News & Insights

News & Insights

News & Insights

Nigerian banks should adjust to AfCTA changes — Soludo

A former Governor of the Central Bank of Nigeria, Prof Charles Soludo, has urged Nigerian banks to adjust to developments that may arise as a result of the African Continental Free Trade Area agreement. Soludo, who is also a member of the Economic Advisory Committee to the President, spoke during […]

Businesses Want More Transparent, Predictable Regulations, Says WTO

Nov 19, 2019 – Legal News by 

The Director-General of the World Trade Organisation (WTO), Roberto Azevêdo, has advised regulators across the world to serve domestic policy objectives while preserving a level playing field for market competition. According to him, businesses want increased transparency and predictability so that they would be able to make informed decisions. He […]

All-Share Index Sheds 0.6% as Bears Regain Control of Equities Market

Nov 19, 2019 – Legal News by 

The equities market opened for the week on a negative note yesterday after recording a major recovery last week. The market had gained 2.04 per cent last week, the highest weekly gain since August 23, 2019. However, contrary to expectations that the growth, which was propelled by a shift to […]

Inflation rate rises to 11.61% in October – NBS

Nov 19, 2019 – Legal News by 

Inflation rate rose by 11.61 percent in October 2019, being 0.36 percentage points higher than the 11.24 percent recorded in September 2019. The Consumer Price Index (CPI), which measures inflation, released yesterday by the National Bureau of Statistics (NBS) showed that increases were recorded in all divisions that yielded the […]

NIPC, Special Duties Ministry parley on economic zones

Nov 19, 2019 – Legal News by 

The Chairman, Governing board, Nigerian Investment Promotion Commission (NIPC), Hon. Babangida Nguroje, has said that the synergy between the commission and the Federal Ministry of Special Duties and Inter-Governmental Affairs will see to the full optimization of the economic zones within the country and boost investments. He said this yesterday […]

DMO appoints 13 agent banks for N150bn FGN bonds

As Debt Management Office (DMO) set to auction N150 billion in FGN Bonds tomorrow, eight banks have been appointed as agents to interface with its prospective investors. The banks are Access Bank Plc; First Bank of Nigeria Limited; Standard Chartered Bank Nigeria Limited; Citi Bank Nigeria Limited and First City […]

NNPC Secures $1.16m US Grant for Abuja Power Plant

Nov 15, 2019 – Legal News by 

The Nigerian National Petroleum Corporation (NNPC) has concluded arrangements with the United States Trade and Development Agency (USTDA) to sign a $1.16 million grant as part-funding for the NNPC-Abuja Independent Power Project (IPP), modelled to generate 1,350 megawatts of electricity to alleviate the power challenge in the country. At a […]

Improved Risk Management Reduces Banks’ Impairment Charges

Nov 15, 2019 – Legal News by 

Improved risk management and recovery strategies being adopted by banks have led to a significant decline in the provision for loan losses as indicated in the nine months results ended September 30, 2019. THISDAY checks showed that the aggregate loan losses provision, otherwise known as impairment charges by 11 banks, […]

IMO Pledges to Assist Nigeria, Others on UN 2030 SDG Agenda

Nov 15, 2019 – Legal News by 

The International Maritime Organisation (IMO) has stated its commitment to assisting Nigeria and other member states on the United Nations (UN) 2030 Sustainable Development Goal (SDG) agenda. The Director, Technical Cooperation Division of the IMO, Mr. Juvenal Shiundu said this while speaking at a two-day Regional Workshop on, “UN Sustainable […]

FG to auction bonds at 14%

Nov 15, 2019 – Legal News by 

As part of the capital raising for the 2019 Budget, the Debt Management Office (DMO) is offering five, 10 and 30 year bonds at 12.8 percent, 14.6 percent and 14.8 percent interest rates respectively. This was contained in a document published on the Debt Management Office (DMO) website on Wednesday. […]

Lawmakers Pledge Support for AMCON

Nov 15, 2019 – Legal News by 

The Chairman, Banking and Currency, House of Representatives Committee Chairman on Banking and Currency, Hon. Victor Nwokolo has assured Nigerians that the ninth National Assembly will take all necessary measures to support the Asset Management Corporation of Nigeria (AMCON) in realising the huge outstanding debt of over N5.4 trillion owed […]

Treasury Bills Rates Drop to Three-year Low

Nov 14, 2019 – Legal News by 

  The Nigerian Treasury Bills (NTBs) rates have dropped to single-digit at the end of yesterday’s primary market auction (PMA). Analysts said the last time NTB rates were at the current position was three years ago. The development followed the Central Bank of Nigeria’s (CBN) recent decision to ban banks, […]

AfDB Group Becomes AFC Shareholder

Nov 14, 2019 – Legal News by 

The Africa Finance Corporation (AFC) yesterday announced that the African Development Bank Group (AfDB) has invested $50 million in the equity of the corporation. AfDB’s investment in the AFC would enable both institutions to accelerate infrastructure development and delivery on the continent by deepening co-financing opportunities, joint implementation, knowledge transfer […]

Investors show interest in $40.1bn investments in Africa

Nov 14, 2019 – Legal News by 

A total of $40.1 billion projects and investments across Africa have caught the attention of institutional investors, President of the African Development Bank, Dr Akinwumi Adesina, has said. Dr Adesina, who disclosed this at the closing ceremony of the second Africa Investment Forum in Johannesburg, South that Africa on Wednesday, […]

Monetary Policy Spurs Lending to N25tn in Nine Months

  The total value of banking sector credit to the private sector rose by 2.6 per cent or N646 billion to N25.466 trillion at the end of September, up from the N24.819 trillion recorded at the end of August. The Central Bank of Nigeria (CBN), in its money and credit […]

AfDB Board Approves Special Fund

The African Development Bank’s Board of Governors has approved the conversion of the Bank’s administered multi-donor trust fund SEFA into a “special fund.” The initiative is to amplify its development impact by allowing it to access a wider range of financial instruments beyond the current scope of technical assistance. The […]

