News & Insights

News & Insights

News & Insights

‘Forensics Bill’ ll combat corruption’

May 11, 2021 – Legal News by

The fight against corruption will receive a boost as soon as the bill for the establishment of Chartered Institute of Forensics and Certified Fraud Examiners is passed into law, according to President/Chairman Council of the Institute, Dr. Iliyasu Gashinbaki. The bill, which is promoted by the Association of National Accountants […]

SEC proposes tighter regulatory oversight for foreign stockbrokers

In an attempt to reduce the demand for foreign stocks in Nigeria, the Securities and Exchange Commission (SEC) is proposing tighter and stricter regulatory oversight and requirements for foreign stockbrokers in the country. The executive commissioner for operations of the SEC, Dayo Obisan revealed the commission was planning to actively […]

NEITI, CAC partner on ownership disclosures

The Nigeria Extractive Industries Transparency Initiative (NEITI) and the Corporate Affairs Commission (CAC) are to establish a coordination committee. The committee is expected to identify, document and disclose the real owners of Nigeria’s oil, gas and mining assets under the country’s implementation of beneficial ownership policy of the global extractive […]

Nigeria to diversify forex with gold trading

Nigeria is expected to deepen its foreign exchange (forex) earnings with the impending listing of Dukia Gold’s diversified financial instruments on the Lagos Commodities and Futures Exchange (LCFE). The Dukia Gold’s diversified financial instruments are backed by gold as the underlying asset in a sector worth over N300 trillion. Chairman, […]

African Oil, Gas Refiners Seek Action on Clean Energy Transition

The African Refiners and Distribution Association (ARDA) has called for a consensus by all stakeholders on the need for the continent to quickly take visible steps as the rest of world moves towards cleaner and renewable sources of energy. The ARDA joined by other experts in the Liquefied Petroleum Gas […]

What is ‘coopetition’ and how can international organizations help?

Businesses have an important role to play in achieving the United Nations Sustainable Development Goals. According to one report, meeting the SDGs could also offer a $12 trillion business opportunity. But tackling the toughest global challenges cannot be achieved by one company or sector alone. It requires something called “coopetition,” […]

All airports are to be designated free trade and economic processing zones- FG

All airports are to be designated free trade and economic processing zones, the Federal Government has said. It also announced that the next step for the concession of Nigeria’s four major international airports was the placement of request for qualification in the media. It disclosed this in a document on […]

Nigeria Loses N53.2tr To Illicit Financing In 14 Yrs

The House of Representatives has called for stringent measures in tackling Illicit Financial Flows (IFF) as Nigeria has lost $140 billion (about N53.2 trillion) to this in 14 years. The call followed the adoption of a motion by Rep. Ochiglegor Idagbo during plenary on Thursday with emphasis on anti-graft agencies […]

FIRS To Deduct Tax From Defaulters’ Bank Accounts

The Federal Inland Revenue Service (FIRS) has threatened to deduct tax liabilities from defaulters’ bank accounts. It said in a statement in Abuja, Wednesday, that the move was being considered, “following rising cases of willful and illegal withholding of taxes collected by companies, corporations, Ministries, Departments, and Agencies (MDAs) and […]

NBS, NPA sign MoU on data collection, Analytics at Ports

  The National Bureau of Statistics (NBS) and the Nigerian Ports Authority (NPA) has signed a Memorandum of Understanding (MoU) to improve data collection and analytics on port-related activities. The MoU was signed on Tuesday in Abuja by Mr. Yemi Kale, Statistician-General of the Federation and Hadiza Usman, Managing-Director, NPA. […]

FG Seeks Private Sector Investment In Bitumen Extraction

The Federal Government has called for more investment from the Organised Private Sector (OPS) to invest in Bitumen extraction in order to meet local demand and increase the nation’s volume of export. The Minister of Science and Technology, Dr. Ogbonnaya Onu made the call while formally declaring open the 10th […]

Reps seek revocation of idle refineries licences

The House of Representatives on Tuesday urged the Federal Government, acting through the Nigeria National Petroleum Corporation (NNPC), to review the status of licences issued to indigenous businessmen for the establishment of modular refineries to revoke some of them to “competent and reliable operators”. Adopting a motion on the need […]

Bill To Channel 15% VAT For ‘Trust Fund’ Scales 2nd Reading

  A bill for the establishment of the Social Investment Trust Fund to sustain the federal government’s Social Investment Programmes (SIPs) and other interventions has passed second reading with a proposed channelling of 15 percent of Value Added Tax (VAT) to finance the Fund. The Bill was sponsored by the […]

U.K. Open to U.S. Proposals for Global Minimum Corporate-Tax Rate

  The U.K. is open to U.S. proposals for a global minimum corporate tax rate, provided that it goes hand-in-hand with a fairer split of the tax take from U.S. tech giants, U.K. Treasury Chief Rishi Sunak said. Mr. Sunak’s remarks Tuesday at The Wall Street Journal’s CEO Council Su […]

Value Added Tax Considerations for Casino Operations in Nigeria – Nana Abu

  By product category, the global betting market can be broadly segmented into lottery sports, casinos and games and online betting. Due to the high popularity of lotteries globally, this was the largest segment of the market in 2018 as it had about 46 per cent of the market share […]

Non-oil exports: FG pledges improved funding for exporters

Amidst the dwindling fortunes of the oil and gas sector exacerbated by the impact of COVID-19 pandemic, the Federal Government at the weekend expressed concern over Nigeria’s poor records in exportation of manufactured and value added products, stressing such developments pose grave danger to its balance of trade and payment […]

Senate empowers AMCON to take over debtors’ assets in new bill

    The new AMCON Amendment Bill will empower the agency to go after bank debtors and take over assets other than the ones used as collateral to recover debts. The Nigerian Senate has passed a bill that strengthens the power of the Asset Management Corporation of Nigeria (AMCON) to […]

DMO, World Bank push states’ debt management laws

  As complaint states get W/Bank grants DMO Explains states’ debt sustainability Emma Ujah – Abuja The Debt Management Office (DMO) and the World Bank have presented Guidelines for the Legal Framework for state governments’ debt management operations, in a push to make their debts more sustainable. Yesterday’s engagement where […]

U.S. eager to support countries towards global economic recovery- Blinken

U.S. Secretary of State Anthony Blinken says the  Biden-led administration is keen on supporting efforts of countries to recover from economic downturns caused by the COVID-19 Pandemic.  Blinken made this known during a virtual interview with newsmen as part of his activities of virtual visit to Africa on Tuesday where […]

Islamic finance assets to hit $3.69tr by 2024 –CBN

The Central Bank of Nigeria (CBN) has stated that islamic finance assets is projected to reach $3.69 trillion by 2024. This is even as they noted that the COVID-19 pandemic halted the growth of the Islamic finance sector but stimulated the development of more inclusive and socially driven finance, whether […]

EU lawmakers hold final Brexit debate before decisive vote

EU lawmakers kicked off a last debate on Tuesday on the post-Brexit trade agreement between the European Union and Britain, ahead of a vote that is expected to give the accord overwhelming approval. That vote will be the final step towards ratification of the EU-UK trade and cooperation agreement, struck […]

Operator Pleads for Cryptocurrency Regulation

The Co-founder and Chief Executive Officer of Paxful, Mr. Ray Youssef, has pledged to cooperate with the government and regulators of Nigeria’s financial system to evolve an innovative regulation of crypto-currency transactions in a manner that would widen financial inclusion, spread prosperity and eliminate poverty. Youssef, who is based in […]

FIRS Gives MDAs 6 Months To Clear Tax Liabilities.

  The Federal Inland Revenue Service (FIRS) has issued a public notice to Ministries, Departments and Agencies (MDAs) giving them six months to remit outstanding taxes generated on behalf of the Federal Government of Nigeria. According to the notice, titled, ‘Payment of outstanding taxes by Ministries, Departments and Agencies (MDAs) […]

NEITI, EFCC Move to Halt Graft in Extractive Industries

The Nigeria Extractives Industries Transparency Initiative (NEITI) and the Economic and Financial Crimes Commission (EFCC) are set to renew a joint partnership to stem corrupt activities and practices in Nigeria’s extractive sector. Under the partnership, the EFCC’s extractive investigation fraud section will henceforth conduct joint operations on the findings and […]

Banking sector credit to private sector rises 2.5 % to N20.37tr

The National Bureau of Statistics (NBS) says banks in the country disbursed a total of N20.37 trillion as credit to the private sector in the fourth quarter (Q4) 2020. This is 2.5 percent higher than credit disbursed to the private sector in Q3 2020. According to the report titled, ‘Selected […]

‘Proposed Escravos Deep Seaport to Attract $50bn FDI to Nigeria’

Promoters of the proposed Escravos Seaport Industrial Complex (ESIC – 1) have revealed that the $2.9 billion (N1.16 trillion) project will attract $50 billion (N20 trillion) in Foreign Direct Investment (FDI) to Nigeria when completed and operational. The owner of the project, Mercury Maritime Concession Company (MMCC) Limited, while unveiling […]

Why registering for e-dividend is important for investors – SEC 

The Securities and Exchange Commission, SEC, has again urged investors in the capital market to register for e-dividend, explaining that doing so would allow investors derive maximum benefits from their investments in the capital market.  A statement by the Commission in Abuja on Sunday said its Executive Commissioner, Operations, Mr […]

FIRS Grants NLNG N20bn Tax Exemption

  The Nigeria Liquefied Natural Gas (NLNG) Company has been granted an N20 billion tax exemption by the Federal Inland Revenue Service (FIRS) for the building of the Bodo Bonny Bridge in Rivers State. According to a statement released by FIRS, the tax agency presented a road infrastructure credit certificate […]

Reps Reject Bill To Reduce Cases Getting To Supreme Court

The House of Representatives has voted out a bill seeking to limit the category of litigations that can be appealed at the Supreme Court. The bill was to reduce the workload on the apex court, thereby fast tracking justice delivery. Critics of the bill, however, argued that the proposed amendment […]

OML 143: NNPC, SEEPCO sign Gas development agreement to unlock 1.2TCF

The gas development and commercialisation programme of the Nigerian National Petroleum Corporation (NNPC) received a boost Thursday with the execution of the Oil Mining Lease (OML) 143 Gas Development Agreement (GDA) by the NNPC and its partner, Sterling Oil Exploration and Production Company (SEEPCO).  A statement by the Group General […]

IMO Regulation: FG Charges Operators on $2bn Bunker Fuel Market

The federal government has charged modular and other refinery operators as well as fuel suppliers in the country to harness the $2 billion bunker fuel market in Africa, as the regulation by the International Maritime Organisation (IMO) limiting the sulphur in fuel oil used on board ships comes into force. […]

House Kicks against Delay in Renewal of Agreements for Concession of Seaports

The House of Representatives yesterday expressed worry over the delay in the conclusion of the review and renewal of agreements for the concession of the country’s seaports, as it directed its Committees on Ports Harbour, Privatisation and Commercialisation to interface with relevant government agencies and other parties to investigate the […]

Bill to establish Nigerian Martine security trust fund passes 2nd reading

  A bill for an Act to establish Nigerian Maritime Security Trust Fund and other matters related passed second reading on the floor of the House of Representatives on Wednesday in Abuja.  Rep Yusuf Gagdi (APC-Plateau), the sponsor of the bill, while leading the debate said the bill would provide […]

NEITI, ICPC establish anti-corruption mechanism

In a move aimed at promoting transparency and accountability in the extractive industry, the Nigeria Extractive Industries Transparency Initiative (NEITI) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) have established a joint cooperation mechanism on anti-corruption issues. Under the new deal, the ICPC is to set up […]

