HIGHLIGHTS OF BANKS AND OTHER FINANCIAL INSTITUTIONS ACT 2020 The Senate of the Federal Republic of Nigeria on July 22, 2020, in a bid to regulate and enhance the operations of banks and other financial institutions in Nigeria passed a bill to repeal and reenact the Banks and Other Financial Institutions Act (BOFIA) Cap B3 Laws […]

The Role of Transfer Pricing In Tax Planning and Administration in Nigeria

TAX PLANNING AND TAX ADMINISTRATION Tax planning refers to an arrangement of a taxpayers’ business or financial dealings, in such a way that complete tax benefit can be availed by legitimate means, i.e. making use of all beneficial provisions and relaxations provided in the tax law, so that the incidence of the tax is minimum[i]. […]

The Nigerian Police Trust Fund Levy: Legal Issues on compliance and enforcement

The Nigeria Police Trust Fund (Establishment) Act was signed into law on June 24, 2019. Its key objective is the establishment of a fund to cater for the training and provision of security equipment and related facilities for the Nigerian Police Force. Section 4(1) of the Act created seven sources of funds for this purpose, […]

FIRS creates special office for taxation of foreigners in Nigeria

The Federal Inland Revenue Service (FIRS) has, through a Public Notice (“the Notice“), announced the creation of a new tax office to exclusively attend to the tax affairs of non-resident persons in Nigeria. The Non-Resident Persons’ Tax Office (NRPTO) is located within the International Tax Department of FIRS in Ikoyi, Lagos. However, the office would […]

As The Company Pleases…

A limited company (either public or private)’s grundnorm are its Memorandum of Association and Articles of Association. The Memorandum of Association contains basic information about the company such as name, authorised share capital, objectives of the company etc. The Articles of Association on the other hand provide for the internal workings/mechanism of the company e.g. […]

Lagos State Land Use Charge Law 2018 In Highlights

INTRODUCTION According to Mr. Kazeem Adeniji, the Honourable Attorney General of Lagos State, at a parley with certain key members of the NBA Branches in Lagos State, the rationale for the current development of the executive bill which has since translated into the Land Use Charge Law (LUCL) 2018 was targeted at bringing into the […]

Comments On The New High Court Of Lagos State Civil Procedure Rules 2019

INTRODUCTION In line with the goal of the Lagos State Judicial System of ensuring speedy dispensation of justice among other noble objectives, the Chief Judge of Lagos State in exercise of its power made the High Court of Lagos State (Civil Procedure) Rules 2019 (the “New Rules”). This development is pursuant to S. 274 of the 1999 Constitution […]