News & Insights

News & Insights

News & Insights

 

 

 

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 […]

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 […]

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

    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 […]

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

        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 […]

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

      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 […]

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

      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 […]

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

      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

        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

    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

              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. […]

Oil producing communities will benefit more from PIB, deregulation — Omo-Agege

 DEPUTY President of the Senate, Senator Ovie Omo-Agege, yesterday, disclosed that oil-producing communities in the country would benefit the most from the passage of the Petroleum Industry Bill, PIB, as well as the deregulation of […]

Reps to support total reforms in aviation industry through legislation – Speaker

The House of Reps has pledged to support total reforms in the aviation industry through legislation   The House of Representatives has promised to support total reforms in the aviation industry through legislation, as it appeals for active participation of stakeholders in public hearings. This […]

Stock Market Investors Count Gains

  Goddy Egene writes on the excitement in the stock market following the positive trajectory and record high demand that has led to spike in share prices The Nigerian stock market has, over the years, been different things to investors. To some investors it is their number one […]

CBN, NDIC to set up bridge bank for struggling financial institutions

The CBN and the NDIC have been empowered to set up a Banking Sector Resolution Fund to ensure the safety of depositors’ funds.     The Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) have been empowered to set up a Banking Sector Resolution Fund to […]

Court of Appeal Act Amendment: PCA Invites Comments And Observations

   The President of the Nigerian court of Appeal, Hon. Justice M. B. Dongban-Mensem has expressed intention to amend the Court of Appeal Act, Court of Appeal Rules of 2016 and all existing Practice Directions of the Court     This is contained in a letter addressed to […]

Asia forms world’s biggest trade bloc, a China-backed group excluding U.S.

  Fifteen Asia-Pacific economies formed the world’s largest free trade bloc on Sunday, a China-backed deal that excludes the United States, which had left a rival Asia-Pacific grouping under President Donald Trump. The signing of the Regional Comprehensive Economic Partnership (RCEP) at a regional summit in Hanoi, is a further […]

Osinbajo backs ADR for business conflicts

 As part of measures to attract foreign investors, the Federal Government is promoting the adoption of Alternative Dispute Resolution (ADR) and creating the necessary infrastructure which will enhance the speedy resolution of business related disputes, Vice President Yemi Osinbajo, […]

President Buhari assents to BOFIA 2020

President Muhammadu Buhari has on Friday assented to the recently enacted Banks and Other Financial Institutions Act 2020.       President Muhammadu Buhari has today November 13, 2020, assented to the Banks and Other Financial Institutions Act (BOFIA) 2020. This is according to a statement titled, “President Buhari Assents […]

UK Court Okays Trial of Nigeria’s $1.7bn Suit against JP Morgan

   A lawsuit filed by Nigeria against a United States bank, JP Morgan Chase, claiming over $1.7 billion for its role in the Oil Prospecting Lease (OPL) 245 deal, will proceed to trial, London’s high court ruled yesterday.     The suit, filed in the English courts […]

NSE Facilitates N1trn Capital Raise for Govts, Corporates in 10 Months

     Goddy Egene Governments and corporates have raised about N1 trillion across the various asset classes of the Nigerian Stock Exchange (NSE) between January and October, between January and October, the Divisional Head, Listings Business, NSE, Mr. Olumide Bolumole, has said. He disclosed this at a webinar […]

NNPC, First E&P, commences oil production from Oil Mining Leases

NNPC, First Exploration and Petroleum Development Company commenced oil production from Anyala Field.     The Nigerian National Petroleum Corporation (NNPC) and First Exploration and Petroleum Development Company has commenced oil production from Anyala Field located in Oil Mining Leases (OMLs) 83/85. This was disclosed by NNPC via its Twitter […]

NDIC, CBN battle safety issues in Nigeria’s fintech environment

   MONEY MARKET The Nigeria Deposit Insurance Corporation (NDIC) yesterday said it will adopt financial technology (fintech) solutions and tools to modernize its data collection and analysis processes amidst emerging safety issues surrounding application of technology in the nation’s financial system. Managing Director/Chief […]

FG Ratifies Nigeria’s Membership Of AfCFTA

 The Federal Executive Council (FEC) ratified Nigeria’s membership of the African Continental Free Trade Area Agreement on Wednesday in Abuja.     Minister of Information and Culture, Alhaji Lai Mohammed, made this known at the end of the weekly meeting of the Council chaired by President […]

P& ID: US Court Bars Nigeria from Accessing Hedge Fund’s Documents

    Nigeria’s bid to set aside the P&ID Limited’s arbitration award has suffered a setback as VR Capital Group Limited has secured a United States’ court ruling to block the federal government from accessing its internal documents.   The move to access the documents was part of […]

Legalising Downstream Deregulation

      Operators in the downstream sector of the Nigeria petroleum industry are demanding for a special legislation to support the deregulation of the sector and save it from the danger of policy summersault, writes Peter Uzoho Notwithstanding their consensus endorsement of the deregulation of the downstream sector of […]

Nigerian Nuclear Agency Ramps Up Regulation of Radioactive Ores

      By Emmanuel Addeh The Nigerian Nuclear Regulatory Authority (NNRA), has ramped up its efforts to regulate the exploration, mining and milling of radioactive ores and other ores associated with the presence of harmful substances. Director General of the NNRA, Dr. Yau Idris, who disclosed this during a […]

EU hits U.S. with tariffs, seeks better ties with Biden

The European Union will “regrettably” impose tariffs on imports of $4 billion in U.S. goods from Tuesday, EU Trade Commissioner Valdis Dombrovskis said, while hoping that President-elect Joe Biden will foster a sharp improvement in transatlantic ties. The bloc will exercise the right to counter-measures awarded to it last month […]

CAC to implement new technology for business registration, customers to print certificates