Non-oil revenue now accounts for 54 percent of Nigeria’s earnings – Fowler

  The chairman ofFederal Inland Revenue Service (FIRS), Tunde Fowler, on Thursday said Nigeria’s economy was gradually moving away from oil to non-oil. Fowler stated this at the flag-off ceremony of the Joint Tax Board (JTB) for Taxpayer Identification Number (TIN) and inauguration of Anambra state stamp duties office in […]

FG pays N157.3bn tax arrears to states

The Federal Government has paid the sum of N157.35bn Pay-As-You-Earn tax liabilities owed by Federal ministries, departments and agencies to states. The Chairman, Federal Inland Revenue Service, Mr Babatunde Fowler, said this on Thursday in Awka, Anambra State. Fowler, who is also Chairman of the Joint Tax Board, spoke at […]

Malami Counts Gains of Recovered Assets Regulation

The Attorney General and Minster of Justice, Mr. Abubakar Malami SAN, said Thursday that the issuance of the Asset Tracing, Recovery and Management Regulations, 2019 was to address the absence of coordination and proper management of seized, forfeited or confiscated assets as well as to ensure transparency in the process […]

Bill to hike VAT to 7.5% passes second reading in Senate

Nov 7, 2019 – Legal News by 

The Nigeria Tax and Fiscal Bill seeking to increase the Value Added Tax from 5 per cent to 7.5 per cent yesterday passed second reading in the Senate. This was despite the objection by some senators who claimed that they did not know the details of the bill because its […]

Nigeria lost $42bn to crude oil and products theft in 10 years – NEITI

Nov 7, 2019 – Legal News by 

Crude oil and refined products worth $41.9 billion were stolen from Nigeria in the last 10 years (2009 – 2018), the Nigeria Extractive Industries Transparency Initiative (NEITI) said in a report released yesterday in Abuja. In the report, which is a policy brief titled ‘Stemming the Increasing Cost of Oil […]

Reps call for probe of N126bn unclaimed dividends, withheld tax

Nov 7, 2019 – Legal News by 

The House of Representatives has called for investigation into the N126.03 billion unclaimed dividends, withheld tax and their effects on the country’s economy. The call came after adoption of a motion brought on the floor of the house on Wednesday by Babangida Ibrahim (APC, Katsina). Presenting the motion, the lawmaker […]

NDIC Assures PSB Customers of Coverage

The Nigeria Deposit Insurance Corporation (NDIC) has assured customers including those of recently licensed Payment Service Banks (PSBs) of adequate coverage in the event of failure. Speaking at the NDIC special day, at the ongoing Lagos International Trade Fair, the Managing Director and Chief Executive of NDIC, Ibrahim Umaru, said […]

Arbitrations: NNPC Saves Over $3bn

Mallam Mele Kyari, Group Managing Director of Nigerian National Petroleum Corporation (NNPC) has said the corporation saved over $3billion from arbitrations. This is contained in a press statement signed by Samson Makoji, Acting Group General Manager, Group Public Affairs Division, Nigerian National Petroleum Corporation, NNPC Towers, Abuja. Mallam Kyari dropped […]

Promoting African e-Commerce in Global Stock Market

  Goddy Egene examines the chances of African e-commerce players taking advantage of listing on global stock markets as a way of writing the African story positively On March 29 this year, the United Nations Conference on Trade and Development (UNCTAD) issued a statement on global e-commerce from its Geneva, […]

Operators Pay N207bn as Insurance Claims in 10 Years

Increasing insecurity in the country, climatic change with its attendant flooding that damages properties and other social vices, have resulted in geometric increase in the volume of claims coming the way of insurance operators. Precisely, in the past ten years, insurance claims climbed astronomically from N28.1 billion in 2007 to […]

NSE All-Share Index Falls 0.10% as Market Returns to Negative Mode

The Nigerian equities market returned to negative mode yesterday as the Nigerian Stock Exchange (NSE) All-Share Index fell by 0.10 per cent to close at 26,375.35, after opening on positive note the previous day. There were more price gainers than losers as 17 stocks appreciated as against nine price losers. […]

CBN releases October T-bills auction results

The Central Bank of Nigeria has released the results of its Treasury bills auctioned on October 30, 2019. It said the range of bid rates for the 91-day tenor was 9.2500 to 11.0000 while that of the 182-day tenor was 10.3000 to 15.0000; and 10.5000 to 14.0000 for the 364-day […]

CBN Moves to Recover N36bn Loan from Farmers in North-east

The Central Bank of Nigeria (CBN) has put in place a task force in all local governments in the Northeast to recover N36 billion advanced to farmers. The loan facilities were advanced to the farmers through the Northeast Commodity Association (NECAS) as part of the Anchor Borrowers Programme of the […]

Banks Rake in N27.5tn Deposits amid Threat by Fintechs

Despite the surge in activities of financial technology (fintechs) companies in the country, which have started encroaching into banks’ businesses, the recently released nine months unaudited results of 13 banks listed on the Nigerian Stock Exchange (NSE) as of September 30, showed that the banks raked in a total of […]

Bonds Market Sell-off Halts after OMO Restriction

Following the Central Bank of Nigeria’s (CBN) recent restriction of individuals, local corporates and non-bank financial institutions from participating in the primary and secondary markets for open market operations (OMO) securities, there was a strong bullish sentiment in the bonds market last week. As such, the preceding week’s bearish performance […]

Investors Stake N16.2bn on Equities amid Continuing Bearish Run

Investors staked N16.193 billion on 1.511 billion shares in 15,544 deals last week, compared with N16.126 billion invested in 2.051 billion in 13,508 deals the previous week at the stock market amid the persistent bearish trading. Contrary to the expectations that positive results by listed companies announced last week would […]