NIMASA lists achievements of maritime law, gears-up for amendments 

THE Nigerian Maritime Administration and Safety Agency, NIMASA, has said the Suppression of Piracy and Other Maritime Offences (SPOMO) Act, signed into law by President Muhammadu Buhari in June 2019, has shown Nigeria’s determination to end piracy and sea robbery in Nigeria and the Gulf of Guinea. Speaking at the […]

CBN Guarantees Exporters Unfettered Access to Sales Proceeds

The Central Bank of Nigeria (CBN) has assured exporters that they will continue to have unfettered access to their export proceeds. CBN Governor, Mr. Godwin Emefiele, during a presentation at Zenith Bank’s 2021 Export Seminar, which held via a virtual platform yesterday, however, urged them to reciprocate the good gestures […]

Senate moves to set up Corporate Data Management Commission

Plans by Nigeria law makers to establish  Integrated Corporate Commercial Data Management Commission ( ICCDMC), for harmonisation of certificates issued by Corporate Commercial Statutory Regulatory Bodies got a boost as a bill to that effect scaled second reading.  The bill which scaled second reading , was referred by the President […]

AGF promises to help NEITI track oil & gas revenue

  The Office of the Accountant General of the Federation (OAGF) has pledged to support the Nigeria Extractive Industries Transparency Initiative (NEITI) in tracking oil and gas revenue that accrue to the Federal Government to ensure appropriate remittances. The Accountant General of the Federation (AGF), Mr Ahmed Idris, gave the […]

Litigation Battle Looms Over European Super League Plans

Lawyers are likely to be the key figures as football governing bodies try to fend off plans for 12 leading clubs to form their own European Super League., According to lawgazette reports. The dozen clubs, which include English teams Arsenal, Chelsea, Liverpool, Manchester City, Manchester United and Tottenham, indicated overnight […]

UK urges FG to sustain stock market growth

The United Kingdom (UK) has urged the Federal Government to give more attention to the Nigerian Capital market (NCM) by increasing participation in its stock Market. Deputy British High Commissioner, Lagos, Ben Llewellyn-Jones, who was at the NSE, now known as Nigerian Exchange (NGX) Limited, made this call during the […]

CBN plans to strengthen risk management in OFIs 

The Central Bank of Nigeria (CBN) has taken moves to strengthen risk management in the financial services subsector categorized as Other Financial Institutions (OFIs), mainly mortgage banks, Finance Houses and micro-finance banks. The move is aimed at taking holistic action against chronic debtors in the subsector. The apex bank said […]

Two Regulators Working On Guideline For Cryptocurrency Trading

The Securities and Exchange Commission (SEC) has revealed that it is working with the Central Bank of Nigeria (CBN) for a better understanding and regulation of cryptocurrencies in the country. This is coming after CBN had in February 2021, barred deposit money banks and other financial institutions from doing business […]

CAC Releases Notice On Unissued Share Capital, Extends Date To 2022

The Corporate Affairs Commission (CAC) has issued a public notice on existing Companies and the requirements of issued share capital under the Companies and Allied Matters Act 2020. According to the public notice all Existing Companies, Esteemed Customers and the General Public are hereby informed that the Minister of Industry, […]

DPR hopeful ADRC will check production, litigation costs

The Department of Petroleum Resources (DPR) has stated that the establishment of its Alternative Dispute Resolution Centre (ADRC) will eliminate unnecessary disputes and reduce litigation costs in the oil and gas industry. The DPR also noted that oil and gas businesses under litigation have the potential of losing over 70 […]

PIB faces another hurdle as Senate recieves fresh petition

Seek redrafting of community trust fund section   Nigerians in diaspora, under the aegis of Isoko Association of North America, have petitioned the Senate President, Ahmed Lawan, over the Petroleum Industry Bill, alleging that the document would worsen the already-cold relationship between oil companies and their host communities. The group, […]

FG signs new Sustainable Development Goals agreement with UN

The Agreement is for new development cooperation with initiatives towards achieving Sustainable Development Goals set in the UN Agenda 2030. The Nigerian Government has signed a deal with the United Nations to develop new cooperation towards achieving Sustainable Development Goals. This was disclosed by the Minister of Foreign Affairs, Geoffrey […]

IMF endorses digital money for cheaper remittance, cross-border payments

•Calls for legal frameworks to support peer-to-peer transfers •Warns against divided global financial system The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has called on governments and individuals to adopt digital money for “faster, easier and cheaper” remittance and cross-border payments. Georgieva stated this at a virtual […]

AMCON Seeks Accommodation in BOFIA 2020

The Asset Management Corporation of Nigeria (AMCON) has approached the National Assembly to accommodate it in the provisions of the newly amended Banks and Other Financial Institution Act 2020 (BOFIA 2020), which set up special tribunals for hearing financial matters emanating from the financial institutions. Making a presentation before the […]

Bunker fuel: NIMASA, modular refinery operators deliberate on availability 

The Nigerian Maritime Administration and Safety Agency (NIMASA) and modular refinery operators, on Wednesday, deliberated on the availability of 0.5 per cent Sulphur Compliant bunker fuel in preparedness for its enforcement in the country. The Executive Director Operations, NIMASA, Mr Ahmed Shehu, disclosed this at the NIMASA two-day meeting with […]

DPR to Inaugurate Dispute Resolution Centre

The Department of Petroleum Resources (DPR) is set to flag-off the oil and gas industry Alternative Dispute Resolution Centre (ADRC). Precisely, the regulator will be inaugurating the advisory council and body of neutrals in Lagos today. The Head of Public Affairs at DPR, Mr. Paul Osu, disclosed this in a […]

CBN moves against chronic debtors in Mortgage, Micro finance banks in a new circular

The Central Bank of Nigeria (CBN) has extended its move against chronic debtors in banks to mortgage banks, Microfinance banks and Finance Houses,   It said that the move against bad debtors prompt the need to extend its Credit Risk Management System (CRMS) to the other financial institutions (OFIs) in […]

NSE Launches New Identity

The Nigerian Stock Exchange(NSE) yesterday announced the launch of new identity following its demutuaisation that led to the creation of the non-operating holding company NGX Group Plc and its subsidiaries: Nigerian Exchange (NGX) Limited; NGX Regulation (NGX RegCo) Limited, and NGX Real Estate (NGX RelCo) Limited. Speaking on the development, […]

Stakeholders seek gains from $47.4 billion on gas projects

Stakeholders in the oil and gas sector have insisted on the need to get the best from Nigeria’s enormous gas resources, as the country embarks on $47.4 billion gas projects. The country has recorded progress on key gas projects. The Brass Gas Hub is expected to be built for $3.5 […]

France to Open €3.5bn Initiative for SMEs in Nigeria

The French Minister of Foreign Trade and Attractiveness, Franck Riester, had arrived in Nigeria to open the ‘Choose Africa’ conference, a €3.5 billion initiative by the France President, Emmanuel Macron, which is dedicated to supporting the development of start-ups and SMEs in Africa. Riester said the initiative would enable the […]

CBN orders banks to register on Credit Risk Mgt System

As part of its efforts to promote a safe and sound financial system in the country, the Central Bank of Nigeria (CBN) has ordered all Development Financial Institutions (DEIs), Microfinance Banks (MfBs), Primary Mortgage Banks (PMBs) and Finance Companies(FCs) to enrol on its Credit Risk Management System (CRMS). This is […]

FG Targets N7bn Tax Returns From Solar Power Scheme

The Minister of Power, Engr. Sale Mamman, has said Nigeria will rake in N7 billion in tax revenue and another $10 million as annual import substitute from the ongoing Solar Power Naija scheme. The minister disclosed this at the weekend during the launch of the second phase of the scheme […]

Age-long patronage crisis threatens insurance survival

Decades after the industry took its root, Nigeria’s insurance industry, sadly, stands at less than five per cent penetration. The poor adoption is a big threat to the survival of about 58 insurance firms across the country. Already, about 30 per cent of the operators are less active and have […]

Demutualisation: Time for market operators to realign business models

Technological advancement in the financial world, over the last two decades, has significantly increased competition among stock exchanges globally and this competition has pressured many exchanges to adopt business models that have greatly improved their efficiencies and effectiveness. One of the ways global stock exchanges have adopted business models and […]

FG to Enforce IMO Sulphur Regulation on Nigerian Waterways

Hadiza Bala-Usman The Managing Director of the Nigerian Ports Authority (NPA), Hadiza Bala-Usman, has stated that the federal government will adhere to the strict timelines for full compliance with and enforcement of the International Maritime Organisation (IMO) Sulphur Regulation on Nigerian Waterways. Bala-Usman, who stated this while speaking at a […]

Hope for Nigeria as Africa awaits 428 new oil, gas projects

Over 428 oil and gas projects are expected to be developed in Africa’s oil and gas sector before 2025, a new report said yesterday. Nigeria, regarded as one of the biggest crude oil producers on the continent according to the report, conducted by a leading research body, GlobaData, is to […]

IMF proposes $ 650b special drawing rights to members — Kristinalina Georgieva

The International Monetary Fund (IMF) is to propose a $650 billion Special Drawing Rights (SDR) to its member countries in the organisation’s efforts to boost their reserve positions. The Managing Director (MD) of the IMF, Ms Kristinalina Georgieva, disclosed during a press briefing at the ongoing virtual IMF-World Bank Spring […]

Curiosity as AMCON floats new airline from ashes of Arik Air

Asset Management Corporation of Nigeria (AMCON) is set to float a new airline, NG Eagle, deploying some of the assets of distressed Arik Air. As at yesterday, two aircraft erstwhile operated by Arik, have been rebranded in the colours of NG Eagle and parked at the Murtala Muhammed Airport in […]

Survey: 47% of Financial Services’ Organisations Do Not Have Tax Policy

A recent PwC Nigeria survey has revealed that 47 per cent of tax functions in Nigeria’s financial services (FS) sector, either do not have a tax strategy or they are not aware of one. The respondents to the survey were senior level executives from various sub-sectors in Nigeria’s financial services […]

PIB Will Resolve Oil Sector’s 70-Year Underdevelopment, FG Insists

The federal government has said that when passed, the Petroleum Industry Bill (PIB) will resolve most of the knotty issues that have hindered the development of the oil and gas sector in the country since the 50s. Speaking when he rounded off a panel discussion at a pre-summit conference in […]

Nigeria loses $18bn annually to tax evasion, money laundering, others ― CISLAC 

Against the backdrop of corrupt practices in Nigeria, Civil Society Legislative Advocacy Center CISLAC, on Tuesday, lamented the rising increase in corruption in Nigeria saying the country loses about $18bn annually to tax evasion, money laundering, and other related offenses especially outside the country. Speaking in Lagos, at a media […]

US pushing a global minimum corporate tax

United States of America Treasury Secretary Janet Yellen said she is working with the most influential countries around the world to end the “race to the bottom” in corporate tax rates. “We are working with G-20 nations to agree to a global minimum corporate tax rate,” that can stop this […]

WTO, France Seal €6m Deal To Deepen Trade In Developing Countries

France is donating approximately €6 million to finance the World Trade Organisation’s (WTO) technical assistance programmes for developing countries and least-developed countries (LDCs) from 2021 to 2023. The intervention is aimed at improving participants’ understanding of global trade rules and standards. French Finance Minister, Bruno Le Maire and the country’s […]

NNPC Eyes $8.7bn Investments from Rehabilitation of Refineries, Pipelines

The Nigerian National Petroleum Corporation (NNPC) expects an investment of about $8.7 billion to flow in during the rehabilitation of the Warri Refinery and Petrochemical Company (WRPC), the Kaduna Refinery and Petrochemical Company (KRPC), as well as the revamping of some of its 5,000-kilometre pipelines throughout the country. In a […]

Free Trade Zone Scheme: Model for Infrastructure Devolution – Martins Odeh

The periods when nations’ development indices, growth and viability were measured based on solid infrastructure are gone. The parameters shifted slightly to include income capita per head powered by both National Domestic Product (NDP) and Gross Domestic Product (GDP) respectively. These economic trajectories are like rockets as they propel seamlessly […]

FG moves to recover N5.2 trillion debt owed by firms, individuals

Project Lighthouse has brought together data from FIRS, Customs, CAC, and CBN, in one central point. The Federal Government is set to recover about N5.2 trillion debt owed by some individuals and firms, as it has approved the second phase of the Project Lighthouse. The project was approved by the […]

Port concessionaires contribute N538bn to Nigeria’s economy –BPE

•Calls for increased PPP in maritime sector Bureau of Public Enterprise (BPE) has revealed that port concessionaires contributed over N538.010 billion to the Nigerian Ports economy development from 2006 when they got signed on to December 2017.     Director General, Bureau of BPE, Mr. Alex Okoh, disclosed this during a […]

SEC lists benefits of non-interest capital market.

