-19 on human relations, businesses and the economy as a whole, it is as though the world as w...
COVID-19: ELECTRONIC SIGNATURES AND ENTERING INTO CONTRACTS REMOTELY
The COVID-19 outbreak has caused extreme disruption to livelihood and society. Businesses and offices around the world have been forced to work remotely as governments adopt measures such as city lock...