FSDH Anticipates Higher Foreign Portfolio Inflows

Despite concerns of declining external reserves, analysts at FSDH Merchant Bank Limited have predicted that foreign portfolio investments (FPIs) in 2019, will be higher than the US$12.2 billion recorded in 2018, as investors seek to take advantage of the relatively higher yields in the Nigerian market. The investment and financial […]

AMCON, Arik Air and Quest for National Carrier

 was mixed reaction on Tuesday when reports confirmed that the Managing Director/Chief Executive Officer, Asset Management Corporation of Nigeria (AMCON), Mr. Ahmed Lawan Kuru has called on the 9th Senate to work towards making Arik Air a national carrier. Kuru said this was necessary because the country needs major airlines […]

As NPA Moves to Stop $133.28m SAA Fees

Recently, the federal government through the Nigerian Shippers Council (NSC) announced plans to sign agreement with shipping companies that will see port cost reduce by as much as N300 billion annually. But as the parties involved get set to append their signature to the agreement, pertinent questions needed to be […]

Ogbeigun: Nigeria Has Done Enough to Merit IMO Council Seat

  The immediate past president of the Ship Owners Association of Nigeria (SOAN) and Managing Director/CEO of Starzs Marine and Engineering Limited, Greg Ogbeifun, believes Nigeria has done enough in the last two years to clinch the coveted Maritime Organisation (IMO) Council seat. Nigeria had contested and previously lost the […]

Report: Multiple Taxation Stifling Growth of Telecom Sector

Oct 31, 2019 – Legal News by 

Growth of Nigeria’s telecommunications industry is crippled by challenges of multiple taxation; a report has stated. The report disclosed that telecommunications firms in Nigeria pay over 40 different taxes and levies, imposed by various different state and local governments. The report was launched at a programme organised by Africapractice, a […]

Human Rights: EU, Inter-American Courts Pledge Support for African Court

The fight against human rights violations received a boost Wednesday as the African Court on Human and People’s Rights, the European Court of Human Rights and the Inter-American Court agreed to work together to bring violators of human rights to justice in their respective jurisdiction. After series of consultations, the […]

Freight forwarders may lose licences for not registering with CRFFN

Oct 30, 2019 – Legal News by 

The Registrar and Chief Executive Officer (CEO) of the Council for the Regulation of Freight Forwarding in Nigeria (CRFFN), Sam Nwakohu, has said freight forwarders who refused to register with the council on or before December, 2019, will not get their licences renewed by the Nigeria Customs Service (NCS). Towards […]

Recapitalisation to Strengthen Insurance Sector, NAICOM Insists

Oct 30, 2019 – Legal News by 

The National Insurance Commission (NAICOM) has reiterated that the ongoing recapitalisation exercise in the Nigerian insurance industry is not to reduce the number of firms in the industry. Rather, the goal of the ongoing exercise, according to the Acting Commissioner of Insurance, Mr. Sunday Thomas, was to strengthen the sector […]

CBN Introduces Electronic Form to Facilitate Exports

Oct 30, 2019 – Legal News by 

The Central Bank of Nigeria (CBN) has introduced electronic forms for commercial exports (e-Form NXP) to replace the hard copy form that was in use previously. In a notification to all authorised dealers, the Nigeria Customs Service, pre-shipment inspection agents and the general public, signed by Dr. O.S. Nnaji, on […]

Nigeria Earned N240bn from Solid Minerals in Five Years

Oct 30, 2019 – Legal News by 

The Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed that the total financial inflows to Nigeria from solid minerals extraction between 2013 and 2017 amounted to N240 billion. NEITI in its recent 2017 audit report of activities in the country’s solid minerals sector, stated that the trend analysis of revenue […]

‘Insurance Sector Has Role to Play in Credit Disbursement’

Oct 30, 2019 – Legal News by 

As banks become more willing to give out credits to their customers, the insurance sector has more dominant roles to play the credit system, especially in the area of facilitating credit disbursement to the people by banks. This view was expressed by the Managing Director, NSIA Insurance, Mrs Ebelechukwu Nwachukwu. […]

CBN Lists Conditions for Banks’ Offering of Currency Processing Services

Oct 29, 2019 – Legal News by 

Banks desirous of providing currency processing and distribution services are expected to jointly collaborate with two or more of their peers to float a subsidiary company, the Central Bank of Nigeria (CBN) has stated. But the subsidiary company would be expected to meet all the registration requirements for cash-in-transit (CIT) […]

Transactions reverse negative posture at stock market

Oct 29, 2019 – Legal News by 

The Nigerian Stock Exchange (NSE) opened trading for the week on Monday northward after closing the previous week on bearish posture. The News Agency of Nigeria (NAN) reports that the nation’s bourse swayed northward to reverse previous loss with the crucial market indicators improving by 0.14 per cent. Specifically, the […]

NNPC Pledges to Deepen Reforms in Downstream Sector

Oct 29, 2019 – Legal News by 

The Nigerian National Petroleum Corporation (NNPC) has reiterated its commitment to entrench downstream competitiveness using innovation and information technology. The Chief Operating Officer Downstream, NNPC, Mr Adeyemi Adetunji, made this assertion while declaring open the 13th Oil Trading and Logistics Expo taking place in Lagos yesterday.   Adetunji, who was […]

Court Declares Section 36(4) Of AMCON (Amendment 2) Unconstitutional

A Lagos high court has declared section 34(6) of the AMCON(Amendment No. 2) Act, Unconstitutional. The court restrained the Asset Management Corporation of Nigeria, AMCON, from preventing Mr Adedayo Mumini Shittu from gaining access to his home in Victory Park Estate, Lekki, Lagos. Justice Kudirat Jose granted the injunction on […]

AfCFTA: Poor policies may cause Nigeria nightmare, says FG

The Federal Government warned that Nigeria may suffer for subscribing to the African Continental Free Trade Area if the right policies are not put in place to benefit the country. The Minister of Finance, Budget and National Planning, Zainab Ahmed, issued the warning on her presentation to the National Assembly […]