The Securities and Exchange Commission (SEC) has described the non-interest capital market sector as a unique asset class that is capable of deepening the financial system and stimulating economic growth.  This was stated by the Director-General of the Commission, Lamido Yuguda, at a four-day executive programme on non-interest (Islamic) capital […]

FG Approves New Policy Framework for MSMEs

The Minister of State, Federal Ministry of Industry, Trade and Investment, Mrs. Maryam Yalwaji Katagum, has said the Federal Executive Council (FEC) has finally approved the revised National Policy on Micro, Small and Medium Enterprises (MSMES) which provides the framework to resolve the challenges faced by the sub-sector. The minister […]

IMF demands debt data accuracy, transparency from Nigeria, others

• ‘Remove bottlenecks to achieve accelerated growth’ • $200b five-year spending required to step up response to COVID-19 A day after the National Bureau of Statistics (NBS) released report that said states and federal debts had hit N32.92 trillion as at December 2020, the International Monetary Fund (IMF), yesterday, made […]

NEITI: Secret Ownership of Corporate Entities Dangerous

The Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI) Dr. Ogbonnaya Orji, has described as dangerous, the non-disclosure of actual ownership of some companies in the country. A statement by the Head of Communications and Advocacy at the organisation, Obiageli Onuorah, stated that Orji spoke while addressing a […]

LNG train 7 to attract $10bn into nation’s economy — NLNG

THE Nigeria LNG train 7 will attract $10 billion into Nigeria’s economy, according to the Nigeria LNG Limited. In his Goodwill message, presented at the Nigeria International Petroleum Summit (N.I.P.S) Pre-Summit Conference, titled: The Decade of Gas, in furtherance of the Federal Government initiative that declared January 1, 2021, to […]

Mining: FG to commence mineral resource development in all regions – Minister

The Federal Government has started the development of Mineral Resources in all 6 geopolitical regions. This was disclosed by Dr Uchechukwu Ogah, Minister of State, Mines and Steel Development, on Monday at the 32nd Enugu International Trade Fair. The Minister revealed that the federal government has started the development of […]

AfCFTA: FG to Establish Agency to Facilitate Continental Agreement

The federal government has said efforts were being intensified to establish a trade remedy authority that will be responsible for the enforcement of rules of origin and tightening of borders against fraudulent invoicing. It stated that this was part of government’s efforts to ensure a successful implementation of the African […]

NNPC Reduces Cash-call Debts to IOCs by $3.11bn

The Nigerian National Petroleum Corporation (NNPC) has so far paid a total of $3.118 billion cash-call debts owed the five major international oil companies (IOCs), leaving an outstanding debt of $1.570, according to statistics released by the corporation. The statistics showed that NNPC funded its Joint Venture (JV) oil and […]

SEC Unveils Rules On Warehousing, Collateral Management

To evolve a vibrant commodities trading ecosystem to boost foreign exchange earnings, the Securities and Exchange Commission has released new rules covering warehousing and collateral management and other matters. According to the rule, every warehouse that stores commodities to be traded on a registered Exchange shall apply to be registered […]

FIRS: Companies Seeking To Pay CIT In Instalments Must Apply Before Due Date

The Federal Inland Revenue Service (FIRS) says any company that wishes to pay income taxes in instalments must apply in writing before the due date of filing. According to a statement signed by Muhammad Nami, the FIRS executive chairman, the application must be accompanied by evidence of full payment of […]

Egypt’s Suez Canal blockage may pose delays to global shipments

Egypt’s Suez Canal has been blocked by a massive container vessel, which ran aground the key waterway, and could cause some delays in global shipments of commodities. The Panama-flagged container vessel Ever Given got stuck in the southern end of the canal while making a turn on Tuesday (5:40 GMT), […]

SEC Reintroduces Periodic Renewal Of Registration For Capital Market Operators

The Securities and Exchange Commission, SEC, has re-introduced the periodic renewal of registration by Capital Market Operators, CMOs, to reduce incidences of unethical practices in the market. A circular pasted on the commission’s website on Thursday also gave all CMOs an April 30 deadline to complete the registration renewal for […]

Data Protection Key to Digital Economy, Says Expert

Convener of the Association of Licensed Data Protection Compliance Organisations of Nigeria (ALDPCON) and CEO of Data Services Protection Limited (DSPL), Mr. Tunde Balogun has described data as the crude oil of the digital economy. Balogun, who spoke at a recent training session for some Ministries, Departments and Agencies (MDAs) […]

IMF, JP Morgan list policy options for economic recovery

To review Nigeria’s growth prospect for 2021Calls for foreign exchange market reform  The International Monetary Fund (IMF), JP Morgan and the American Business Council (ABC) have recommended policy options that could aid economic recovery efforts in Nigeria. According to the financial institutions, policy options for economic growth and recovery would […]

‘CBN’s retention of policy parameters’ll enhance credit flow, stimulate output growth’

The Lagos Chamber of Commerce and Industry (LCCI) has opined that the decision of the Monetary Policy Committee of the Central Bank of Nigeria (CBN) to retain its policy parameters would enhance credit flows, stimulate output growth and moderate inflationary pressures. The LCCI assertion came amid calls on the committee […]

African finance ministers pledge reforms for transparency, accountability 

African Ministers of Finance, Planning and Economic Development have expressed commitment to implementing the necessary reforms needed to promote transparency and accountability to mobilise domestic and external resources. The ministers said this in a communique at the end of the UN Economic Commission for Africa’s (UNECA) 53rd Conference of Ministers […]

CBN Maintains 11.5% Interest Rate To Tame Inflation

With the inflation rate at 17.33 per cent, a three year high, the Central Bank of Nigeria (CBN) has retained the benchmark interest rate at 11.5 per cent. It was in September 2020 that the CBN reduced the interest rate and inflation rate which was 13.22%. The CBN Monetary Policy […]

FG adopts electronic cargo tracking to curb insecurity

Irked by the rising insecurity in the country, President Mohammadu Buhari has directed the Minister of Transportation, Rotimi Amaechi, to reintroduce Cargo Tracking Notes (CTN) to curb the proliferation of arms and increase in banditry across the nation. The president, who is shopping for ideas to beef up security in […]

FG Highlights Opportunities for Nigeria in AfCFTA

The federal government has said it is working to ensure that businesses in the country maximise opportunities in the African Continental Free Trade Agreement (AfCFTA). The Senior Special Assistant to the President on Public Sector Matters and Secretary, National Action Committee on AfCFTA, Mr. Francis Anatogu, told reporters in Lagos […]

Shell Offers Advice on How to Recover Efficiency in Nigeria’s Oil Sector

International Oil Company (IOC), Shell, has offered a number of actions it said would help Nigeria’s oil and gas sector recover its operational efficiency. It said the list of activities it proposed could help the sector get back to being competitive having largely declined in this regard and lately struggling […]

47 IMTOs get approval to operate in Nigeria

Official, parallel market FX differential widens The Central Bank of Nigeria (CBN) has approved 47 companies to operate as international money transfer operators (IMTOs), an effort interpreted as a move towards breaking the historical dominance of the industry cartel and liberalising the market. A document released by the apex bank, […]

FG discloses how it hopes to fund the $1.5 billion rehabilitation of Port Harcourt refinery

The FG has disclosed how it intends to raise the $1.5 billion for the rehabilitation of the Port Harcourt refinery. The Federal Government has revealed how it hopes to raise the $1.5 billion for the rehabilitation of the Port Harcourt refinery in Rivers State. This is as the government has […]

Nigeria stands to gain from forensic bill, says society

Huge gains will accrue to Nigeria when the bill for the establishment of Chartered Institute of Forensics and Certified Fraud Examiners is passed into law, practitioners have said. They also said immediate results would be drastic reduction of frauds, embezzlement, economic crimes, financial crimes and corruption in both public and […]

Investors look up to MPC for direction

Decisions by investors in the nation’s equities market will be dictated by the outcome of the Monetary Policy Committee, MPC, meeting of the Central Bank of Nigeria, CBN, scheduled to hold today and tomorrow. But analysts are already projecting that the Committee would vote to keep  the monetary policy parameters […]

Renewed concerns over energy transition, declining oil investment

Oil and gas experts, yesterday, reiterated concerns about Nigeria’s declining investment profile, poor fiscal environment and growing pressure to transit from fossil fuels. Already, funding of activities that ignore environmental impacts is being reviewed, posing a setback to countries like Nigeria that lag behind the transition exercise. Speaking at the […]

Port operators, shipping companies risk shut down over registration at seaports

The Nigerian Shippers’ Council (NSC), has issued one month ultimatum to service providers and users in the regulated port sector for registration with the Council or face the possibility of  being delisted or shutdown. The Council gave this directive yesterday, during a sensitisation programme for stakeholders targeted at Inland Dry […]

DMO Lists N162.557 Billion Sovereign Sukuk on NSE

The Debt Management Office (DMO) yesterday listed the N162.557 billion, 7-year, FGN Ijarah Sukuk with a rate of 11.2 per cent on the floor of the Nigerian Exchange (NGX) Limited. The third Sovereign Sukuk was issued on June 16, 2020, and will finance the rehabilitation and construction of key economic […]

Italy court acquits Eni, Shell in Nigeria corruption case 

An Italian court on Wednesday cleared energy giants Eni and Shell of $1.1-billion (920-million-euro) corruption charges related to a major oil exploration deal in Nigeria. Judges in Milan acquitted Italy’s Eni, Anglo-Dutch firm Shell and 13 defendants, including Eni’s chief executive Claudio Descalzi and his predecessor Paolo Scaroni. “After almost […]

FG approves $1.5bn for Port Harcourt Refinery rehabilitation 

THE Federal Government has approved the sum of $1.5 billion for the rehabilitation  of  Port Harcourt Refinery, which is the largest refining company in the country.   Disclosing this at the end of the Federal Executive Council, FEC, yesterday, the Minister of State for Petroleum Resources, Timipre Sylva, said that […]

UK Partners Nigeria to Enhance Digital Access

The conference, which sought to show the UK government’s commitment to support Nigeria in its inclusive digital economic agenda and to promote the growth of the Nigeria tech ecosystem and close the digital divide in Nigeria, was organised to aggregate views and develop quick-win strategies to resolve the issues of […]

Banks, telcos settle rift, agree on instalment payment of N42 billion USSD debt

Nigerian financial service providers (banks) have agreed to pay by instalments N42 billion being accrued debt owed Nigerian mobile network operators for the use of Unstructured Supplementary Service Data (USSD) short code service. The banks together with the mobile operators had ended an extended meeting last night with the Central […]