CAC is set to implement new technology that will enable customers print their certificates with verifiable QR Codes from anywhere in the world.     The Corporate Affairs Commission (CAC) has disclosed its readiness to implement a new technology that will change the face of company registration in Nigeria, in […]

Appeal Court President Seeks Judiciary’s Help For AMCON To Recover N5tr Debt

   President of the Court of Appeal, Justice Monica Dongban-Mensem, and the Administrator of the National Judicial Institute (NJI), Justice Rosaline Bozimo (retd.) have urged the Judiciary to help speed up hearing in cases involving the Asset Management Corporation of Nigeria (AMCON) and its recalcitrant obligors before […]

Stock Market Value Hits N16.2trn on Sustained Bull Run

      Goddy Egene The stock market capitalisation hit N16.207 trillion last week following sustained demand for equities. The unprecedented demand for stocks had lifted the market by N1.93 trillion to close the month of October at N15.958 trillion. Although some level of profit taking was recorded, the positive […]

Dealmakers see divided U.S. government favoring mergers and acquisitions

  Joe Biden’s projected win of the U.S. presidency and the Republican Party potentially retaining control of the U.S. Senate could drive a pickup in mergers and acquisitions (M&A) that took a hit amid the COVID-19 pandemic, dealmakers said. Bankers and lawyers who advise companies on M&A said the outcome, […]

AfCFTA’s free trade is door to prosperity for all Africans—ECOWAS Speaker

  The Speaker of the ECOWAS Parliament says the African Continental Free Trade Area (AfCFTA) holds the promise of prosperity for all Africans amidst the coronavirus pandemic. Sidie Mohammed Tunis said this during the opening ceremony of two meetings scheduled with a week long activities of the Parliament in Cotonou […]

FG to introduce FinTech in Nigeria’s capital market — Official

    Finance Technology (FinTech) will soon be introduced in Nigeria’s capital market, the Director-General of the Securities and Exchange Commission (SEC), Lamido Yuguda, has said.     He made the announcement on Wednesday when he appeared before the Senate Committee on Capital Market to defend the commission’s […]

FG Urged to Develop Innovative Ways in Growing Tax Revenue

    Ugo Aliogo The Group Head of Tax, Nestoil, Stanley Ezekobe, has advised the federal government to prioritise transaction-based taxes such as Value Added Tax (VAT). Ezekobe, who disclosed this recently at a virtual media roundtable organised by the Nestoil Group said while other forms of tax […]

Stakeholders Advocate Review of New CAMA to Revive Market

      Goddy Egene Stakeholders who converged for the Chartered Institute of Stockbrokers (CIS) annual conference in Lagos yesterday called for the amendment of some sections of the new Company and Allied Matters Act ( CAMA) as a precondition for revival of the Nigerian capital market. The new CAMA had been under attack […]

FG, Transcorp Sign N105bn Agreement on Afam Power Plant Today

  The federal government will today sign an agreement with Transcorp Consortium, the preferred bidder of Afam Power Plant, with a bid sum of N105 billion. The Director-General of the Bureau of Public Enterprises (BPE), Mr. Alex Okoh, told journalists yesterday in Abuja that the agreement-signing ceremony showed the fact […]

VAT collection surges on increased VAT rate

VAT collection increased by a decent 22.9% y/y to N1.1tn in 9M 2020 from N876.1bn in 9M 2019.     Earlier this week, the Nigerian Bureau of Statistics (NBS) published data on Value Added Tax (VAT) collection for the first nine months of 2020. According to the data, VAT collection […]

Oil Marketers: Stalled PIB Hampered Investment in Downstream Assets Digitalisation

 By Peter Uzoho Marketers of petroleum products in the country have continued to highlight the negative impact of the long delay in passing the Petroleum Industry Bill (PIB) on the downstream sector of the nation’s oil industry. Precisely, they said the failure to pass the all -important […]

Procurement law compels 18,607 employers to remit 341,786 employees’ pension

  By Omobola  Tolu-Kusimo   The Federal Government’s law that allows only companies with Pension Clearance Certificates (PCCs) to bid  for its contracts is paying off as 18,607 certificates were issued to employers in 2019. This means 18,607 employers were compelled by the law, the Public Procurement Act of 2007 […]

Nigeria’s debt to hit N38.68tr by December 2021

    Nigeria’s external and domestic debts may hit N38.68 trillion by December 2021, the Minister of Finance, Budget and National Planning, Zainab Ahmed, has stated.     She also blamed abandoned road projects on the intricacies involved in the preparation of annual budgets at the executive and […]

WTO Seeks Measures to Bolster Economic Recovery

  Dike Onwuamaeze The Deputy Director General of the World Trade Organisation (WTO), Mr. Yi Xiaozhun, has called on Organisation for Economic Co-operation and Development (OECD) members to step up cooperation with the WTO in order to bolster trade and lay the foundation for strong economic recovery […]

Corporate earnings reports to strengthen bullish sentiment

*As index crosses 30,000 basis pts By Nkiruka Nnorom The bullish sentiment in the stock market, which has defied all odds in the socio-economic environment, was further strengthened last week following the commencement of third quarter (Q3) 2020 earnings announcement by the corporates. A number of quoted companies, including MTN […]

EFCC, FCCPC, Sign Mou U.S Trade Commission To Combat Cross Border Fraud

   The Federal Competition and Consumer Protection Commission (FCCPC) on Wednesday, October 28th, 2020, signed an updated tripartite Memorandum of Understanding (MoU) with Nigeria’s Economic and Financial Crimes Commission (EFCC) and the United States’ foremost competition and consumer protection authority, the Federal Trade Commission (FTC).     The […]

Contracts Secrecy In Oil Industry Endangering Nigeria’s Economy —Report

  By Michael Eboh     A coalition of Civil Society Organisations, in a report published yesterday, lamented that a number of critical contracts in the Nigerian oil and gas industry are shrouded in secrecy and risk endangering the Nigerian economy and the welfare of citizens.   […]