After settling dispute, UK firm exits Lagos oilfield

A London-based firm has agreed to sell 100 per cent of its stakes in Aje oilfield, offshore Lagos, more than a year after a dispute among the joint venture partners was resolved. Yinka Folawiyo Petroleum Company Limited, a wholly owned indigenous firm, is the operator of the Oil Mining Lease113, […]

We’ve automated all tax processes – Fowler

The Chairman, Federal Inland Revenue Service, Mr Babatunde Fowler, has said that improvement in revenue collection in the country over the last four years is partly due to the adoption of technology. He said this made payment process more convenient in addition to providing information to taxpayers. The FIRS chairman […]

Fund Managers Face Tough Investment Choices over OMO Restriction

Oct 28, 2019 – Legal News by 

The decision by the Central Bank of Nigeria (CBN) to restrict individuals and local firms, non-bank financial institutions inclusive, from investing in its open market operations (OMO) auctions has narrowed investment choices for Pension Fund Administrators (PFAs) and fund managers in the country to Treasury Bills and stocks. The PFAs […]

Equities Market Remain Bearish Despite Positive Corporate Earnings

Oct 28, 2019 – Legal News by 

The Nigeria equities market declined for the fourth consecutive week with the Nigerian Stock Exchange (NSE)  All-Share Index falling by 0.38 per cent to close at 26,348.73. The market similarly recorded a negative performance the previous week when it dipped by 0.32 per cent.  Despite the announcement of corporate results for […]

Legal Constraints May Hinder Policy on Digital Taxes, Expert Warns

Oct 28, 2019 – Legal News by 

The proposed move by the Federal Inland Revenue Service (FIRS) to tax online transactions, could face legal brick wall, an information technology expert has warned.  The Executive Chairman of FIRS, Mr.  Tunde Fowler recently disclosed that the agency would begin to impose Value Added Tax (VAT) on local and international […]

World Economy: Synchronised Slowdown, Precarious Outlook

Oct 25, 2019 – Legal News by 

The global economy is in a synchronized slowdown and we are, once again, downgrading growth for 2019 to 3 percent, its slowest pace since the global financial crisis. Growth continues to be weakened by rising trade barriers and increasing geopolitical tensions. We estimate that the US-China trade tensions will cumulatively […]

CBN Bars Individuals, Domestic Firms from OMO Auction

Oct 25, 2019 – Legal News by 

The Central Bank of Nigeria (CBN) Thursday completely prohibited individuals and local firms from investing in both its primary and secondary Open Market Operations (OMO) auctions. The central bank’s directive was contained in a circular titled: “Re: Open Market Operations Auctions,” dated October 24, 2019, and signed by its Director, […]

NEXIM Bank promotes diversified export base – Bello

Oct 25, 2019 – Legal News by 

The Executive Director Corporate Services, Nigerian Export-Import (NEXIM) Bank Bala Mohammed Bello has said the bank is promoting a diversified export base through the provision of finance, risk bearing and advisory services in line with government’s trade policy. Bello was speaking recently in London at the Annual Nigerian British Chamber […]

NNPC, Russian firm seal oil/gas devt deal

Nigeria and Russia on Thursday in Sochi, Russia, signed a Memorandum of Understanding, which would enable both countries’ oil giants, Nigerian National Petroleum Corporation and Russia’s Lukeoil, to elevate a commercial relationship to a government-to-government backed partnership. A statement by the Senior Special Assistant to the President on Media and […]

Anticipated Gains of CBN’s Financial Inclusion Policy

Oct 25, 2019 – Legal News by 

The overall objective of financial inclusion as stipulated in the 2018 Annual Report National Financial Inclusion Strategy (NFIS) Implementation is to bring the underserved segment of the population (unbanked population) into the formal financial system by providing them with access to financial services. The policymakers argue that an improved access […]

Experts Harp on Compliance with NITDA Data Protection Regulation

Oct 24, 2019 – Legal News by 

PricewaterhouseCoopers (PwC), an accounting management firm has stressed the need for compliance with the data protection regulation currently being implemented by the National Information Technology Development Agency (NITDA). NITDA is the government agency responsible for the implementation and monitoring of the country’s Information Technology (IT) policy including regulating electronic data […]

Nigeria Loses $15bn to Tax Evasion Yearly, Says Fowler

Oct 24, 2019 – Legal News by 

The Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Tunde Fowler, has said that the country loses about $15 billion to tax evasion annually. Speaking during a meeting with tax professionals from across the globe, who converged in Abuja to chart ways to combat offshore tax evasion through exchange of […]

CBN: Crude Oil Production Rose to 1.93mbpd in August

Oct 24, 2019 – Legal News by 

Nigeria’s crude oil production, including condensates and natural gas liquids, stood at 1.93mbpd or 59.83 million barrels in August 2019, according to the latest monthly economic report of the Central Bank of Nigeria (CBN).   In the report for August 2019, the aforementioned estimate represented an increase of 4.3 per […]

FMDQ: Investors Staked N178trn on Securities in Nine Months

Oct 23, 2019 – Legal News by 

Investors traded a total of N117.99 trillion securities in the fixed income and currency market between January and September 2019. According to figures released by FMDQ Securities Exchange Plc, N19.20 trillion was transacted in September alone, which is lower than N23.21 trillion recorded in August. However, Treasury bills and foreign […]

Oil Marketers Pledge Compliance to New Corporate Governance Code

Oct 22, 2019 – Legal News by 

Peter Uzoho Marketers of petroleum products in the country have agreed to work towards improving industry reputation as captured in the new Nigerian Corporate Governance Code 2018. Such areas include health, safety, environment & quality (HSEQ), corporate governance, customer satisfaction at the station forecourts including accurate dispensing of product. The […]

Expert Harps on Human Capital Development in Oil Sector

Oct 22, 2019 – Legal News by 

The Summit Director, Africa Oil and Gas Talent Summit (AOGTS) Emmanuel Emielu, has stressed the need for enhanced investment in human capital in the oil and gas sector. Emielu, stated this in Lagos during a media briefing on the annual Pan- African meeting of oil and gas business and human […]