NEITI strategies to recover N69bn statutory revenue, others

The Nigeria Extractive Industries Transparency Initiative (NEITI) says it is strategising to ensure that N69.5 billion and 5.31 billion dollars statutory revenue yet to be paid to government coffers are fully recovered. Dr Orji Ogbonnaya Orji, the new Executive Secretary, disclosed this at a maiden news conference in Abuja, on […]

UAE Commences Trade, Investment Promotion Activities

The United Arab Emirates Embassy has commenced a series of trade and investment promotion activities in the country aimed at bolstering the bilateral trade and investment volume between Nigeria and the UAE. The trade promotion initiative which is coordinated in collaboration with the UAE International Investment Council (UAEIIC), the UAE […]

ECOWAS Court Orders Immediate Release of Venezuelan Detained by Cape Verde

The ECOWAS Court of Justice has ordered the immediate release of a Venezuelan, Mr Alex Nain Saab Moran who has been detained by the government of Cape Verde since 12th June 2020 and the payment of 200,000 USD as compensation for the moral prejudice suffered as a result of his […]

Nigeria gets $3 billion from $75 billion invested in Africa’s oil, firms lament 

Oil companies operating in Nigeria have rued the retention of only three billion dollars out of an estimated $75 billion investment in the oil and gas sector in the Sub-Saharan Africa countries in the last few years.  The firms stated this in a virtual meeting organised by the Oil Trade […]

NDIC to take-on failed banks’ debtors 

The Nigeria Deposit Insurance Corporation (NDIC) is to go tough on debtors of failed banks. The organisation’s new Managing Director (MD), Mr. Bello Hassan, dropped the hint at his inauguration by the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, in Abuja. He also expressed determination to work […]

PwC survey ranks post-Brexit UK fourth most favoured investment destination, overtaking India

Post-Brexit Britain has overtaken India to become the fourth most favoured investment destination according to a survey of chief executives of more than 5,000 companies, PricewaterhouseCoopers Chairman Bob Moritz said. The top three – the United States, China and Germany – were unchanged from the previous year’s PwC survey, while […]

Hope rises for sustainable trading as NSE completes demutualisation

After six decades of operation as a non-profit organisation under the control of some individuals and institutions, the Nigerian Stock Exchange (NSE) has begun the journey to becoming a public-owned company. The exchange has officially announced the completion of its 10-year project to join 56 other demutualised stock exchanges. The […]

LCCI Urges FG To Set Up Appeal Panel For Customs-Businessmen Disputes

The Lagos Chamber of Commerce and Industry (LCCI) on Sunday urged the Federal Government to create an independent dispute resolution framework to manage conflicts between the Nigeria Customs Service (NCS) and the business community. In a statement made available to newsmen in Lagos, the Director-General of LCCI, Muda Yusuf, said […]

Okonjo-Iweala Cautions Nigeria, Others against Bilateral Trade Agreements

The Director-General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, has urged Nigeria to guard against entering into unfavourable bilateral trade agreements with rich countries. She advised Nigeria and other African countries to embrace multilateral trade agreements through the WTO instead of entering into agreements that might put them […]

Stakeholders Foresee Growth Opportunities in NSE’s Demutualisation

•SEC, CAC approve new status for bourse By Goddy Egene Stakeholders in the capital market have hailed the final approval given by the Securities and Exchange Commission (SEC) and the Corporate Affairs Commission (CAC) for the demutualisation of the Nigerian Stock Exchange (NSE), saying it will lead to the growth […]

Facebook Asks Court To Dismiss U.S. Government, States Antitrust Cases

WASHINGTON (Reuters) – Facebook asked a federal court on Wednesday to dismiss major antitrust cases filed by the U.S. Federal Trade Commission and nearly every U.S. state, saying they failed to show the company had a monopoly or harmed consumers. “By a one-vote margin, in the fraught environment of relentless […]

Brexit: implications for dispute resolution after EU-UK transition ends

Lucy Trevelyan Despite the EU and UK’s eleventh-hour deal on trade in December 2020, no direct agreement was reached to replace the Brussels Regulation (recast) regime. This regulation provides a streamlined process for the reciprocal enforcement of judgments between the courts of EU Member States. Since 1 January 2021, therefore, […]

Refineries’ rehab, oil search, pipeline, others gulp N21bn — NAPIMS

The National Petroleum Investment Management Services, NAPIMS, a subsidiary of the Nigerian National Petroleum Corporation, NNPC, invested N21.47 billion to rehabilitate the nation’s refineries, the Nigeria-Morocco gas pipeline and oil search in the frontier basins, among others in January 2021. In its February 2020 presentation to the Federation Account Allocation […]

Court declines to vacate order on SPDC’s bank accounts

Justice Oluremi Oguntoyinbo of the Federal High Court in Lagos, yesterday declined to vacate its interim Mareva injunction directing twenty  banks to block Shell Petroleum Development Company of Nigeria (SPDC) and its subsidiaries’ bank accounts.  Justice  Oguntoyinbo, who made the order, also summoned three of the banks’ secretaries and chief financial […]

NESG Launches Debt Management Initiative

The Nigerian Economic Summit Group (NESG) and the Open Society Initiative for West Africa (OSIWA) have launched the Debt Management Roundtable to help Nigeria and West African Countries provide a pathway to fiscal sustainability. Speaking during the launch, the Chief Executive Officer, NESG, Mr. ‘Laoye Jaiyeola said Nigeria’s debt to […]

Banks lose over N5bn to fraudsters in 9 months — NDIC

The Nigeria Deposit Insurance Corporation (NDIC) has stated that it is in collaboration with sister agencies in law enforcement to curtail cybercrimes especially in the financial system. Speaking at the annual capacity building programme for law enforcement agencies in Lagos yesterday, NDIC’s Executive Director, Corporate Services, Mrs Omotola Abiola-Edewor, said […]

Clear fiscal framework will enhance gas development – Kyari

The Nigerian National Petroleum Corporation (NNPC) has called for a legislative framework with clear fiscal terms in order to tap the full potential of the gas resources in the nation’s deepwater acreages. The Group Managing Director of NNPC, Mallam Mele Kyari, made the call at a one-day public hearing on […]

Nigeria, Equatorial Guinea Affirm Energy Cooperation

Mar 8, 2021 – Legal News by

Equatorial Guinea’s Minister of Mines and Hydrocarbons, H.E. Gabriel Mbaga Obiang Lima, and Nigerian Minister of State for Petroleum Resources, H.E. Timipre Sylva, recently met to discuss and strengthen bilateral energy relations between the two countries. The two ministers agreed to fast-track the cross-border supply of gas from Nigeria to Equatorial Guinea, representing a critical step in Equatorial Guinea’s Gas Mega Hub masterplan, which […]

AfDB Offers SEC $400,000 Grant for Capital Market Devt

Mar 8, 2021 – Legal News by

The African Development Bank (AfDB) Group last Friday signed a $400,000 grant agreement with the Securities and Exchange Commission (SEC) of Nigeria to strengthen securities markets regulation and broaden market instruments. The funds will go towards strengthening risk-based supervision framework, regulation of derivatives and green bonds, and build capacity for […]

New offshore remittances policy’ll tackle round-tripping, says CBN

Mar 8, 2021 – Legal News by

The Central Bank of Nigeria (CBN) has said that its new “CBN Naira 4 Dollar Scheme” which comes into effect on Monday (today), is aimed at providing Nigerians in the Diaspora with cheaper and more convenient ways of making remittances to their home country.   The CBN Governor, Mr. Godwin Emefiele, […]

FIRS Lists Multinational Companies, Others As Enablers Of Illicit Financial Flows

At a virtual conference hosted by the Independent Corruption and Other Related Offences Commission (ICPC), and the Federal Inland Revenue Service (FIRS) yesterday declared that multinational companies, banks and oil and gas companies are the biggest enablers of Illicit Financial Flows (IFF) and money laundering. It said corruption and abuse […]

Nigeria signs fresh five-plug bilateral deal on industrial growth

Mar 4, 2021 – Legal News by

    Nigeria has signed a $1.4 billion memorandum of understanding (MoU) with Morocco to enhance its industrial capacity and boost the performance of the agriculture sector. The five-plug agreements constituting the MoU entered into by the Nigeria Sovereign Investment Authority (NSIA) and OCP Africa at the Mohamed VI Polytechnic […]

CAC insists CAMA will promote business growth

Mar 4, 2021 – Legal News by

The Corporate Affairs Commission (CAC) has insisted that the Companies and Allied Matters Act (CAMA) 2020 aligns with the interest of business owners and promotes the ease of doing business in the country. Director, Board Secretariat (CAC), Justine Nidiya, said this during an interactive session between the CAC and Civil […]

NSC, NPA, NIWA Set Up Committee To Regulate Barge Operations

Mar 4, 2021 – Legal News by

THE Nigerian Shippers Council, NSC, the Nigerian Ports Authority, NPA and the National Inland Waterways Authority, NIWA, have set up committee to formulate modalities for the regulation of barge operations in the country. The setting up of the committee is as a result of the irregularities in barge operations ranging […]

UN Panel Seeks Punishment For Lawyers, Accountants Enabling Financial Crimes

  The United Nations high-level panel on International Financial Accountability, Transparency and Integrity (FACTI) has called for punitive measures against bankers, lawyers and accountants enabling financial crimes.   Ibrahim Mayaki, FACTI co-chair and former prime minister of Niger, made the call on Thursday, during the launch of the […]

Trade Area, (AfCFTA) , led by its Secretary,

    Francis Anatogu, in Abuja. Ogah, in a statement noted that Nigeria has over 44 minerals in commercial value which could lead to the industrialisation of Africa, stating: “globally, Nigeria is blessed in terms of minerals.” He said the ministry was working at ensuring that no mineral […]

FG Seeks Asset Manager for N15tn Infraco Fund

      *PwC, KPMG, others apply to be transaction advisers   The federal government plans to hire an asset manager for its new Infrastructure Development Company (Infraco), designed to raise as much as N15 trillion ($36.7 billion) for infrastructural projects and to accelerate growth.   President Muhammadu Buhari about […]

PIB ready in 2 months –Senate •Says deregulation inevitable

  The Chairman, Senate Committe on Petroleum Industry Bill(PIB), Senator Sabo Mohammed Nakudu, has assured the nation that the National Assembly (NASS) would pass the much-awaited PIB in next two months. He gave the assurance in Lagos yesterday during the visit of the National Assembly Joint Committee on PIB […]

Gulf of Guinea: Report urges FG to enlist private security companies to fight pircacy

A maritime intelligence company has urged Nigeria to enlist the support of private companies to tackle rampant piracy in its waters.       A report by maritime research agency, Dryad Global has urged the Federal Government to enlist the services of private security contractors in the fight against piracy […]

Local content: DPR Advises Nigerians to Invest in Oil and Gas Production

Feb 24, 2021 – Legal News by

  Mr Auwal Sarki, the Director, Department of Petroleum Resources (DPR), has urged Nigerians to invest in the downstream oil and gas sector to boost the country’s crude oil production capacity. He made the remark in Ogbele community, Ahoada East Local Government Area of Rivers, at a meeting with the […]

NNPC Extends Crude Oil Swap Contracts till June

      The Nigerian National Petroleum Corporation (NNPC) has extended until June its contracts with private companies to swap crude oil for fuels, Reuters quoted a company spokesman, as saying yesterday.   That’s the second extension of the one-year contracts to exchange more than 300,000 barrels per day (bpd) […]

Nigeria Has N58tr Export Gap For Leather, Others — Report

  Nigeria Export Promotion Council (NEPC)   Nigeria can earn an extra $153.7 billion (N58.58 trillion) from export of leather, rubber, sugar and soya under the federal government’s Zero-oil Initiative. This was part of a report commissioned by the Nigeria Export Promotion Council (NEPC), conducted by Ernst and Young (EY), […]

