NAICOM Issues Circular on Increase In Paid-Up Share Capital For Insurance CompaniesMay 24, 2019
On the 20th May 2019, the National Insurance Commission (NAICOM) issued Circular Number NAICOM/DPR/CIR/25/2019 titled “Minimum Paid-up Share Capital for Insurance and Re-Insurance Companies in Nigeria” (the Circular).
Failure to Obtain Work Permit in Nigeria and other Legal Issues: A Review of Batalha v West Africa Construction Company LimitedMay 14, 2019
The Court of Appeal (CA) in the case of Batalha V West Africa Construction Ltd considered the breach of section 8 of the Immigration Act 1963 and the effect of the failure of an employer to obtain work permit on a contract to be performed by an expatriate.
Certificate of Capital Importation (CCI) Use & Validity: What an Investor Should KnowMay 13, 2019
At a recent business forum with potential investors in the Nigerian market, one question that lit up the room was how to legally repatriate returns on investment from Nigeria. This question as simple as it appears, weighs so much on the minds of investors in Nigeria, potential or otherwise, particularly given the experience in the telecommunications sector of the Nigerian economy, where the Apex Bank and regulator of the banking industry Central Bank of Nigeria (CBN), ordered one of the leading telecommunications company, MTN Nigeria Communications Limited (MTN Nigeria) to “refund a total of US$8.134 Billion repatriated from the country in breach of the foreign exchange regulations’’.
Data Protection in Nigeria: What Organisations Need to KnowApril 16, 2019
The increasing interest in data protection laws results from digitization and the consequential ease of compromising data; the global scalability of data breaches using the internet and cloud computing; and the incentive for data breaches owing to the acquired value of data in today’s business world.
Nigeria: Current Legal Developments in the Investment LandscapeApril 15, 2019
The President of the Federal Republic of Nigeria signed the Federal Competition and Consumer Protection Act into law in the first quarter of 2019 to promote competitive markets in the Nigerian economy and ensure welfare of consumers.
The International Comparative Legal Guide to: Corporate Immigration 2018April 8, 2019
What are the main sources of immigration law in your jurisdiction? The main sources are the Immigration Act, 2015 (the Act) and Immigration Regulations, 2017 (the Regulations). Other sources include the Nigerian Oil and Gas Industry Content Development Act, 2010 (the NOGIC Act).
Federal Government of Nigeria debuts the Road Infrastructure Development & Refurbishment Investment Tax Credit SchemeMarch 20, 2019
Nigeria currently faces a critical infrastructure deficit projected at $3 trillion in the next 26 years. With an average annual budget of circa $29 billion in the last 10 years, of which figure only about 30% was allocated to capital expenditure, the Nigerian Government may not be able to singularly plug the infrastructure deficit in decades.
Data Protection in Nigeria: Overview of the 2019 Nigerian Data Protection Regulation Issued by NITDAMarch 18, 2019
On 25th of January 2019 the National Information Technology Development Agency (NITDA) issued its latest regulation on data protection - the Nigerian Data Protection Regulation 2019 (“the 2019 Regulation”).
SEC’s Regulatory Oversight on Public Companies: An Appraisal of Securities and Exchange Commission v. Big Treat Plc & ORS.March 18, 2019
The Court of Appeal, Lagos Division, recently restated the powers of the Securities and Exchange Commission “SEC” to intervene in the management and control of Public Companies to protect the interest of investors and maintain a free, fair, efficient and transparent capital market. This was contained in the decision of the appellate Court in Securities and Exchange Commission v. Big Treat Plc & Ors. (2019) LPELR-46520(CA).