NNRC: Why Crude Oil Theft Persists in Nigeria

Oct 22, 2019 – Legal News by 

The Nigerian Natural Resource Charter (NNRC) has given reasons why crude oil theft is still a thriving business in the country, several years after the discovery of oil. According to the NNRC, factors such as government and societal influences have helped to sustain oil theft in Nigeria. It stated that […]

NDIC: Savannah Bank Remains Licenced to Operate

Oct 22, 2019 – Legal News by 

The Nigeria Deposit Insurance Corporation (NDIC) has insisted that the defunct Savannah Bank remains a bank with operational licence even though it is currently not in operation.   The corporation further clarified that the bank is not presently under its purview as it has not yet been declared as a […]

AfDB Advocates Unlocking of $1.8tn AUM for Investment

Oct 21, 2019 – Legal News by 

 Kunle Aderinokun, Nume Ekeghe and Nosa Alekhuogie, in Washington DC The President of the Africa Development Bank (AfDB), Dr. Akinwunmi Adesina, has stressed the need to mobilise mutual funds and other Assets Under Management (AUM) in the continent put at $1.8 trillion, to drive Africa’s development. He […]

FIRS Establishes Tax Office for Non-resident Persons

Oct 21, 2019 – Legal News by 

The Federal Inland Revenue Service (FIRS) has established a tax office that is designated solely for the administration of taxes for non-resident persons. This was contained in a statement signed by the Executive Chairman, FIRS, Mr. Tunde Fowler, which clarified that a non-resident person referred “to a foreign company as […]

Prepare for NSE Demutualisation, ASHON Boss Urges Stockbrokers

Oct 21, 2019 – Legal News by 

Chairman of  the Association of Securities Dealing Houses of Nigeria (ASHON), Chief  Patrick Ezeagu has  advised members of the association to work as a team in order to take advantage of the proposed  demutualisation of the Nigerian Stock Exchange (NSE). Demutualisation is a process by which the NSE will convert from a private organisation, […]

‘New AMCON Act to Limit Debtors from Public Contracts’

Oct 21, 2019 – Legal News by 

The Asset Management Corporation of Nigeria (AMCON) intends to take full advantage of the provisions of the AMCON Amendment Act 2, which was recently signed into law by President Muhammadu Buhari, to exert maximum pressure on recalcitrant debtors, a reliable source told THISDAY.  The new legislation gives AMCON extensive powers […]

80 Countries Resolve to Tackle Maritime Insecurity in GoG

Oct 11, 2019 – Legal News by 

Rising from a three-day Global Maritime Security Conference in Abuja, 80 countries have resolved to set up an Expert Group to implement the recommendations of the confab aimed at tackling piracy, maritime crimes and criminality in the Gulf of Guinea (GoG). Addressing a media briefing to mark the end of […]

Nigeria Attracts More International Airlines

Oct 11, 2019 – Legal News by 

Nigeria has continued to attract more international airlines as the country maintains its position as a viable market because of its huge passenger traffic. A top official of the Federal Airports Authority of Nigeria (FAAN) told THISDAY that many factors have made this possible. Some of these include the fact […]

As NSC Moves to Cut Charges by Shipping Companies

Oct 11, 2019 – Legal News by 

Eromosele Abiodun examines the move by the Nigerian Shippers Council to get shipping companies reduce their charges and the impact it will have on the economy   International shipping is a complex subject that includes many variables. Proper handling paves the way for […]

FG demands $62 billion from oil majors for past profits based on Supreme Court decision

Nigeria is seeking to recover as much as $62 billion from international oil companies (IOCs), using a 2018 Supreme Court ruling the state says enables it to increase its share of income from production-sharing contracts (PSCs).The proposal comes as President Muhammadu Buhari tries to bolster revenue after a drop in […]

NSE, Luxembourg Stock Sign MoU to Expand Green Bond Markets

Oct 10, 2019 – Legal News by 

The Nigerian Stock Exchange (NSE) and the Luxembourg Stock Exchange (LuxSE) have signed a Memorandum of Understanding (MoU) to promote cross-listing and trading of green bonds in Nigeria and Luxembourg. The MoU was signed by the Chief Executive Officer (CEO) of the NSE, Mr. Oscar Onyema and CEO of LuxSE, […]

Global Maritime Stakeholders Move to Classify Illegal Fishing as Blood Diamond

Oct 10, 2019 – Legal News by 

Stakeholders from 70 countries had called on the Gulf of Guinea (GoG) countries and the international community to put in place mechanisms that would ensure that resources that are illegally harvested or explored from the GOG states, including stolen oil and illegal fishery, would be banned internationally like the case […]

Stakeholders Seek Reforms in Maritime Sector

Stakeholders in the maritime industry have advocated for a review of the business processes of both government and private entities operating within the Nigerian maritime sector. This, according to them, would ensure compliance to the Standard Operating Procedures (SOPs) and improve efficiency and service delivery.   The Chief Executive Officer, […]

Journey Towards Insurance Sector Recapitalisation

                Obinna Chima writes that ongoing efforts to beef up the capital base of firms in the insurance sector is a step in the right direction With about eight months to the June 2020 recapitalisation deadline stipulated by the National Insurance Commission (NAICOM), […]

FG defends VAT increase, says it’ll help struggling states

The Federal Government, yesterday, defended its decision to increase Value Added Tax, VAT, rate to 7.5 per cent from five per cent, stating that the review should have been done nine years ago. Addressing newsmen after the conclusion of the 25th Nigerian Economic Summit in Abuja, Director-General of the Budget […]

