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CBN Publishes Regulation for the Operation of Indirect Participants in the Payments System

In exercise of the powers conferred on the Central Bank of Nigeria (CBN) under the CBN Act 2007 to promote a sound financial system in Nigeria, the CBN published Regulations for the...
Non-resident tax

FIRS Establishes Tax Office for Non-Resident Persons

By a public notice (“the Notice”) issued by the Federal Inland Revenue Service (“the Service” or “FIRS”), a tax office-specific and peculiar to Non-Resident persons as defined under Nigerian law has been...

Deep Offshore and Inland Basin Production Sharing Contract (Amendment) Bill 2019.

Recently, a bill for an Act to amend the Deep Offshore and Inland Basin Production Sharing Contract Act, (the Bill) passed the third reading at the Senate and currently awaits passage at...

Deal Announcement

Olaniwun Ajayi LP is pleased to be acting as adviser to Seplat Petroleum Development Company Plc. (Seplat) on its proposed circa £382 million cash acquisition of the entire issued share capital of...

Expansion of the Statutory Deadline for Filing of Tax Objections

The Tax Appeal Tribunal ("TAT") on 17.09.19, sitting in Lagos, in the matter of Earth Moving International v. Federal Inland Revenue Service1, delivered judgement to the effect that; (x) a Notice of...

A New Tax Burden on Nigerian Companies

The President of the Federal Republic of Nigeria recently passed into law the Nigerian Police Trust Fund Establishment Act 2019. (NPTFEA or the Act). The NPTFEA creates a Special Intervention Fund for the Nigerian...

The MYTO Minor Review Order 2019 – The Awaited Relief or a Nostrum?

One of the principal objectives of the Nigerian Electricity Regulatory Commission (NERC), as stipulated in the Electric Power Sector Reform Act 2005 (EPSRA), is to ensure that the prices charged by licensees...

Public Notice on Deduction at Source of Withholding Tax

The Federal Inland Revenue Service ("FIRS"), in a Public Notice, issued a guidance to the public and taxpayers in general on Withholding Tax ("WHT") and Value Added Tax("VAT") deductible on Compensation/Commission...

Registration of Drilling Rigs Under the Coastal Inland Shipping Act: Review of the Transocean...

The recent decision of the Court of Appeal in Transocean Support Services Nigeria Limited & 3 Ors. v Nigerian Maritime Administration and Safety Agency & Anor1 (Transocean Decision) that an oil drilling...

Nigeria Signs the African Continental Free Trade Area: What Next?

Two common expressions that have gained currency in trade parlance, "les absents ont toujours tort" (absent people are always wrong), and "if you are not at the table, you are on the menu" may best...