Calls for criminalisation of protest groups follow summer of dissent

In early September, environmental protest group Extinction Rebellion (XR) blocked access to printing presses used by UK newspapers. The move drew condemnation from government figures – and added to the febrile atmosphere of protest during 2020. XR – which describes itself as a non-violent direct action group which takes disruptive, […]

UK rejects ‘Britain First’ trade policy, taking swipes at US and EU

  Britain will on Thursday chide the “pernicious” trade practices of the United States and Europe, even as it tries to pin down deals with its most important allies in a post-Brexit drive to reinvent itself as a free trading nation. The COVID-19 pandemic has wrought havoc on global supply […]

Pressure on banks over consumer loans money market

A Central Bank of Nigeria, CBN, Survey Report has shown that banks experienced higher loan default rates on credit cards and overdrafts/ personal lending to household in the third quarter of the year (Q3’20). The survey also noted that lenders expect to tighten the conditions for which loans are given […]

EU Commission says both sides engaging ‘intensively’ to reach Brexit deal

 The European Union and Britain are engaging intensively to clinch a deal on their future relationship, before a transition period ends on Dec. 31, the European Commission said on Tuesday. “Both sides are engaging intensively to reach a deal,” a Commission spokesman told a regular press briefing, without commenting […]

UK aims to shape global fintech regulation as it bridges EU divorce – experts

  The U.K.’s fintech bridges initiative, a series of bilateral agreements with five APAC countries designed to help young companies enter new markets, could strengthen the country’s hand in shaping global fintech regulation after the Brexit transition period ends, according to industry observers. Britain currently has fintech bridges with Hong […]

‘Oil Industry Still Suffering Significant Damage from Covid-19’

    By Emmanuel Addeh Nigeria’s wholly indigenous oil company, Oando Energy Resources, has said the oil industry will continue to suffer the fallout of the coronavirus pandemic despite the measures put in place by oil companies and governments globally. The company noted that the phenomenon has also brought […]

Senate Confirms Amy Coney Barrett To Supreme Court, Cements 6-3 Conservative Majority

   *Amy Coney Barrett cements conservative majority on bench in time to decide election disputes     Amy Coney Barrett was confirmed by the US Senate on Monday night in a vote largely along party lines, giving President Donald Trump his third Supreme Court justice just a week […]

FRC Set To Issue Audit Regulation To Enhance Transparency

  The Financial Regulation Council (FRC) said it would soon issue the much-awaited Audit Regulation designed to deepen transparency for investors.     Deputy Director/Head, Directorate of Accounting Standards Public Sector, Dr. Iheanyi Anyahara, disclosed this at an online stakeholder’s interactive forum with the FRC and the […]

ECOWAS Seeks To Shame Countries Flouting Court’s Rulings

  The Economic Community of West African States (ECOWAS) has said it plans to name and shame countries that have not regarded the decisions and rulings of its institutions.     This is coming in view of the flagrant disregard for the rulings and decisions of the […]

US May File Antitrust Charges against Facebook

   Facebook Inc. may face United States’ anti-trust charges as soon as November, the Washington Post reported on Friday, citing four people familiar with the matter. The Federal Trade Commission (FTC) met privately on Thursday to discuss a probe while state attorneys general under the leadership of […]

CBN receives 2,051 fraud-related complaints in 6 months

CBN The Central Bank of Nigeria (CBN) has received 2,051 frauds, ATM card, electronic transactions and excess charges related complaints from bank customers between January and June. Mr Haruna Mustafa of Consumer Protection Department of CBN said this at the 2020 workshop for Finance Correspondents Association of Nigeria (FICAN) in […]

How blockchain can aid in African recovery

The African Continental Free Trade Area (AfCFTA) represents a huge and ground-breaking opportunity for African nations, and the striking of this agreement was undoubtedly a watershed moment in the continent’s history. In simple terms, it has the potential to lift 30 million people out of extreme poverty in the region, […]

Corporate Governance Guidelines Starts January 1, 2021, Says SEC

  The Securities and Exchange Commission (SEC) has set January 1, 2021, target for the implementation of the ‘SEC Corporate Governance Guideline’s (SCGG) and revised reporting template for public companies.     SEC in a circular yesterday announcing the commencement date advised public companies not only to comply […]

Electricity Tariff: CBN introduces framework for financing meter acquisitions

Private group raises N480bn meter loans ENERGY There are indications that the recent moves by the Federal Government to boost commercial value of the nation’s electricity industry through increased tariff may spark off inflow of fresh bank credits to the sector as the Central Bank of Nigeria, CBN, introduces framework […]

Corporate Affairs Commission (CAC) Withdraws NYCN’s Certificate

  The Corporate Affairs Commission (CAC) has cancelled and withdrawn the certificate of registration of the National Youth Council of Nigeria (NYCN) over the alleged registration of some overage individuals as members Board of Trustees (BoT).     The commission in a document obtained yesterday noted that the […]

OPEC: No recovery in oil prices next year

 *September production down by 47,000bpd     The Organisation of Petroleum Exporting Countries (OPEC) at the weekend said there would likely be no recovery in oil demand or prices next year because the COVID-19 pandemic would be worse.   It said though the death rate has plateaued, […]

Supreme Court To Hear £2.556b Petro Union Case Tuesday

  *Directors face criminal charges Wednesday     In a matter that has been likened to the infamous Process & Industrial Development Limited (P&ID) scam, the Supreme Court is set to hear a case involving the apex bank, Central Bank of Nigeria (CBN) and Union Bank of Nigeria (UBN) against […]

[JUST IN] Senate Confirms Eight New Supreme Court Justices

 The Nigerian Senate confirmed the appointment of eight Justices of the Supreme Court at Tuesday’s plenary after a satisfactory report by its Committee.     The Justices who were confirmed are:   Hon. Justice M. Lawal Garba – Northwest Hon. Justice Helen M. Ogunwunmiju – Southwest Hon. […]