Alleged tax evasion: LIRS, JayJay Okocha settle out of court

Oct 9, 2019 – Legal News by 

A Lagos state prosecutor, Mrs Y. A. Pitan, on Wednesday said that a former Super Eagles’ captain, Augustine ‘JayJay’ Okocha, who had been having a legal battle with the Lagos Internal Revenue Service (LIRS) since 2017 over income tax evasion, has settled out of court with the agency. Pitan told […]

‘Nigeria Must Position To Get Optimum Benefit from African Free Trade Agreement’ — Ecobank

Abuja, October 8, 2019 – Ecobank has advocated that Nigeria takes the lead and positions itself to get optimum benefits from the implementation of the African Continental Free Trade Agreement (AfCFTA). According to the bank, Nigeria undoubtedly has the largest and most vigorous economy in Africa and therefore must position […]

Delay in releasing court records violation of rights -African Court

Oct 8, 2019 – Legal News by 

The African Court of Peoples’ and Human Rights in Arusha, Tanzania has ruled that failure to provide certified true copies of proceedings of judgment within a reasonable time is a violation of rights of an applicant. The pronouncement, according to a statement by the registrar of the court, Robert Eno, […]

Adoption of gender laws, VAPP top FIDA’s confab

Oct 8, 2019 – Legal News by 

The triennial conference of the International Federation of Women Lawyers (FIDA) is being used to pursue calls for states to adopt laws on violence against women, among other issues. The triennial Africa Regional Congress of FIDA, which has as theme ‘The Growth of Women and Children in Africa: Beyond Rhetoric’, […]

Bankers Back CBN’s Initiative to Boost Lending to Economy

The Bankers’ Committee Thursday expressed support for the current efforts by the Central Bank of Nigeria (CBN) to improve credit flow to key sectors of the economy, particularly through the latest initiative on the loan to deposit ratio (LDR). The committee has also clarified that the N499,175,535,097 deducted by the […]

Telecoms Still Battling with Multiple Taxation

Fifty-nine years after independence, telecoms operators still groan under multiple taxes, despite the positive impact of telecoms on the Nigerian economy, writes Emma Okonji The information and communications technology (ICT) sector, no doubt, has positively changed the Nigerian economy, contributing over $70 billion to Nigerian Gross Domestic Products (GDP) since […]

Targeting Increased Lending, CBN Raises Loan Ratio to 65%

The Central Bank of Nigeria (CBN) has once more increased the minimum loan-to-deposit ratio (LDR) of commercial banks to 65 per cent, up from the 60 per cent, it had prescribed with a September 30 deadline. According to Bloomberg, the central bank said it raised the minimum loan-to-deposit ratio to […]

Calabar Port Receives First Container Vessel

Sep 30, 2019 – Legal News by 

The Calabar Port Complex, located in Cross Rivers State has received its maiden Marguisa Shipping Line’s container vessel, several years after its concession.  The port has suffered patronage of container liners due to draft limitations on the channel. Currently, Calabar channel has a draft of 6.4 meters at high tide, […]

Role of the rule of law in attracting foreign investment

Sep 30, 2019 – Legal News by 

The strength of the Rule of Law in a country ranks among the top three considerations when multinationals make decisions about where to locate foreign direct investment – above considerations such as the cost of doing business and access to national and regional markets.  In its simplest form, the Rule […]

SEC consolidates investors’ 3.4bn shares

Sep 30, 2019 – Legal News by 

SECURITIES and Exchange  Commission, SEC, has disclosed that 3.4 billion shares have been consolidated since the Commission commenced the consolidation of multiple shareholder accounts and electronic Dividend Mandate Management System (e-DMMS). SEC The Acting Director-General, SEC, Mary Uduk, stated this in a chat with market operators in Lagos, stressing that […]

AfDB swears in new sanctions commissioners to check corruption

The African Development Bank (AfDB), has sworn-in new sanctions and alternate sanctions commissioners in its bid to check allegations of corruption, fraud and associated wrongful practices in the Bank Group. The AfDB on September 10, swore-in two experts, Justin Wanjala and Justice Niyungeko, with more than 35 years of combined […]

NAICOM Okays 26 Insurance Firms’ Recapitalisation Plans

Sep 26, 2019 – Legal News by 

The National Insurance Commission (NAICOM) has approved the recapitalisation work plans of 26 insurance companies trying to raise more funds in their bids to meet its June 2020 deadline for players in the sector to shore up their capital. Announcing the result of […]

Expert Calls for Simplified Tax System

Sep 26, 2019 – Legal News by 

The federal and state governments have been advised to address grey arears in the nation’s tax policies in order to increase the country’s non-oil revenue. The Director, Fin Insurance Company Limited/Union Insurance Brokers Limited, Mr. Afolabi Elebiju, said there was need to simplify Nigeria’s tax system in a way that […]

Trading Volume Rises 140% as Investors Stake N6.8bn on 427m Shares

Sep 26, 2019 – Legal News by 

            Investors staked N6.777 billion on 427.228 million shares in 2,178 deals yesterday, showing an increase of 140 per cent, compared with the N2.825 billion invested in 154.034 million shares in 2,922 deals the previous day. Despite the high value of investment, the Nigerian Stock […]

Untapped Opportunities in Nigeria’s Steel Industry

Sep 26, 2019 – Legal News by 

Ugo Aliogo writes on the opportunities in Nigeria’s steel and solid mineral industry and what government needs to enhance revenue from the sector Nigeria is currently a net importer of steel with negative trade balance of $1.27 billion in 2018 a report by the International Trade Center (ITC) has revealed. […]

Awojobi: Trusteeship Business Needs More Awareness

Sep 25, 2019 – Legal News by 

The Managing Director/Chief Executive Officer, FBNQuest Trustees Limited, Mr. Adekunle Awojobi, spoke to Goddy Egene on the 40th anniversary of the company and developments in the trusteeship industry. Excerpts: What are some of the key changes the Trusteeship industry in Nigeria has recorded over the last 40 years? The Trusteeship […]