Stock Market Reverses N1.1tn Gain, Slip into Negative Territory

      Goddy Egene The nation’s stock has reversed the gains of N1.124 trillion recorded in January and has now slipped into negative territory, posting a year-to-date(YTD) decline of 0.2 per cent. Having gained N8 trillion in 2020, sustained demand made the market to gain N1.124 trillion in the […]

G7 says to counter ‘non-market’ policies from China to ensure free trade

  Group of Seven leaders on Friday said they would seek a collective approach to China to counter “non-market oriented” policies and practices and to ensure a fair multilateral global trade. “With the aim of supporting a fair and mutually beneficial global economic system for all people, we will engage […]

Buhari Assents Reduction Of 30 Per Cent Import Duty On Vehicles

      President Muhammadu Buhari has assented to the reduction of import duty on passenger transport vehicles by 30 per cent.   The reprieve also includes zero or free import duty on aviation engines and spare parts.   The directive, according to a circular from the Nigeria Customs Service […]

Cryptocurrency ban in Nigeria: CBN, SEC to provide level field for investments

The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) have agreed to collaborate and conduct research with a view to finding ways of regulating the Cryptocurrency market. They said this at a virtual lecture organised by the Association of Capital Market Academics of Nigeria (ACMAN) in […]

CBN Directs Banks To Open Dollar Account For Remittances

      The Central Bank of Nigeria (CBN) has mandated commercial banks to open new dollar account with offshore lenders for receiving international money transfers.   The directive was disclosed by WorldRemit- an International Money Transfer Operators (IMTO) player to its clients.   The new directive on dollar account […]

IMF Backs CBN On Cryptocurrency Suspension

        The International Monetary Fund (IMF) has confirmed some of the crypto currencies were being used for money laundering and drugs trafficking.   This corroborates what the Central Bank of Nigeria (CBN) has been saying about Cryptocurrency transactions in the country.   The IMF Resident Representative for […]

Nigeria To Sell Refineries, ICC, 34 Others [FULL LIST]

      The Nigerian government is proposing to sell or concession no fewer than 36 of its properties to raise funds, largely to finance the 2021 budget.   These properties cut across energy, industries, communication and infrastructural sectors.   They are expected to be sold or concessioned between January […]

Expert calls for all inclusive implementation of NPPM

A MARITIME expert has said that for Nigerian Port Process Manual, NPPM, to be seen as a document of high value beyond the paper on which it was printed, its initiators and drivers must continually practice an all inclusive implementation mode devoid of personal interest and overbearing influence of government […]

FG to concentrate more on tax compliance in 2021 – Finance minister

  Philip Clement, Abuja Minister of Finance, budget and National Planning, Mrs. Zainab Ahmed says asides revenue target, the federal government will channel more energy towards tax compliance. Mrs Ahmed stated this at the virtual economic outlook conference organised by Delloite, an audit, consulting and corporate finance company.   The […]

EU to seek fossil fuel phase-out in energy charter treaty talks: document

  The European Union’s executive will push for a 10-year phase-out of the protection for fossil fuels under an international energy treaty, following calls from some countries to quit the accord unless it can be aligned with Europe’s climate goals. The more than 50 signatories to the Energy Charter Treaty […]

Shell Reports Nigeria To W’Bank Panel Over Oil Spill Dispute

      Royal Dutch Shell Plc along with its Nigerian subsidiary, the Shell Petroleum Development Company (SPDC), has launched arbitration proceedings against the federal government over a long-running dispute with a Rivers community.   The oil major’s Netherlands-registered holding company and SPDC filed the case at the World Bank’s […]

Clear Crypto Rules Urgently Needed As Major Companies Embrace Asset – US SEC Official

      WASHINGTON (Reuters) – A clear cryptocurrency regulatory regime is urgently needed as major companies like Tesla Inc, BNY Mellon Corp and Mastercard Inc embrace the alternative asset class, a top Securities and Exchange Commission (SEC) official said.   Hester Peirce, a Republican commissioner at the agency, also […]

IMO Secretary General backs Nimasa Marine Litter Action plan

          The Secretary General of the International Maritime Organisation (IMO), Kitack Lim, has said that the NIMASA Marine Litters and Micro Plastic Action Plan would provide major support to ensure a clean and healthy ocean ecosystem not only in the Nigerian coastline but the entire region. […]

Local content regulation adoption transforming Nigeria’s economy – DG NITDA

    By Chinenye Anuforo The Director General of National Information Technology Development Agency (NITDA), Mallam Kashifu Inuwa Abdullahi has said that regulating indigenous content development and adoption is one of the strategic pillars that is transforming Nigeria’s economy, as well as putting the country on the right track in […]

Identification: CBN Directs Banks To Accept Travel Documents, Refugee ID Card

        The Central Bank of Nigeria (CBN) has directed commercial banks and other financial institutions to, henceforth, accept Machine Readable Travel Documents (MRCTD) and Refugee Identification Card, as means of identification for financial transactions.   The directive was given by Dr Kevin Amugo, Director, Finance Policy Regulation […]

Stockbrokers renew calls for CISIM Bill

   By Chinwendu Obienyi The Chartered Institute of Stockbrokers (CIS), has again urged the National Assembly to pass the Chartered Institute of Securities and Investment Management (CISIM) Bill in order to enhance global competitiveness in Nigeria’s capital market. This was even as it said the Federal Government’s borrowing […]

SEC unveils new guidelines for collective investment scheme

As NSE lists Briclinks Africa N10m shares on Growth Board   The Securities and Exchange Commission (SEC), has released general rules for Collective Investment Schemes, prescribing that all units/securities of a collective investment scheme shall be registered by the Commission.     The rule, which is on the Commission’s website, […]

Oil Production: NNPC seeks stakeholders collaboration for cost optimisation

As a move to achieve $10 per barrel crude oil production cost, the Nigerian National Petroleum Corporation, NNPC, has insisted on stakeholders’ collaboration in the oil and gas industry. The Group Managing Director of NNPC, Mallam Mele Kyari, made the call Tuesday, during the launch of the Nigerian Upstream Cost […]

Court Dismisses Case Against CBN’s Directives On Charges

Feb 10, 2021 – Legal News by

 *Says CBN Current Account Maintenance Policy Is Lawful   The Federal High Court sitting in Abeokuta, Ogun State, has dismissed a suit instituted by a legal practitioner, Mr. Olumide Babalola, challenging the Central Bank of Nigeria (CBN) policy on Current Account maintenance fee contained in the […]

40 Million SMEs To Benefit From AfCTA — Minister of Trade

  At least 40 million Small and Medium Enterprises (SMEs) are expected to benefit from the African Continental Free Trade Agreement (AfCTA) which Nigeria is a signatory to.   This was made this known by the Minister of Trade, Industry and Investment, Mr Niyi Adebayo, during an interactive […]

PIB Passage Will See Changes to Oil Companies’ Taxes, Says Ahmed

 Minister of Finance, Mrs. Zainab Ahmed   By Nume Ekeghe The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed has said the passage of the Petroleum Industry Bill (PIB) currently being considered by the National Assembly will lead to changes to taxation in the industry and […]

IMF advises CBN to unify exchange rates

   From Uche Usim, Abuja The International Monetary Fund (IMF) has advised the Central Bank of Nigeria (CBN) to take a gradual and multi-step approach towards establishing a unified and clear exchange rate regime with the near-term focus on allowing for greater flexibility and removing the payments backlog. […]

Cryptocurrency ban’s to protect Nigerians, financial system — CBN

The Central Bank of Nigeria (CBN) yesterday said its decision to ban the use of cryptocurrencies in the country is to protect Nigerians and the nation’s financial system from the illegal nature of such currencies and the inherent risks associated with them. Recall that on Friday, the CBN ordered banks […]

SEC Releases Rule On Registration For Nominee Function

    The Securities and Exchange Commission (SEC) has released new rules for firms operating as nominees.   The new rules require all persons not registered by the commission as custodians, carrying on the business of nominee and holding securities including equities, money market and fixed income securities, […]

CBN Seeks to Lure Portfolio Investors with Higher Yields

      Obinna Chima Indications have emerged that the Central Bank of Nigeria (CBN) could be considering wooing foreign portfolio investors (FPIs) back into the fixed income market with higher yields. The move is also expected to improve the country’s forex liquidity. Standard Bank revealed this in its latest […]

NLNG Earned $108bn, Paid $35bn Dividends In 21 Yrs

    The Nigeria Liquefied Natural Gas (NLNG) Limited said it has delivered 5000 gas cargoes to parts of the world earning $108 billion revenue while paying $35bn dividends in its 21 years of operation. The General Manager, External Relations […]

Nigeria records $5.1bn portfolio investments

   Nigeria recorded about $5.1bn portfolio investments in the first nine months of 2020. Figures obtained from the National Bureau of Statistics revealed that while there was a significant investment of $4.3bn investments in the first quarter, investments in the second and third quarters reduced to $385.32m and […]

‘New transport policy to unlock Nigeria’s maritime potential’

    Managing Director, Nigerian Ports Authority (NPA), Hadiza Bala Usman (left); Representative of Chairman, Senate Committee on Marine Transport, Senator Danjuma Goje, Senator Ibrahim Yahaya; Permanent Secretary, Federal Ministry of Transportation, Dr. Magdalene Ajani; Chairman, House of Representatives Committee on Maritime Safety, Education, and Administration, Hon. Lynda Ikpeazu;Managing Director, […]

SEC Releases New Rules On Collective Investment Schemes

      The Securities and Exchange Commission (SEC) has released general rules for Collective Investment Schemes (CIS) prescribing that all units/securities of a collective investment scheme shall be registered by the Commission. The Rule which is on the Commission’s website, also states that all units/securities subject to registration by […]

Kyari: African Leaders Must Leverage Technology for Energy Sufficiency

      By Emmanuel Addeh The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, has urged African leaders to leverage emerging technologies and innovation to curtail the energy poverty in the continent. Kyari, who made the comment at the first quarter 2021 Public Lecture […]

Banks’ NPL loan ratio rises above CBN limits

  By Chinwendu Obienyi The Non-performing loans (NPLs) ratio for Nigerian banks worsened in 2020 as it blew past the Central Bank of Nigeria (CBN)’s regulatory limits of five per cent to close at six per cent at the end of December 2020. This was contained in the apex bank’s […]

DMO calls for investments in FGN Savings Bond

  The Debt Management Office (DMO) on Monday called for investments in the Federal Government of Nigeria (FGN) Savings Bond with two-year tenure and three-year tenure. The bond, DMO noted, is backed by the full faith and credit of the Federal Government of Nigeria and charged upon the general assets […]

Nigeria has $900bn dead capital in real estate, agric-PWC

Nigeria  holds as much as $900 billion worth of dead capital locked up in residential real estate and agricultural land, including federal government’s abandoned properties estimated at N230 billion, said PWC Nigeria. Dead capital refers to  unregistered real property, and is considered lost value because the landholder is unable to […]

Dutch court orders Shell Nigeria to pay for oil spills in Niger Delta

 A Dutch appeal court has ruled that the Nigerian arm of Royal Dutch Shell, a British-Dutch oil company, pay for damages caused by oil spills in the Niger Delta. Four farmers had sued Shell […]

AMCON pushing to recover N4.4tn debt

  Asset Management Corporation of Nigeria (AMCON) says it is pushing hard to recover the N4.4 trillion debts owed the company in failed financial institutions it took over its liabilities. Mr Jude Nwauzor, Head, Corporate Communications Department of AMCON, said this on Thursday in Enugu while briefing journalists on enforcement […]

NCC Moves to Curb Data Depletion, Faulty Deductions

    Garba Danbatta   Emma Okonji The Nigerian Communications Commission (NCC) has stepped into all cases of data depletion and wrong deductions of consumers’ credit through an ongoing forensic audit instituted by the Commission. The Executive Vice Chairman of the NCC, Prof. Umar Danbatta, stated this while receiving ‘Man […]