FG Approves Tax Holiday, Importation Waiver For Miners

   The federal government (FG) says miners operating in the country would qualify for a three to five-year tax holiday and waiver for imported mining equipment.     Olamilekan Adegbite, minister of mines and steel development, disclosed this while speaking to journalists in Abuja, ahead of the 5th […]

Credit to Nigerian economy falls to N38.67 trillion

A CBN survey has concluded that credit to the economy declined by N900 billion or 2.27 % in August.     A recent report by the Central Bank of Nigeria (CBN) on the Depository Corporation Survey report for August, has revealed that credit to the economy has declined by N900 […]

NITDA to tighten nose on data protection through new Bill

  Data Protection system. Source: BusinessHilights The National Info Technology Development Agency (NITDA), is to send a new Bill on Data Protection to the National Assembly, and if passed into law, would ensure stringent protection of personal data and regulation of the processing of personal information.  This comes as the Federal Government […]

UK Supreme Court Establishes New Test For Deciding Which Law Governs An Arbitration Agreement

    The UK Supreme Court has answered the question and established the English law test for determining which law governs an arbitration agreement. In this article, we examine the Supreme Court judgment in Enka v Chubb issued today.     The presumption established by the Court of […]

EU leaders to insist on tough enforcement powers in Brexit deal: FT

  French President Emmanuel Macron and other EU leaders will insist on tough enforcement rules for any trade deal with Britain, warning that Prime Minister Boris Johnson’s bid to override the Brexit treaty has shown Britain’s word cannot be trusted, the Financial Times reported. EU diplomats said leaders at a […]

CBN To Banks: Comply With SWIFT Universal Payment Confirmations

 The Central Bank of Nigeria (CBN) has directed all banks operating in the country to always observe strict compliance with SWIFT Universal Confirmation Requirements.     The directive is in a circular issued by Mr. Sam Okojere, CBN’s Director, Banking Services Department.   Okojere directed all […]

FG Retains Existing PSC Terms in New PIB

   Emmanuel Addeh in Abuja The federal government is seeking to retain the same Production Sharing Contract (PSC) terms, signed into law in 2019 by President Muhammadu Buhari, in the new Petroleum Industry Bill (PIB) before the National Assembly. The PSC Amendment Act christened “Deep offshore and Inland […]

Global cooperation necessary to digitalise shipping industry and enhance global trade

 Digitalising the shipping industry can enhance global trade, but it will require stakeholders around the world to cooperate, said Senior Minister of State for Transport and Foreign Affairs Chee Hong Tat. As supply chains are becoming increasingly complex, with many parties spanning multiple countries, he said shipping is a […]

Onyema, Oniha highlight opportunities for investors in fixed income market

In line with its commitment to further enhance the capacity of capital market players across available asset classes, The Nigerian Stock Exchange (NSE or The Exchange) hosted a two-day webinar on a fixed income this week. The webinar – which was held in partnership with the Debt Management Office (DMO) […]

“We Must Begin To Look Inwards Towards Our Home-Grown Afrocentric ADR Institutions” ICMC President, Emeka Obegolu

        Chief Emeka J.P. Obegolu, FICMC, FCIArb, the President of the Institute of Chartered Mediators and Conciliators, during the launch of the Arbitration and Mediation Rules of the Janada International Centre for Arbitration and Mediation (JICAM) on the 3rd of October, 2020, challenged the ADR practitioners in […]

US Arbitration Tribunal Frees Nigeria of $1.5bn Liability

 •Awards $660,000 arbitration cost in country’s favour By Alex Enumah Nigeria has again won another international legal battle as the United States-based International Centre for Settlement of Investment Dispute ordered Inter Ocean Oil Company to pay the federal government $660,129.87 as reimbursement of its share of […]

NNPC Ends Crude Oil Swap Deal In 2023

  The Nigerian National Petroleum Corporation (NNPC) has revealed a plan to end the country’s oil-for-fuel swaps system as soon as local refining capacity improves by 2023.     The Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, who made the revelation yesterday said […]

Top global traders push to cut shipping emissions

 Some of the world’s biggest commodities and energy players on Wednesday launched an initiative to cut and track emissions from the ships they charter as efforts intensify to reduce the maritime industry’s carbon footprint. About 90% of world trade is transported by sea, and the UN shipping agency – […]

CBN Warns Shipping Companies Over Non-Compliance With Export Procedures

Oct 7, 2020 – Legal News by

The Central Bank of Nigeria (CBN) yesterday threatened to sanction shipping and airline companies that continue to flout its stipulated guidelines on exports.     It warned that going forward, severe sanctions shall be meted for such breach, listing such sanctions to include the refund of […]

EU wants a trade deal with Britain, but cannot exclude ‘no-deal’ – Sefcovic

  The European Union wants a trade deal with Britain, but, as time is running out to reach one, the bloc cannot exclude that it will be impossible to reach agreement before the end of the year, European Commission Vice President Maros Sefcovic said. Speaking to the European Parliament, Sefcovic […]

NSE prepares to launch West Africa’s first Exchange-traded derivatives

The introduction of ETDs on the NSE, will help strengthen Africa’s position in the global financial markets.           Barring any unforeseen contingencies, the Nigerian Stock Exchange (NSE) is set to launch West-Africa’s first Exchange-traded derivatives. This is sequel to the recent registration of NG Clearing by […]

CBN approves new cheque standard for banks

A new cheque standard has been approved by the Central Bank of Nigeria.     The Central Bank of Nigeria (CBN) has approved a new cheque standard that will introduce new digit on the Magnetic Ink Character Recognition code line and expiry dates for new cheque books. Confirming this development […]