IP key to unlock Nigeria’s hidden wealth- Adewopo

Sep 24, 2019 – Legal News by 

  Professor Adebambo Adewopo (SAN), is a distinguished Intellectual Property (IP) Chair, Nigerian Institute of Advanced Legal Studies (NIALS) and former Director General, Nigerian Copyright Commission (NCC). In this interview, he speaks about respect for IP rights as a strategy for economic growth, counterfeit, […]

CBN clarifies cashless policy transaction charges

Sep 23, 2019 – Legal News by 

The Central Bank of Nigeria (CBN) says the transaction charges on deposit and withdrawal in furtherance of the implementation of its cashless policy is on the amount in excess of the set limits. The Director, Corporate Communication Department, Mr Isaac Okorafor, made the clarification […]

 

‘We’ll provide aid for victims of rights violations’

The Avocats Sans Frontières France (ASF France), also known as Lawyers Without Borders, France, has reiterated its determination to provide legal aid for victims of human rights violations in Nigeria. The Head of ASFF in Nigeria, Angela Uwandu, made this known in Abuja, during a training session for lawyers on […]

Future of Oil Industry Bright, OPEC Insists

 The Organisation of Petroleum Exporting Countries (OPEC) has said it does not believe in repeated predictions that the end was near for oil as a major energy source of the world, stating that contrarily oil has a bright future. OPEC’s […]

Uduk: Capital Market Key to Economic Growth, Development

Sep 12, 2019 – Legal News by 

The acting Director General of the Securities and Exchange Commission (SEC), Ms. Mary Uduk, has said the capital market can serve as a key catalyst for Nigeria’s economic growth and development because it offers a credible platform for obtaining long- term financing. Uduk, stated this during the opening ceremony of […]

Xenophobia: Nigeria vs S/Africa application a test case -African Court

As the Federal Government mulls filing an application before the African Court of Human and Peoples’ Rights against the South African government over the xenophobic attacks against Nigerians, the court says it will be a test case in inter-state applications. In an emailed message on Monday, the registrar of the […]

Rewane: Exchange Rate Unification Will Enhance FDI

The Managing Director/Chief Executive Officer, Financial Derivatives Company Limited, Mr. Bismarck Rewane, in this interview says steps taken so far to reduce the divergence in exchange rates in the country will has helped to reduce market abuse and sharp practices. Peter Uzoho presents the excerpts: In your opinion, what are the […]

CBN Urges Fintechs, Payment Service Providers to Adhere to Standards

The Central Bank of Nigeria (CBN) has urged financial technology companies (fintechs), payment service providers and banks in the payment system to ensure that they adhere to policy framework and standards that guide their operations. The Director, Payment Systems Management Department, CBN, Mr. Samuel Okojere, stated this Thursday in Lagos, […]

FG plans bill to address multiple taxes, disparity

The Technical Committee of the National Tax Policy Implementation Committee will soon present a bill to the Minister of Finance and National Planning, Mrs Zainab Ahmed, that will harmonise all taxes to enhance ease of doing business in the country. The Deputy Chairman of the committee, Dr Bode Oyetunde, said […]

NSE reclassifies Oando shares as Low-Priced Stock

The Nigerian Stock Exchange on Thursday announced the reclassification of Oando Plc from Medium-Priced Stock to Low-Priced Stock. A statement by the Exchange said the reclassification became effective Thursday. This is in compliance to Rule 15.29: Pricing Methodology, Rulebook of The Exchange, 2015 (Dealing Members’ Rules), the NSE said.   […]

I’ll pay my N537m debt in 12 hours, Duke begs court

A former Cross River State Governor Donald Duke on Monday told a Federal High Court in Lagos that he would pay his N537, 334,360.77 debts to Asset Management Corporation of Nigeria (AMCON) in less than 12 hours. Duke, through his counsel, Mr Edoigiawerie Omoruyi, told Justice Nicholas Oweibo that he […]

UPDATED: Alleged Perjury: Supreme Court Strikes Out Appeal Against Buhari

The Supreme Court on Monday struck out the suit seeking the disqualification of President Muhammadu Buhari in the 2019 presidential poll over alleged act of perjury. The suit was struck out shortly after it was withdrawn by the appellant’s counsel, Ukpai Ukairo, following hints from the apex court that it […]

Court slams N.5M damages on ExxonMobil Staff for libel

An Uyo High Court presided over by Justice Margaret-Mary Udoma has ordered one Ms Mfon Abia to pay five hundred thousand Naira only to Mrs Regina Udobong , the immediate past Manager, Public and Government Affairs, Joint Venture Operations of Mobil Producing Nigeria Unlimited, (MPNU), as damages for libel. Justice […]

Tax Appeal Tribunal Resolves Disputes Worth N10bn

The Tax Appeal Tribunal sitting in Kaduna has in the last eight months since the commencement of sitting resolved tax disputes amounting to over N10 billion. According to a statement, the tribunal which has jurisdiction over the North-west Zone, comprising the seven states of Kaduna, Kano, Kebbi, Katsina, Zamfara, Sokoto […]

FRC Unveils Individual Registration Portal

Obinna Chima The Financial Reporting Council of Nigeria (FRC) yesterday unveiled its individual registration portal. The Executive Secretary/Chief Executive Officer, FRC, Mr. Daniel Asapokhai, in his welcome address at a ceremony held in Lagos, explained that the new portal was in continuation of the Council’s effort to achieve its mandates […]

Banks Jostle to Unlock N1.5tn for Real Sector Lending

Obinna Chima Commercial banks are positioning themselves to attract more customers in the small business segment of the market as the deadline given by the Central Bank of Nigeria (CBN) for the financial institutions to maintain a minimum Loan to Deposit Ratio (LDR) of 60 per cent effective from September […]

EXCLUSIVE: NNPC claims Nigeria owes it N797bn — NEITI

…Deducted N141bn as subsidy; fail to remit N78bn in 2017 By Michael Eboh   The Nigeria Extractive Industries Transparency Initiative, NEITI, Wednesday, stated that the Nigerian National Petroleum Corporation, NNPC, is claiming that it is owed N797 billion by Nigeria, comprising the Federal, State and Local Governments.   Mele Kyari, […]