AFCFTA: FG pushes ECOWAS brown card scheme Read more at: https://www.vanguardngr.com/2021/01/afcfta-fg-pushes-ecowas-brown-card-scheme/

As Nigeria settles down to the implementation of the African Continental Free Trade Area, AFCFTA, the Federal Government, FG, is pushing for the full implementation of the Economic Community of West African States, ECOWAS, Brown Card Insurance Scheme to guarantee prompt compensation to victims of road accidents within ECOWAS member […]

Nigeria Redeems $500m Eurobond

  The Federal Government has released $500 million to redeem matured January 2021 Eurobond.     The Debt Management Office (DMO) confirmed that “Nigeria’s 6.75% US$500 million January 2021 Eurobond which matures on January 28, 2021 will be redeemed. For this purpose, funds have been made available”.   […]

EU Moves to Take Control of Maritime Security in Gulf of Guinea

  Eromosele Abiodun After all efforts by governments around the Gulf of Guinea (GoG) to stop piracy, kidnapping for ransom and organised crime failed, the European Union (EU) has announced the launch of the pilot case of the Coordinated Maritime Presences (CMP) concept in the vast area. This 

N20trn shipping revenue hinges on cabotage law implementation

  By Steve Agbota, styvenchy@yahoo.com 08033302331 The Coastal and Inland Shipping Act 2003, otherwise known as Cabotage Law, came into force in 2004. The primary aims of the law is to reserve the commercial transportation of goods and services within Nigerian coastal and inland waters to vessels flying the Nigerian flag, owned […]

AfCFTA: OPS Pledges to Collaborate with FG

   Members of the organised private sector in Nigeria (OPSN) have pledged to work closely with the federal government on the implementation of the African Continental Free Trade Area (AfCFTA) agreement. They made the pledge Monday, during the formal handing over of the leadership of the OPS from […]

CBN Opposes Lockdown, Retains Interest Rate At 11.5%

   The Monetary Policy Committee (MPC) of the Central Bank of Nigeria on Tuesday urged the Federal Government not to consider another round of lockdown.   CBN Governor Godwin Emefiele made this known in Abuja at the end of the first MPC meeting in 2021.   The CBN […]

Senate President lists benefits of PIB as public hearing on the bill opens

Ahmad Lawan has listed the benefits of the PIB presently before the National Assembly for consideration.     The President of the Senate, Ahmad Lawan, has said that the Petroleum Industry Bill (PIB) which is presently before the National Assembly for consideration and passage will ensure that Nigerians benefit optimally […]

AfDB to commit $12.5 billion to climate finance

The AfDB has announced that it will fund climate finance in Africa with an additional sum of $12.5 billion.       The African Development Bank has announced that it will fund climate finance in Africa with an additional sum of $12.5 billion. This was disclosed by the President of the AfDB, […]

Data protection: NITDA urges stakeholders to submit report

    From Benjamin Babine, Abuja The Director General of the National Information Technology  Development  Agency (NITDA), Mr. Kashifu Abdullahi, has called on data controllers and processors in the country to comply with the March 15, deadline for the filing of Annual Data Audit Report. The DG who restated this during the […]

CBN disburses N1.8trn for developmentt financing

The Central Bank of Nigeria, CBN, said it disbursed N1.79 trillion for financing development in nine schemes from January to September 2020. This is contained in the apex bank’s October 2020 Economic Report released last weekend. Analysis of the report shows that out of the amount disbursed, N1.19 billion was […]

Corporate Deals soar as Nigeria records $4.3 billion in 2020

   By Henry Uche Nigerian owned businesses and businesses operating in Nigeria recorded over 106 corporate deals valued at over $4.3 billion (N1.63 trillion) in 2020. This data was according to newsletter from Nigerian Investment Promotion Commission, NIPC quoting Nairametrics. Nigeria’s investment climate was precarious in 2020 […]

CBN To Stop Exporters With Unrepatriated Proceeds From Banking Services By Jan 31

  The Central Bank of Nigeria (CBN) has directed banks to deny exporters with unrepatriated export proceeds from accessing all banking services by January 31.   The apex bank issued this directive in a circular sent to banks in the country.   Affected exporters are expected to […]

$1.1bn OML 17 development, operations will boost Local Content — Rewane

THE $1.1 billion Oil Mining License, OML, 17, deal, undertaken by TNOG Oil and Gas Limited, a related company of Heirs Holdings and Transcorp will enhance Local content development in Nigeria’s oil and gas industry. In an interview with British Broadcasting Corporation, BBC, monitored by Vanguard, Mr. Bismarck Rewane, an […]

FG Approves Guidelines For Executive Order 5

The Minister of Science and Technology and leader of the South-East zonal caucus of the APC, Dr Ogbonnaya Onu   The federal government has approved the guidelines for the implementation of the Executive Order 5, the Minister of Science and Technology, Dr. Ogbonnaya Onu has disclosed. The Order places […]

Ecowas Court Issues 2020 Judicial Statistics

  The ECOWAS Court of Justice has delivered 261 judgments on a total of 496 cases filed before the Court since its inception in 2003, according to the 2020 judicial statistics released by the Registry of the Court.   Despite the Covid-19 […]

Equities Rebound With N50bn Gain

  Following two consecutive losses, the equities market of the Nigerian Stock Exchange rebounded as the market capitalisation increased by ₦50.3 billion to settle at ₦21.5 trillion while the year to date return rose to 2.2 per cent. The All-Share Index rose 23bps to close at 41,147.72 points due […]

Bonny Light price rises to $55.31 on US President inauguration

  THE price of Nigeria’s Bonny Light rose yesterday in the international market following the expectation that the United States’ new president, Joe Biden, would ‘act big’ in tackling the Coronavirus (COVID-19) pandemic. The prolonged COVID-19 has culminated in a gross reduction of economic activities globally, precipitating low oil demand […]

Buhari Cancels OMSL’s Controversial Secure Anchorage Area Contract

    Muhammadu Buhari   •EFCC may begin probe of bribery allegation by Ayeni •NIMASA to take back security of ports By Abiodun Eromosele President Muhammadu Buhari has cancelled the lucrative but controversial Secure Anchorage Area (SAA) contract handled by Ocean Marine Solutions Limited (OMSL), a highly-placed presidency source told […]

AfCFTA: Permits, Licences, Certificates, Top NOTN’s Guidelines For Export

  The Nigerian Office for Trade Negotiations (NOTN) over the weekend said exporters or agents willing to move products to countries under the African Continental Free Trade Area (AfCTA) should obtain permits, licences, certificates and other relevant documentation from appropriate government agencies as the intra- continental trade […]

Productivity-enhancing reforms are required for quick economic recovery – World Bank

Productivity-enhancing structural reforms key to quick economic recovery.       The World Bank has revealed that a slow recovery of the global economy is not an inevitability and can be avoided through productivity-enhancing structural reforms. This is contained in the Bank’s flagship report – Global Economic Prospects.   The Bank […]

NSE CEO Bullish on Capital Market Outlook for 2021

        By Goddy Egene The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, yesterday expressed optimism that the market would record another impressive performance in 2021, saying the exchange would consolidate on the benefits of demutualisation. The Nigerian equities market recovered from a […]

AfCFTA: Nigerian Commodities Exchange prepared for agreement – MD

The Managing Director of the Nigerian Commodities Exchange has stated that the agency is fully prepared to take advantage of the AfCFTA.       The Nigeria Commodity Exchange (NCX) is well-positioned to take advantage of the African Continental Free Trade Agreement (AfCFTA), through the implementations of several measures to […]

CAC To Deregister Inactive Coys After 10yrs

 The Registrar General of the Corporate Affairs Commission (CAC), Alhaji Garba Abubakar, has said the Companies and Allied Matters Act (CAMA 2020) empowers the commission to deregister companies that have been inactive for 10 years. Speaking in Abuja recently, Alhaji […]

CBN Releases Framework To Boost E-Payment Adoption

  Che Central Bank of Nigeria (CBN) has released the Framework for Regulatory Sandbox Operations that would promote seamless adoption of electronic payment across the country.   The new framework will also ensure the safety and stability of the financial system, among other benefits.   It is […]

Gulf of Guinea piracy hits record level in 2020 – IMB

Gulf of Guinea recorded an increase in piracy attacks in 2020, according to the Annual Piracy report of the IMB.     West Africa’s Gulf of Guinea recorded an unprecedented increase in piracy attacks in 2020, according to the International Maritime Bureau in its 2020 Annual Piracy report published on […]

Custom Agents Clamour for National Shipping Policy to Check Malpractices

      Eromosele Abiodun Custom agents in the country have called on the federal government enact a new National Shipping Policy to match the prevailing realities in shipping businesses and end illegal and arbitrary charges by shipping companies. In a petition to President Muhammadu Buhari, they warned that except […]

CFOs Urged to Redefine Roles to Match COVID-19

        Bennett Oghifo As organisations enter recovery phase in the wake of COVID-19, experts have said new challenges and realities would need to be approached with technology at the center. According to Chief Finance Officer (CFO) for Middle East Africa Emerging Markets at Microsoft, the setbacks experienced […]

Corporate Boards are starting point for implementing stakeholders capitalism—WEF

  World Economic Forum has said that an increasing number of companies are recognising the need for pragmatic approaches to implement the principles of stakeholder capitalism as a result of the disruptions caused by COVID-19. A new white paper, The Future of the Corporation: Moving from Balance Sheet to […]

NNPC Turns to Condensates to Offset Losses from OPEC Cuts

    •Output curtailments affecting govt revenue, says Kyari •Finally, Nigeria exits list of defaulting nations By Emmanuel Addeh in Abuja and Peter Uzoho in Lagos The Nigerian National Petroleum Corporation (NNPC) has said it is now focusing on condensates, which are excluded from April 2020 production cuts announced […]

CBN Unveils Quick Response Code Framework to Facilitate e-Payments

   •Issues safeguards for innovative products By James Emejo The Central Bank of Nigeria (CBN) yesterday unveiled a framework for Quick Response (QR) code payments, directing all issuers, acquirers, switches, processors and other participants in the country to ensure full interoperability of the schemes.   The CBN stated […]

ABCON lobby for exchange rates unification

Jan 13, 2021 – Legal News by  

 *Urges FG not to give up on Eco currency By Babajide Komolafe MONEY MARKET Association of Bureaux De Change Operators of Nigeria (ABCON) said that unification of exchange rates is necessary to maximise the economic benefits of increased remittances inflow into the […]

AfCFTA: Trade Ministry should develop a synthesis to summarise all items negotiated – NANTS

Jan 13, 2021 – Legal News by

NANTS has urged the Trade Ministry to develop a synthesis that summarises all items negotiated on the AfCFTA to clarify implementation.     The National Association of Nigerian Traders (NANTS) has called on the Trade Ministry to develop a synthesis that summarises all items negotiated on the African Continental Free […]

Lawan Guarantees Passage of Petroleum Industry Bill

   •Urges leaders to unite to tackle Nigeria’s challenges By Deji Elumoye President of the Senate, Dr Ahmad Lawan, yesterday committed the National Assembly to an expeditious passage of the long-delayed Petroleum Industry Bill (PIB).   Lawan, at a programme in Abuja to mark his 62nd birthday, […]

Total: New Deepwater Royalties, Finance Act Eroded Value of Oil Assets

 By Peter Uzoho Total Exploration and Production Nigeria Limited has said the deepwater royalties stipulated in the amended Deep Offshore and Inland Basin Production Sharing Contract Act (DOIBPSCA) 2019 and related provisions in the Finance Act 2020, has led to significant value erosion of oil and gas […]