Nigeria to bar vessels without licences from operating in Nigerian waters

  Nigeria plans to bar vessels without a valid licence to operate in Nigerian waters and has given shipping companies that trade in its coastal and inland waters three months to register, the maritime regulator said on Sunday. The Nigerian Maritime Administration and Safety Agency (NIMASA) said it will notify […]

PIB Proposes 2.5% Fund for Host Communities

  The Petroleum Industry Bill (PIB) has proposed that the host communities will receive 2.5 per cent fund on the basis of the oil companies’ actual operating expenditure for the preceding year.     The previous versions of the PIB that were not passed had provided for the […]

Stock Market Sustains Gain, Enters Positive Territory

  Goddy Egene The Nigerian stock market year-to-date (YTD) performance turned positive last Friday after almost seven months of being negative as cheap valuations of equities and low yields in the fixed-income markets continued to attract investors to the local bourse. After recording a decline in 2019, […]

World Bank President says debt cancellation needed to help poorest countries

as Covid-19 pandemic could trigger debt crises in some nations         The World Bank President, David Malpass, has advocated that debt cancellation is needed by the poorest countries as the COVID-19 pandemic could trigger a debt crisis in some nations. While making the disclosure during a media […]

Nigerian Govt Implements New Visa Fees, Policy

 Nigerian Government has approved the implementation of New Visa Policy (NVP) and new Visa fees.     The Comptroller General, Nigeria Immigration Service (NIS) Mr Muhammad Babandede made this known in a statement by the Service Spokesman, Mr Sunday James on Thursday in Abuja.   Babandede said […]

Nigerian stocks recover COVID-19 losses

Nigerian stocks are profiting from a low interest rate environment.       The Nigerian stock market has clawed back COVID-19 losses, making back all the money lost during the pandemic. The Nigerian All Share Index, which measures performance of the stock market in general terms, fell to as low […]

Internal Market Bill prompts questions on UK’s commitment to rule of law

In early September, the British Government introduced its proposed Internal Market Bill to parliament, a piece of legislation that has quickly become highly contested. Ostensibly intended to protect the United Kingdom’s internal markets if negotiations on a post-Brexit trade deal with the European Union break down, the Bill’s text has […]

Shippers Council threatens terminal operators over cargo transfer charges

THE Nigerian Shippers Council, NSC, has ordered operators of bonded terminals and other terminal operators to stop collecting cargo transfer charges. Transfer charges are imposed on cargoes moved from the terminals at the port to bonded terminals as a means of creating space at the sea ports to avoid […]

OPS slam CBN over third party ‘Form M’ policy

THE Organised Private Sector, OPS, has come down hard on the recent policy by the Central Bank of Nigeria, CBN, stopping third party opening of ‘Form M’ for import purposes, noting that it will cripple Small and Medium Enterprises, SMEs. The OPS expressed its concern on the issue in Lagos […]

P&ID Loses Again, As UK Court Orders Release Of $200m Guarantee To Nigeria

  *Emefiele hails court order, says it will boost reserves     Nigeria yesterday recorded another victory in its ongoing legal tussle with the Process & Industrial Development (P&ID) Limited as a London Commercial Court ordered the release of the $200 million guarantee for the stay of execution […]

Osinbajo calls for overhaul of tax system

Vice President Yemi Osinbajo has called for an overhaul of the international tax system to tackle the scourge of illicit financial flow, IFF, and related vices negatively impacting progress in developing countries, especially in Africa. He made the call at the virtual press launch of a publication by the United […]

British trade will shift away from EU over time, says trade minister

  Britain’s trade will shift away from the European Union over time and towards parts of the world which are experiencing faster growth, trade minister Liz Truss said on Monday. “Of course the EU trade deal is important but we have to remember over time other parts of the world […]

Lawan, Gbajabiamila Vow to Ensure Petroleum Reform Bill Passage

      By Deji Elumoye President of the Senate, Dr. Ahmad Lawan, and Speaker of the House of Representatives, Hon. Femi Gbajabiamila, have pledged to break the jinx militating against the speedy passage of the Petroleum Industry Bill (PIB), by ensuring the passage of the reform legislation by the […]

‘Investment and Securities Tribunal Has Given N868bn Judgment in 14 Years’

MARKET NEWS Goddy Egene The Investment and Securities Tribunal(IST) has given judgment in assets of over N868 billion from 2003 to 2017, the new chairman of the tribunal, Mr. Amos Azi, has said.   Azi disclosed this shortly after he was sworn in as chairman and Nosa […]

AfCFTA to Expand Nigeria’s Non-oil Exports –FG

Sep 28, 2020 – Legal News by

  The African Continental Free Trade Area is one major solution for the expansion of non-oil exports from Nigeria to foreign lands, the Federal Government stated on Sunday. Special Assistant to the President on Public Matters, who doubles as Secretary of the National Action Committee on AfCFTA, Francis Anatogu, described […]

Stock Market Gains N350bn on Interest Rate Cut

  Goddy Egene The Nigerian equities market gained a record N350 billion last week as investors swooped on stocks in search of higher returns following a cut in the Monetary Policy Rate (MPR) by the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN). In a […]

Stock Market Gains N107 Billion on Continuing Bullish Trading

 Goddy Egene The Nigerian stock market sustained its positive trend leading to a growth of 0.79 per cent in the Nigerian Stock Exchange (NSE) All-Share Index (ASI) to close at 25,987.14, while market capitalisation added N106.7 billion to be at N13.6 trillion. The market was highly […]

European Commission set to regulate Cryptos

The European Commission hopes to develop a framework that will support the digitization of assets through tokenization.         The European Commission has designed a new Digital Finance framework including Digital Finance and Retail Payments Strategies, and legislative proposals on crypto-assets and digital resilience. This was disclosed in […]

