Blog
Coronavirus (COVID-19)
Following the recent outbreak of the coronavirus (COVID-19), ACAS-Law is closely monitoring the unfolding situation while being proactive.Although the incidence rate is minimal in Africa, we are still...
ACAS-Law Advises Interswitch Management on Visa’s Strategic Investment in Interswitch
Interswitch Limited and Visa Inc. have announced the acquisition of a significant minority stake in Interswitch Limited by Visa Inc. Now valued at US$1 Billion, Interswitch Limited is unarguably Niger...
FGN to Amend the PPTA to Remove the Tax Exemption on Dividends Received from Upstream Entities
It is a well-known fact that President Muhammadu Buhari on 4 November 2019 signed into law an amendment to the Deep Offshore and Inland Basin Production Sharing Contract Act Cap D3 LFN 2004 (the ...
Ease of Doing Business in Nigeria: CBN automates the processing of Form ‘NXP’ for Commercial Exports
In previous blog posts[1], we detailed some policies introduced by the Federal Government of Nigeria (the "FGN") (through its agencies such as the National Agency for Food and Drug Administration and ...
FIRS TAKE FURTHER STEPS TO IMPROVE TAX COMPLIANCE RATE IN NIGERIA
In a bid to improve tax compliance rate in Nigeria and also boost tax revenue for the Federal Government of Nigeria, the Federal Inland Revenue Service (“FIRS” - Nigeria’s federal tax authority)...
Is it Mandatory for External Auditors’ to Attend Annual General Meetings?
Every company is required to appoint an external auditor to audit the financial statements of the company in order to confirm that proper accounting records have been kept . The role of external...
Tax Appeal Tribunal Nullifies N1.5 Billion Tax Assessment For Non-Compliance With The Provisions of The Personal Income Tax Act
The South-East Zone of the Tax Appeal Tribunal sitting in Enugu on 20th August 2019 nullified a tax assessment of N1,528,205,878.88 issued by the Abia State Board of Internal Revenue (“ASBIR”...
SUCCESSION PLANNING ON THE BOARD
The recent demise of the Chairman of a top tier Nigerian bank brings to mind the necessity for proper succession planning on the Board of directors. Succession planning is a process by which individua...
U.S COURT REJECTS EFFORTS BY EXXON AND SHELL TO ENFORCE A U.S 1.8 BILLION AWARD AGAINST NNPC
A United States’ District Judge sitting in the Southern District of New York has rejected efforts by Exxon Mobil Corporation and Royal Dutch Shell Plc to revive a US$1.8 billion arbitration award ag...
NERC Notice of Intention to Cancel Electricity Distribution Licenses
In a move that will undoubtedly shock the Nigerian power sector, the Nigerian Electricity Regulatory Commission (“NERC”) in a notice dated 8 October 2019 (the “Notice”) expressed its intention...