FIRS: Nigeria Lost ₦5.4tr From Tax Evasion By Multinational Companies

  The Federal Inland Revenue Service (FIRS) has revealed that Nigeria lost about ₦5.4 trillion between 2007 and 2017 through tax evasion by multinational companies operating in Nigeria.   Executive Chairman of the Service, Mr. Muhammad Nami stated that “between 2007 and 2017” Nigeria was reported to […]

Stock Market Begins Week With N16bn Gain

  Trading hall of the Nigeria Stock exchange, Lagos.   The domestic equities market began trading this week with eight basis point (bps) gain as the benchmark index advanced to 40,150.78 points. The market capitalisation advanced by ₦16 billion to settle at ₦21.2 trillion  while the year to date  return […]

‘AMCON’s Debt Bigger than FG’s 2021 Capital Expenditure’

 By Obinna Chima The Asset Management Corporation of Nigeria (AMCON) has disclosed that the N4.4 trillion, which is owed the corporation is bigger than the entire 2021 capital expenditure budget of the federal government of Nigeria, which stands at N3.85trillion. The amount owed the corporation is also […]

FG Replaces Stamp Duty With N50 Electronic Transfer Levy

  Consequent upon the outlawing of stamp duty on electronic bank transfer by the Court of Appeal, the Federal Government, through the Finance Act 2020, has introduced Electronic Money Transfer Levy.   Finance Act 2020, which was recently signed by President Muhammadu Buhari, has a commencement date […]

DEMUTUALISATION: NSE inaugurates claims review panel

In preparation for its imminent demutualisation, the Nigerian Stock Exchange (NSE) has inaugurated a Claims Review Panel that will oversee the review and determination of claims made by individuals or entities in respect of any assertion of rights in the shares of the demutualised Exchange – Nigerian Exchange Group Plc, […]

NNPC Seeks $1bn in Oil Prepaid Deal to Revamp Refinery

•Repayment due in seven years Emmanuel Addeh in Abuja with agency report The Nigerian National Petroleum Corporation (NNPC) has begun talks with trading firms to raise about $1 billion in a prepayment deal to refurbish its largest refining complex at Port Harcourt, it was learnt yesterday.   […]

All-Share Index Rises 0.31% as Investors Stake N7.5bn on Shares

 Goddy Egene Investors staked N7.51 billion on 2.13 billion shares in 4,558 deals yesterday at the stock market as the bulls continued to dominate trading. The value of trading soared by 755 per cent compared to 249.545 million shares exchanged for N2.184 billion in 6,090 deals […]

EU may ask too high a price for financial services trade, BoE warns

  Britain should not submit to the European Union’s financial services rules just to get better access to the bloc’s market after Brexit, Bank of England Governor Andrew Bailey said on Wednesday. European daily share trading worth 6 billion euros ($7.36 billion) left the City of London for the continent […]

AFC Secures $250m Loan from United States’ DFC

   The Africa Finance Corporation (AFC) yesterday announced that it has successfully secured a $250 million tier-2 capital loan from United States’ International Development Finance Corporation (DFC). Formed in December 2019, DFC is the United States government’s development bank established with a lending capacity of up to $60 […]

EU firms refuse UK deliveries over Brexit tax changes

Jan 6, 2021 – Legal News by

 Some EU specialist online retailers have said they will no longer deliver to the UK because of tax changes which came into force on 1 January. Bicycle part firm Dutch Bike Bits said from now on, it would ship to every country in the world except the UK. “We […]

OPEC Fails to Agree on February Oil Production Output

      Members of the Organisation of Petroleum Exporting Countries (OPEC) and their allies, including Russia, yesterday failed to reach an agreement on production levels for February, with talks expected to continue today.   The cartel had agreed after its last summit, held from November 30 to December 3, […]

FG Selects 161 Firms for Marginal Oilfields’ Final Bid Round

  The federal government, through the Department of Petroleum Resources (DPR), yesterday announced that 161 successful companies had been shortlisted to advance to the next and final stage of the bid round for 57 marginal oilfields.   According to the DPR, a marginal field is any field that […]

After Months of Delays, AfCFTA Begins Operation

   African countries began officially trading under a new continent-wide free trade area yesterday, after months of delays caused by the global coronavirus pandemic.   But experts view the New Year’s Day launch as largely symbolic with full implementation of the deal expected to take years.   […]

Brexit: New era for UK as it completes separation from European Union

  A new era has begun for the United Kingdom after it completed its formal separation from the European Union. The UK stopped following EU rules at 23:00 GMT, as replacement arrangements for travel, trade, immigration and security co-operation came into force. Boris Johnson said the UK had “freedom in […]

FG to review labour laws to global standards

The FG has announced plans to review its labour laws to boost it in line with the International Labour Organisation (ILO) standards.     The Federal Government has announced that it has started plans to review the present labour laws of the country to […]

Italy court to give verdict on Nigerian oil field corruption case by March 2021

A final decision on the long-running graft case could be reached by the end of March 2021.   A final decision on the long-running graft case involving Shell and Eni could be reached by the end of March 2021. Reuters reported that Italian judges are expected to hand down […]

Senate passes 2021-2023 MTEF/FSP

     ***Pegs Oil Benchmark at $40 per barrel, Exchange Rate at N379/1US$     The Senate, shortly before it adjourned plenary on Thursday, passed the 2021-2023 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).     The passage of […]

Stocks Favour Investors With N140bn Yield

   The domestic equities market of the Nigerian Stock Exchange (NSE) continued its bullish run as market capitalisation increased by ₦140 billion to ₦18.6 trillion. The All Share Index (ASI) gained 76 basis points (bps+ to close at 35,493.15 points while […]

New CBN guidelines ban MMOs, PSPs, Operators from receiving diaspora remittances

The Central Bank of Nigeria has issued additional guidelines for diaspora remittances in the country       The Central Bank of Nigeria (CBN) has issued additional guidelines for diaspora remittances in the country citing infractions of its previous circular. According to the apex bank, despite spelling out procedures “regrettably, […]

NCDMB, PETAN Sign $30m Agreement to Ameliorate Contract Losses

  Emmanuel Addeh in Abuja The Nigerian Content Development and Monitoring Board (NCDMB) and the Petroleum Technology Association of Nigeria (PETAN) have signed an agreement on $30 million working capital scheme that will support the operations of oil companies against the adverse effects of Covid-19 pandemic and loss […]

Court dismisses appeal challenging enforcement of UK obtained arbitral award in Nigeria

The court of appeal, Lagos has dismissed an appeal filed by a firm, Emerald Energy Resources Limited, challenging the decision of the federal high court, Lagos, which granted another firm, Signet Advisors Limited leave to enforce the arbitral award obtained from the London Centre of International Arbitration against it.   […]

Osinbajo discusses Nigeria-UK post Brexit trade relations

    Discussions around improving relations between Nigeria and the United Kingdom (UK) across different sectors especially in the post Brexit era is not only exciting but will make a difference for both countries, according to Vice President Yemi Osinbajo, SAN. Prof. Osinbajo stated this Monday when he received on […]

[JUST IN] Senate Passes Finance Bill 2020

        …As Bill exempts aircraft engines, spare parts, others from Custom charges     The Senate, on Tuesday, passed the Finance Bill 2020 transmitted to the National Assembly by President Muhammadu Buhari two weeks ago.   The passage of the Bill followed the consideration of a report […]

CBN Approves New License Categorizations for Payment Systems

Dec 15, 2020 – Legal News by

  The Central Bank of Nigeria (CBN) has approved a new license categorization system for the Nigerian Payment System. The apex bank made this known in a press release published on its website and dated 9th December 2020. According to the CBN, the license categorization is meant to help promote […]

FG to launch policy to prevent smuggling of mineral resources

The FG is working on a Downstream Policy aimed at ensuring the beneficiation of solid minerals before being exported from the country.       The Ministry of Mines and Steel Development has said it will work with the Gulf of Guinea Commission to prevent the smuggling of illegally mined […]

FG Suspends Issuance of Licences for FTZs Operation

      The Minister of Industry, Trade and Investment, Mr. Niyi Adebayo, Monday said the federal government has suspended further issuance of licences for the operation of the Free Trade Zones (FTZs) in the country.     Speaking during the inauguration of the panel set up for the evaluation […]

Nigeria signs technology transfer agreement with Czech Republic

Nigeria and the Czech Republic have signed an agreement of a technology transfer between both countries.     The Federal Government has announced arrangements for the transfer of technology from the Czech Republic to Nigeria, through the inauguration of the Implementation Committee on Memorandum of Understanding between the Czech Republic […]

CBN Boosts Market Liquidity with N4.1trn Special Bills

      •Unveils new capital requirement for payment service providers •Emefiele lists ABP achievements Obinna Chima in Lagos and James Emejo in Abuja Following last week’s introduction of 90-day special bills by the Central Bank of Nigeria (CBN), the apex bank yesterday sold N4.1 trillion worth of the instrument […]

NSA: New Cyber Policy will Address Security Challenges

      The National Security Adviser (NSA), Major-Gen. Babagana Monguno (rtd.), yesterday the new National Cybersecurity Policy and Strategy 2020 would address security challenges in the country.     The strategy document which made provisions for the surveillance and tracking of bandits in the North-West and insurgents in the […]

FG signs investment protection agreement  with Morocco and Singapore 

  The Federal Government has signed an Investment Protection Agreement (IPA) with Morocco and Singapore to raise investing confidence. Permanent Secretary of the Ministry of Industry, Trade and Investment, Dr. Nasir Sani-Gwarzo, disclosed this during the 12th Meeting of the National Council on Industry, Trade and Investment held […]

AfCFTA: NAC Develops Implementation Strategy

Dec 10, 2020 – Legal News by

 The National Action Committee is developing a national strategy for the AfCFTA implementation. The National Action Committee (NAC) on African Continental Free Trade Area (AfCFTA) is developing a national AfCFTA implementation strategy prior to the take-off of the agreement on 1st January 2021. This was disclosed by the Secretary of […]

Bill to assist banks recover bad loans scales through 2nd reading in Senate

A bill to assist banks recover bad loans from their customers scaled through the second reading in the Senate.     A bill that would provide the needed respite and impetus to banks to recover their bad loans from customers scaled through a second reading at the Senate today. This […]

Senate moves to amend 28 year-old Medical and Dental Practitioners law 

 The Senate has began the process of amending the Medical and Dental Practitioners Act which was last amended 28 years ago, with the introduction of the Medical and Dental Practitioners Bill 2020, presently before the Upper Chamber. The piece of […]

House Asks NAICOM to Suspend Deadline for Recapitalisation of Insurance Companies

  By Udora Orizu The House of Representatives yesterday directed the National Insurance Commission (NIACOM) to suspend the planned December 31, 2020 mandatory deadline for the first phase of 50% – 60% of the minimum paid up share capital for insurance and reinsurance companies. The House said the […]

Cyber risk is the new threat to financial stability—IMF

  Many of us take for granted the ability to withdraw money from our bank account, wire it to family in another country, and pay bills online. Amid the global pandemic, we’ve seen how much digital connection matters to our everyday life. But what if a cyberattack takes the bank […]

Lower Oil Sector Taxes Guaranteed in New PIB, Sylva Assures Operators

    Timipre Sylva   The Minister of State for Petroleum Resources, Mr. Timipre Sylva has said that Nigeria’s long-awaited Petroleum Industry Bill (PIB) will include low tax provisions to sustain stable investments in the country’s oil sector. Sylva equally noted that Nigeria’s plans to step up growth of its […]

NEPZA Begins New Free Zone Registration

    As part of measures to improve Ease of Doing Business,the Nigeria Export Processing Zones (NEPZA) is to commence operation on a new template for Free Zone registration with effect from January 1, 2021   According to NEPZA’s Managing Director, Prof. Adesoji Adesugba, it would make the process of registering a Free Zone company more […]