Rule of law mechanism a sticking point in EU pandemic recovery fund plans

At its July budget-setting meeting, the European Council made finding a way to help European Union Member States recover from the Covid-19 pandemic one of its top priorities. As the Council itself said at the time, ‘the socio-economic fallout from the COVID-19 crisis requires a joint and innovative effort at […]

Legal framework, needed for AfCFTA to succeed, says Lawan

  From Sanni Onogu, Abuja   FOR the African Continental Free Trade Agreement (AfCFTA) to yield the expected results, it must be backed by requisite legal frameworks, right policies and robust implementation, Senate President, Ahmad Lawan, has said He spoke when the delegation from the African Continental Free Trade Area […]

CBN bans customer-to-customer forex transfer

       Omodele Adigun and Uche Usim (Abuja) The Central Bank of Nigeria (CBN) has banned transfer of foreign exchange (forex) from one customer to another.  According to the apex bank, forex cash lodgements into domiciliary accounts can only be done by the account owners henceforth.   An internal memo available in the […]

Buhari to finally send Petroleum Industry Bill to National Assembly next week

Sources in the Presidency have disclosed that the President may be presenting the bill to the National Assembly.     President Muhammadu Buhari is expected to present the long-awaited Petroleum Industry Bill (PIB) to the Senate as early as next week. According to Reuters, who were quoting 4 sources familiar with […]

Sanctions: UK launches post-Brexit regime amid concerns about trade ties

In July the British Government announced the first wave of targets of its new, post-Brexit sanctions regime. Forty-nine individuals and organisations have been targeted, meaning they are banned from entering the United Kingdom, channelling money through UK banks or ‘profiting from our economy’, as the government announcement stated. The list […]

CBN reduces MPR from 12.5% to 11.5%

The Governor of the CBN has announced the reduction of MPR from 12.5% to 11.5%.     The Monetary Policy Committee (MPC), of the Central Bank of Nigeria (CBN), has voted to reduce the Monetary Policy Rate (MPR), from 12.5% to 11.5%. This was disclosed by Governor, CBN, Godwin Emefiele, […]

NSE Lists Retail Investment Opportunities in Nigerian Capital Market

      By Goddy Egene The Nigerian Stock Exchange (NSE) has expressed its commitment to redefining and improving investors’ overall experience in the Nigerian capital market. The Chief Executive Officer of NSE, Mr. Oscar Onyema, who made the commitment at the inaugural edition of the Retail Investors’ theme: ‘Capital […]

 
AfCFTA: Nigeria securing approval to ratify agreement – Trade Minister
 
Sep 22, 2020 – Legal News by

 

The Minister revealed that Nigeria has set up a National Action Committee on AfCFTA.         Minister of Trade, Niyi Adebayo said Nigeria is currently in the process of securing approval to ratify the African Continental Free Trade Area (AfCFTA) agreement soon. The Minister disclosed this during a […]

ECOWAS Court Set To Resume Court Sessions After Annual Vacation

  Nine cases have been listed for judgment by the ECOWAS Court between the 7th and 28th October 2020 following the resumption of court sessions after the two-month vacation of the judges of the Court.     The cases are part of the 19 cases filed against eight […]

We’re Well Equipped to Regulate Crypto Assets, Says SEC

Sep 22, 2020 – Legal News by

  Stories by Goddy Egene The Securities and Exchange Commission (SEC) has said the decision to regulate digital assets is part of determination to protect investors, explaining that it has the capacity to achieve the objective. SEC had last week unveiled guidelines that would lead to regulation of […]

NNPC to Unveil Successful Bidders for Pipeline Rehabilitation Q1, 2021

  Nigerian National Petroleum Corporation (NNPC) would in the first quarter of 2021 unveil the list of successful bidders among the 78 companies that submitted bids to rehabilitate its critical downstream pipelines, associated depots and terminal infrastructure.     The corporation, in a statement issued yesterday in Abuja, […]

Report: Stock Market Grows 71% in Nine Years

   Goddy Egene The market capitalisation of the Nigerian equities market has grown by 70.7 per cent or N5.594 trillion from N7.91 trillion to N13.51 trillion in the last nine years under Mr. Oscar Onyema as the Chief Executive Officer (CEO) of the Nigerian Stock Exchange (NSE) amidst […]

CBN Investigates More Companies over Suspected FX Infractions

   •Stallion Nigeria, Interswitch, Flour Mills, Promasidor Nigeria affected Obinna Chima In order to ensure that the country’s forex resources are prudently managed and used for the importation of priority goods, the Central Bank of Nigeria (CBN) has further beamed its searchlight on more bank customers and unauthorised […]

Chinese Loans: Reps Move To Amend Treaties And Agreement Act

 …all agreements to approved by NASS before implementation   Worried by the draconian clauses discovered in the Chinese loan agreements, especially those ceding sovereignty of the country, the House of Representatives has commenced moves to subject all agreements entered into by the Nigerian government with foreign countries […]

EU says it has a ‘rather splendid’ record of good faith negotiations

 The European Commission said on Thursday that hundreds of international agreements it has already signed with third parties testify to a “rather splendid” track record of carrying out negotiations in good faith, a spokesman told reporters. The Commission’s comment comes after Boris Johnson on Wednesday said he didn’t believe […]

New Report Seeks Repeal, Re-enactment of Cybercrime Act 2015

    By Emma Okonji A new report that explores the state of digital rights and privacy in Nigeria that was launched by Paradigm Initiative, a Pan-African Digital Rights and Inclusion organisation, is seeking for the repeal and re-enactment of the Cybercrime Act 2015, among others. The report, which […]

Upgrade for EU antitrust rules, more funds for digital projects: Commission head

  The European Commission will revise its antitrust rules to keep up with global changes and invest a fifth of its 750-billion-euro ($890 billion) COVID-19 recovery fund in digital projects to ensure it takes the lead in technology, its head said on Wednesday. European Commission President Ursula von der Leyen’s […]

Pandemic threatens human capital gains of the past decade—World Bank report

  The COVID-19 pandemic threatens hard-won gains in health and education over the past decade, especially in the poorest countries, a new World Bank Group analysis finds. Investments in human capital—the knowledge, skills, and health that people accumulate over their lives—are key to unlocking a child’s potential and to improving economic growth in every country.  The World Bank […]

OPEC+ Sept meeting unlikely to advocate deeper oil output cuts: sources

 OPEC and allies such as Russia are unlikely to announce further curbs to oil output this week despite a price drop, sources told Reuters, and will extend the period for countries like Iraq and Nigeria to compensate for earlier overproduction. OPEC and allies, a group known as OPEC+, have […]

DAPPMAN highlights critical role of warehousing and logistics in growth of downstream sector

Deregulation opens up opportunities for other ancillary industries, while deepening economic activities.       With the continued drive by the Federal Government to fully deregulate the downstream sector of the Oil and Gas industry in Nigeria, the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), has reiterated its […]

Emefiele Urges Banks to Raise Agric Lending to 10%

 The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, yesterday tasked the banking sector to consider an increase in the percentage of loans to the agriculture sector from the current four per cent to 10 per cent by 2024.   This is coming as […]

ECOWAS Court Judge Proposes New Approaches To Improve On The Enforcement Of Decisions Of The Court

 A judge of the ECOWAS Court of Justice, Justice Dupe Atoki has expressed concern at the ‘unsatisfactory’ level of enforcement of the decisions of the Court by Member States which stood at 34 per cent and suggested the involvement of political actors in the enforcement process in […]

FG Moves To Regulate Crypto Currencies, Other Digital Investments

  Nigeria’s Securities and Exchange Commission (SEC) on Monday announced that it would begin to regulate digital currencies and crypto-based companies.   A statement by SEC said the general objective of regulation is not to hinder technology or stifle innovation but to create standards that encourage ethical […]

Moody’s Changes Global Oil Exploration, Production Outlook to Stable

  The outlook for the global exploration & production (E&P) sector has been changed to stable from negative, Moody’s Investors Service has stated in its latest report. The report anticipated that industry earnings would slowly rise over the next 12 to 18 months on the back of slightly […]

AFCFTA: Osinbajo Highlights Dangers, Benefits Of Africa Free Trade

  Vice President, Prof. Yemi Osinbajo, has highlighted the dangers and benefits of Africa Continental Free Trade Area, AfCFTA.   He noted that one of the many ways by which the continent can maximize its benefits is to ensure that trade negotiations with the rest of the world […]

OPL 245: Malami Breaks Silence On ‘35 Percent Asset Recovery Fee’ Deal With US Firm

  Attorney-General of the Federation (AGF) and Minister of Justice, Mr. Abubakar Malami (SAN), has denied an alleged federal government’s involvement in an OPL 245 asset recovery deal entered with Drumcliffe, a United States firm.   Drumcliffe, which serves as the litigation funder, established Poplar Falls LLC, a […]

Deregulation: NNPC to setup CNG refilling plants across country

  Nigerian National Petroleum Corporation (NNPC)says it will soon begin activation of Compressed Natural Gas (CNG) refill stations for motorists across the country. The corporation said this in a statement by the Group General Manager Public Affairs Division, Dr Kennie Obateru, in Abuja. The CNG, methane stored at high pressure, […]

FG to give up majority stakes in its 4 refineries, to be privately managed

FG would resort to holding minority shares after giving up the refineries to investors.     The Federal Government has disclosed that it is in talks with some investors to give up majority stakes in the government’s 4 refineries. The disclosure was made by the Group Managing Director of the […]

Eni Kicks as FG Demands $1.1bn Advance from Shell, Italian Giant in OPL 245 Case

 Ejiofor Alike with agency reports The Nigerian government yesterday asked a court in Milan, Italy, to order Royal Dutch Shell and Eni to pay the sum of $1.092 billion as an immediate advance payment for damages in the Malabu oil scandal, one of the oil industry’s biggest-ever […]

UK agrees to meet EU over new Brexit bill, government spokesperson says

  Britain agreed to meet the EU over the implementation of their divorce deal, a UK government spokesperson said, after Brussels called on such a meeting swiftly to clarify “strong concerns” over London’s latest domestic Brexit bill that could undercut the earlier agreement. “We’ve been engaging constructively with the EU […]

Senate to NESG: Don’t mislead Nigerians on new banking Act

  Senator Uba Sani, Chairman, Senate Committee on Banking, Insurance and other Financial Institutions       Sola Ojo, Kaduna The Senate Committee on Banking, Insurance and other Financial Institutions Chaired by Senator Uba Sani on Wednesday morning expressed concern over the campaign against the presidential assent to the recently passed […]

ECOWAS postpones launch of single currency

    The West African regional body, the Economic Community of West African States (ECOWAS) has postponed the launch of it planned single currency “ECO”, The regional body said a new date for the launch will be announced at a later date.   The news of the postponement was […]

Investors lose ₦13bn as the stock market falls — NSE

Following market apathy, equity trading on the Nigerian Stock Exchange (NSE) floor on Monday opened the trading week on the negative route. As gathered by Daily Times, the market breadth closed positively with 16 gainers against 15 losers.   The NSE All-Share Index dipped 23.41 basis points or 0.09 per cent […]

NBC Code In Conflict With Nigerian Copyrights Law – Experts

   Nkem Itanyi and Jade Kouletakis, copyright law experts, say the amendment to the broadcasting code restricting exclusive contents on platforms is an infringement on the country’s copyright law. Some of the amendments to the code are registration of web/online broadcasting services and restriction of exclusive contents on […]

Brexit showdown looms as UK threatens to undermine divorce treaty

  Brexit trade talks plunged into crisis on Monday after Britain warned the European Union that it could effectively override the divorce deal it signed unless the bloc agrees to a free trade deal by Oct. 15. In one of the most startling turns of the four-year Brexit saga, Britain […]