Nigeria Submits Ratified AfCFTA Agreement To AU

   President Muhammadu Buhari has called for the commitments of member states of the Economic Community of West Africa State (ECOWAS) as the African Continental Free Trade Area (AfCFTA) Agreement begins on Jan 1.   Buhari made the call at the 13th Extra-Ordinary Summit of the African Union […]

NDIC Expresses Reservations over New BOFIA

  The outgoing Managing Director/Chief Executive, Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim has expressed reservations over some of the provisions of the newly-enacted Banks and Other Financial Institutions Act (BOFIA 2020) which was recently assented to by President Muhammadu Buhari.   He, therefore, said that […]

Stock Market Gains N138bn Despite Profit Taking

    Goddy Egene The stock market posted positive performance last week despite profit taking by some investors, as it sustained the growth recorded in the previous week. Precisely, the Nigerian Stock Exchange (NSE) All-Share Index (ASI) rose 0.7 per cent to close at 35,137.99, while market capitalisation […]

Finance Bill: TIN Compulsory For Business Accounts

    The Finance Bill, 2020 on Wednesday passed first and second readings in the Senate, a day after President Muhammadu Buhari presented it. Section 49 of the Finance Act has been amended to make the provision of Tax Identification Number (TIN) mandatory for persons intending to open a bank […]

CBN Clarifies Policy on Diaspora Remittances

        The Central Bank of Nigeria (CBN) on Wednesday released a new circular clarifying its new rule on receipts of forex inflows from Diaspora remittances.     The CBN made the clarification in a circular titled: “Re: Amendment to Procedures for Receipt of Diaspora Remittances,” dated December […]

FIRS Tax Waivers Window Closes Dec. 31

      The Federal Inland Revenue Service (FIRS) says the window of opportunity for waivers of penalties and interest on outstanding taxes arising from desk examinations and audit exercises will close on Dec. 31.     Mr Abdullahi Ahmad, Director, Communications and Liaison Department of the FIRS, made this […]

Export: FG Highlight Action Plans Ahead January 2021 AfCFTA

  The digitalisation of Nigerian ports, deployment of e-Customs, investment of over $300 million in inland dry ports and the overhaul of transportation logistics will position Nigeria to take maximum advantage of the African Continental Free Trade Area (AfCFTA), which will be operational January 1, 2021, the […]

CBN Releases Banks’ Excess CRR to Spur Economic Recovery

  *Introduces 90-day special bills *Dealers, analysts welcome new policy on Diaspora remittances     As part of efforts to support economic recovery and propel the quest to return to the growth path, the Central Bank of Nigeria (CBN) has approved the release of banks’ excess cash […]

OPEC+ forced to delay talks as disagreement in the cartel deepens

OPEC+ was forced to reschedule its meeting as it could not reach a unanimous decision on key policies.                 The OPEC+ talks have been delayed for 2 days after the meeting ended on Monday without an agreement among its members with respect to […]

CBN Grants Unfettered Access To Forex From Diaspora Remittances

  *Clarifies eligible transactions in line with global best practices     The Central Bank of Nigeria (CBN) yesterday unveiled a new policy that grants unfettered access to Forex from Diaspora and other money transfer remittances like Western Union and MoneyGram.   The bank also clarified transactions […]

Afreximbank launches MANSA, Africa’s digital due diligence Repository

      African Export-Import Bank (Afreximbank) today in Cairo officially launched the operations of ‘MANSA’, a pan-African customer due diligence repository for financial institutions, corporate entities and SMEs, developed to address the perceived risk of doing business in Africa and with Africans. MANSA is a single source of the […]

FRC, shareholders clash over audit committee members’ registration

  Fresh crises is brewing between the Financial Reporting Council (FRC) and shareholders as the Council has set registration with it as part of conditions for shareholders of public companies to qualify as audit committee members. FRC, in a Draft Audit Regulation 2020, said with commencement of the regulation, activities […]

CAC plans to introduce new software for CAMA 2020 implementation—Registrar General

      Registrar-General, Corporate Affairs Commission (CAC), Alhaji Garba Abubakar has said that the  commission is putting machinery in place to begin full implementation of the Companies and Allied Matters Act (CAMA) 2020 in first week of 2021. Abubakar said this at the Institute of Directors (IoD) National Stakeholders […]

NIMASA boosts maritime knowledge with e-library

  As Nigeria moves towards greater role for maritime in the national economy, Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Bashir Jamoh, has declared the Agency’s unwavering commitment to capacity-building through its knowledge and research based initiatives. Speaking at the official launch of the Agency’s e-library […]

House Demands Details of NNPC Expenditure, JV Cash Calls, Others

Nov 27, 2020 – Legal News by 

        Udora Orizu in Abuja The House of Representatives’ Committees on Petroleum Upstream, Downstream and Gas Resources, yesterday asked the Nigerian National Petroleum Corporation (NNPC) to open up its books on various expenditures incurred on Joint Venture operation (JVC), pipeline maintenance, rehabilitation of refineries, among others. The […]

Nigeria Has Key Role To Play In AFCFTA Negotiation — Osinbajo

      Vice President Yemi Osinbajo has stated that Nigeria has a key role to play in the successful negotiation process of the Africa Continental Free Trade Area, AfCFTA.     This is as he called for private sector commitment in the negotiation process, during the virtual opening ceremony […]

Nigeria Needs Good Lawyers To Resist Tyranny, Expand Jurisprudence — CJN

        The Chief Justice of Nigeria, Justice Tanko Muhammad, has said there is a need for more cerebral legal practitioners to emerge in Nigeria in order to resist tyranny and expand what he described as frontiers of jurisprudence in the country.     Justice Muhammad said with […]

OPEC Seeks $12.6tn Investments to Revamp Global Oil Industry

Nov 26, 2020 – Legal News by 

      By Emmanuel Addeh The Organisation of Petroleum Exporting Countries (OPEC) has disclosed that the global oil industry will require about $12.6 trillion investments in the downstream, midstream as well as upstream to sustain its innovative and production efficiency in the next 25 years. Secretary General of the […]

PIB and Electoral Amendment Bill pass second reading in House of Reps

    The Petroleum Industry Bill (PIB) and the Electoral Act Amendment Bill has passed second reading in the House of Representatives. This was disclosed by Channels TV on Tuesday after both bills were addressed by Lawmakers for the second time during plenary.   On the Petroleum Industry Bill Rep leader, Alhassan Doguwa, […]

UK Home Secretary Under Scrutiny for Backing P&ID in Legal Battle against Nigeria

        United Kingdom Home Secretary Priti Patel has come under scrutiny for seeking to publicly intervene on three occasions on behalf of an offshore company, Process & Industrial Development (P&ID), which has been accused in a British court of obtaining a £100m contract from the Nigerian government […]

DPR Okays New LPG Guidelines for Investors, Operators

Nov 25, 2020 – Legal News by 

        By Emmanuel Addeh The Department of Petroleum Resources (DPR) said it has introduced new guidelines to accommodate more Liquefied Petroleum Gas (LPG) investors and operators across the country. The move, according the agency, was geared towards enhancing the availability of LPG also known as cooking gas […]

We Will Start Implementing The New CAMA In January 2021 — Corporate Affairs Commission

      The Corporate Affairs Commission, CAC, has officially taken delivery of a copy of the Gazetted CAMA, 2020 from the Clerk of the National Assembly on Thursday 19th November, 2020 and is putting machinery in place to commence full implementation by 1st January, 2021.     This was […]

N200 billion Unclaimed Dividend: Securities dealers reject FG’s plan to manage fund

ASHON has rejected plans by the Federal Government of Nigeria to manage the N200 million unclaimed dividends.         Some capital market experts, represented by the Chairman of the Association of Securities Dealing Houses of Nigeria, have rejected plans by the Federal Government of Nigeria to manage unclaimed […]

55% of NLNG Train 7 Work to Be Domesticated in Nigeria, Says Attah

Nov 24, 2020 – Legal News by 

    Managing Director and Chief Executive Officer of Nigeria LNG Limited (NLNG), Tony Attah   Ernest Chinwo The Managing Director/Chief Executive Officer of Nigerian Liquefied Natural Gas Limited (NLNG), Tony Attah, has said at least 55 per cent of the scope of work of the Train 7 Project will […]

 
 

Lawyers From IMF Advocate Central Bank Reforms Before Issuing CBDCs

        The International Monetary Fund (IMF) published a new working paper on Friday. This working paper was regarding central bank digital currencies (CBDCs) and their projected legal ramifications. In these papers, the researchers at the IMF are advocating for new legal definitions to be made for tokenized […]

Nigeria: Crude Oil Discovered in Commercial Quantity in Benue Trough – NNPC

Nov 23, 2020 – Legal News by 

    Crude oil has been discovered in the Benue Trough in commercial quantity, with Nigerian geologists spearheading the efforts, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Malam Mele Kyari has said. Kyari stated this while delivering a goodwill message at the opening ceremony of the […]

CBN Clarifies Destination Payment For Form M, Letters Of Credit, Other Forms Of Payment

      THE Central Bank of Nigeria (CBN), in a new circular, has clarified its position on the removal of third parties from buying of foreign exchange routed through Form M, letters of credit, and other forms of payment.     While reiterating its earlier directive that destination payment […]

UK LLPs in Europe eye disruption in face of no-deal Brexit

A United Kingdom parliamentary committee has warned that the country’s lawyers ‘may become unable to operate in the EU’ under UK-specific limited liability partnership (LLP) structures if a Brexit agreement with the European Union is not reached. A House of Lords’ EU Services Sub-Committee report – published in mid-October – […]

Forex: CBN softens position on Form ‘M’ payments through 3rd parties

Nov 20, 2020 – Legal News by 

              MONEY MARKET In apparent reversal of its earlier directive which disallowed    banks from opening Form ‘Ms’ through third  parties, the Central of    Bank  Nigerian (CBN) yesterday issued    fresh directives specifying conditions under which it could approve Form ‘Ms’ payment routed […]

Nigeria, Niger Republic sign MoU on petroleum products transportation, storage

FG signed MoU with Niger Republic on the transportation and storage of petroleum products.             The Federal Government has signed a Memorandum of Understanding (MoU) with Niger Republic on the transportation and storage of petroleum products. This was disclosed by the Ministry of Petroleum Resources […]

Top EU antitrust official says won’t weaken merger rules due to COVID

  The European Union won’t weaken merger rules during the COVID-19 pandemic even if companies say they are likely to go bust without a deal, a senior EU antitrust official said on Wednesday. European Commission Director General for Competition Olivier Guersent said he expected more companies to use the “failing […]

FG Provides Additional Reliefs For Businesses, Individuals In Proposed Finance Bill 2020

        The Covid-19, like a devastating cyclone, has created negative impacts on businesses in Nigeria and, by extension, the lives of individuals.     Thus, in its continued determination to cushion the socio-economic condition in the country even as the Economic Sustainability Plan (ESP) is in progress, […]

Cryptocurrency transaction not yet legal in Nigeria — CBN

        The Central Bank of Nigeria (CBN) has warned Nigerians on the need to exercise caution, regarding cryptocurrency, insisting that such financial transaction is yet to receive the approval of any regulatory body in the nation’s financial sector.     Giving this warning, in his keynote address, […]

Cybercrime is maturing. Here are 6 ways organizations can keep up

  In 2020, the world has experienced many challenges. Among them, hastened digitalization has brought new opportunities but also new risks. According to the World Economic Forum Global Risks Report 2020, cyberattacks rank first among global human-caused risks and RiskIQ predicts that by 2021 cybercrime will cost the world $11.4 million each minute. […]

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