Oil Spill: SPDC rejects Angiama 45,000 barrel report as NOSDRA admits error

 THE Shell Petroleum Development Company of Nigeria Limited (SPDC) has dismissed a report that it spilled 45,000 barrels of oil from an incident at its facility in Nun River, Angiama area of Bayelsa State in March 2020. In a statement obtained by Vanguard, SPDC’s Media Relations Manager, Bamidele Odugbesan, stated: […]

P&ID: Nigeria secures landmark victory in a bid to overturn $10bn ruling

Nigeria has secured a landmark victory in its pursuit to overturn a $10 billion judgment awarded against it in a case with Process and Industrial Developments (P&ID). Process & Industrial Developments is a company based in the British Virgin Islands, that signed a contract with the Federal Government for a gas supply deal in 2010.   However, […]

Income Tax: FIRS Inaugurates Online Portal For Financial Institutions

  The Federal Inland Revenue Service (FIRS) says it has inaugurated a new Automatic Exchange of Information-Common Reporting Standard (AEOI-CRS) system for the use of financial institutions in the country. FIRS Director, Communications and Liaison, Mr Abdullahi Ahmad, said this a statement in Abuja on Sunday.   Ahmad […]

Crude oil prices drop over Saudi’s massive price cuts for supply to Asia

Saudi’s made the biggest price cuts on its crude grades since May as demand recovery for fuel hopes faded.       Crude oil prices drifted lower at the first trading session of the week. The price fall was triggered in part as traders reacted to Saudi Arabia’s massive price […]

Tax reliefs in states to remain till 2021, says NGF

 Tasks govs on routine polio immunisation •Forum urges increased testing for COVID-19 The Nigeria Governors’ Forum (NGF) has resolved to retain till next year the tax relief measures put in place in states for individuals and businesses to mitigate the impact of the coronavirus pandemic. The resolution is […]

PwC Offers Recipe to Unlock $900bn Dead Capital

  The Advisory Partner and Chief Economist, PwC West Africa, Dr. Andrew S. Nevin   Dike Onwuamaeze The PwC Nigeria has advised federal and state governments to evolve policies that would unlock $900 billion worth of dead capital tied unproductively in residential real estate and agricultural land. This, they stressed […]

COVID-19: Why We Need A New Set Of Practice Directions For Virtual Court Proceedings — VP, Osinbajo

…says Supreme Court’s ruling endorsing virtual proceedings wise   Vice President Yemi Osinbajo has said that the endorsement of virtual court proceedings by a Supreme Court ruling was a wise decision.   Osinbajo made this submission on Thursday at a webinar on media coverage of virtual court […]

Ahead of FX Market Resumption, ABCON Calls for Adherence to Rules

  Aminu Gwadabe   The Association of Bureau de Change Operators of Nigeria (ABCON) yesterday advised all operators in the retail segment of the foreign exchange (FX) market to adhere to all laid down rules as the market reopens on Monday. President of ABCON, Alhaji Amimu Gwadabe, made the call […]

To test FX market, CBN pumps $50 million

$50 million was sold to foreign investors on the spot and forward market. Nigeria’s central bank pumped in $50 million into the FX market on Monday in a bid to test demand and supply and more importantly, the price of naira against the dollar. According to Reuters, […]

CAMA: What government hopes to achieve – PwC’s Taiwo Oyedele explains

Oyedele said CAMA would impact Nigeria’s ease of doing business and attract investment and economic growth.     A clear implementation of the CAMA guidelines would be needed to bridge the lack of trust between the FG and the masses, according to Mr. Taiwo Oyedele, Partner and Head, Tax Regulatory […]

NAICOM, PenCom Unveil Regulation on Retirees’ Life Annuity

   Ebere Nwoji The National Pension Commission (PenCom) and the National Insurance Commission (NAICOM) have introduced the revised guidelines on retirees’ life annuity. They are the guidelines on Group Life Insurance Policy for Employees and CPS Retiree Pack.   Both regulators signed the new guidelines in Abuja […]

Naira Gains 9.3% at Parallel Market on Planned CBN’s Intervention

  James Emejo in Abuja and Nume Ekeghe in Lagos The naira strengthened to N435 to a dollar at the parallel market yesterday as against about N480 to a dollar it had been trading in the past days. This showed a gain of N45, representing about 9.3 […]

House of Reps speaker to meet Ghanaian parliament over trade issues

Both parties would discuss ways to settle the dispute between Nigerian traders and the Ghanaian authorities.   Nigeria’s House of Representatives Speaker, Hon. Femi Gbajabiamila, is set to meet with the Speaker of the Ghanaian Paliament today, where both parties would discuss ways to settle the dispute between Nigerian traders […]

UPDATED: Legal Practitioners Act Bill: Body Of Benchers Yet To Decide On The Inclusion Of Senate President & House Of Reps. Speaker As Members

 Following the circulation of the proposed Bill to amend the Legal Practitioners Act, wherein the addition of the Senate President and House of Representatives Speaker have been included as members of the Body of Benchers in Section 1(3)(i) & (m) of the Bill, a source has […]

CBN reviews minimum interest rates on savings deposit to 1.25%

With inflation rate at 12.8%, this is almost like paying banks to keep the money for you.     The Central Bank of Nigeria (CBN) has instructed deposit money banks in Nigeria not to pay less than 1.25% in interest on savings deposit accounts. This was contained in a circular […]

Oil prices rise on falling U.S. dollar

  Oil prices recovered on Tuesday, erasing overnight losses, as investors moved into risk assets and away from the safe-haven U.S. dollar, which tumbled to multi-year lows. Brent crude futures climbed 49 cents or 1.1 per cent to $45.77 a barrel at 0406 GMT. The U.S. West […]

 

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