Finally, Nigeria signs agreement to increase seafarers’ wages

The National Joint Industrial Council has signed the much awaited conditions of service and Collective Bargaining Agreement for Nigerian seafarers. This is coming after eight years of delay. Speaking during the signing ceremony in Lagos, the Director- General, Nigerian Maritime Administration and Safety Agency, Dr Dakuku Peterside, said the condition […]

Report Foresees $34.8bn Remittances to Nigeria by 2023

The PriceWaterhouse Cooper (PwC), a multinational professional auditing firm, has predicted that diaspora remittances to Nigeria will reach $25.5 billion by the end of the year and $34.8 billion by 2023. The firm expressed belief that such inflow would continue to strengthen the Nigerian economy in the coming years. According […]

Nigeria’s Growing Pension Assets

The rising acceptance of micro pension scheme being driven by the National Pension Commission has led to steady rise in pension assets, writes Hamid Ayodeji For many people, the future remains largely uncertain. But for those who have planned for it through the right investment and savings, it is always […]

NIGERIA CORRECTIONAL SERVICE: BEYOND CHANGE OF NAME

On Wednesday, August 19, 2019, President Muhammadu Buhari signed a bill into law. This bill is chiefly geared towards changing the name of the Nigeria Prisons Service into the Nigeria Correctional Service. This development is very significant given that it bothers on a salient aspect of social existence and intercourse: […]

AFBTE Seeks Engagement on Proposed FX Ban on Food Imports

The Association of Food, Beverage & Tobacco Employers (AFBTE) has appealed to the federal government to engage members of the organised private sector (OPS) and stakeholders in the food industry on plan to end the allocation of foreign exchange for importation of food. The President, AFBTE, Chief Patrick Anegbe, made […]

Banking Sector Consumer Credit Increases to N754bn

The total value of consumer credit disbursed by commercial banks increased from N632.71 billion recorded in December 2018 to N753.85 billion as at June. A member of the Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC), Prof. Adeola Adenikinju, said it rose from N747.88 billion as of May 2019, […]

UNEP, UN Human Rights Office Step-up Commitment to Protect Right to Healthy Environment

The UN Environment Programme (UNEP) and the UN Human Rights Office have prioritised efforts to promote and protect environmental and human rights with the recent signing of a new cooperation agreement. They resolved to do this because threats to individuals and communities defending their environmental and land rights have intensified […]

FG to Challenge British Court Order Granting Seizure of Nigerian Assets

The Federal Government has commenced move to reverse the order of a British court which granted, on Friday, the seizure of Nigerian assets amounting to $9bn. Justice Butcher of the British Commercial Court had on Friday while delivering judgment in the suit filed by an Irish firm, Process and Industrial […]

Trade Wars, Disruptions Drag Oil Price Down to $69

Crude oil prices dropped Wednesday to $69 per barrel, representing about two percent reduction over its previous prices. Supply constraints linked to the Organisation of the Petroleum Exporting Countries’ output cuts and political tensions in the Middle East offered some support, however. Brent crude futures, the international benchmark for oil […]

Federal Government Engages Investors to Develop 2,110MW Hydropower Projects

May 30, 2019 – Legal News by

The Federal Government has commenced talks with investors for the development of three hydropower plants with a combined capacity of 2,110 megawatts. It was gathered on Tuesday that the projects include the 360MW Gurara II Hydropower Plant, 750MW Lokoja Hydropower Plant and 1,000MW Makurdi Hydropower Plant. The Minister of Water […]

Gas deal: FG denies seizure of Nigeria’s assets by British firm

The Federal Government has denied social media reports that Nigeria’s assets in the United Kingdom would be seized if the $6.5 billion arbitrary award against it is not paid to a British firm over a gas deal.   The reports claimed that Nigeria’s UK assets would be seized if it […]

Adeleke drags IGP to court over arrest, detention

Candidate of the Peoples Democratic Party (PDP)in Osun State in the last governorship election held in September last year, Senator Ademola Adeleke has dragged the Inspector General of Police (IGP) to court over his arrest and detention in Abuja on May 6, 2019. Adeleke had approached the Osun State High […]

Court asked to bar Gbajabiamila from contesting Reps Speakership over alleged conviction by US Court

The Federal High Court sitting in Abuja, was, on Wednesday, urged to bar a top contender of the Speakership of the 9th House of Representatives, Femi Gbajabiamila from going ahead with his ambition. It was also explained that the ground for the legal position against Gbajabiamila was because he was […]

Dasuki Gate: Court admits Metuh’s account of N400m expenditure in evidence

The Federal High Court, Abuja, has admitted in evidence, the final account tendered by Olisa Metuh, former National Publicity Secretary of the Peoples Democratic Party (PDP). Metuh tendered the document on Tuesday at the resumed hearing, detailing how the sum of the N400 million for which he is standing trial, […]

Businessman Drags Ag CJN, Justice Tanko Mohammed To Court Over Alleged Age Falsification

A 46-year-old businessman, Mr Tochi Michael, has dragged Justice Tanko Mohammed, the Acting Chief Justice of Nigeria (CJN) before an FCT High Court over alleged age falsification. In the originating summon with suit No. FCT/HC/BW/CV/79/2019, filed before the court in April, the petitioner alleged that the CJN deliberately falsified his […]

Court Strikes Out Suit Seeking To Stop Ihedioha’s Inauguration …Awards N5m Against DA Gov Candidate

A Federal High Court sitting in Owerri on Tuesday struck out a suit seeking to stop the inauguration of the Imo State Governor-elect, Emeka Ihedioha, on May 29. In his judgment, the presiding judge, Justice P.A. Rimgim, said the plaintiff, Clifford Eze, who was the governorship candidate of the Democratic […]

Court fixes May 22 for suit filed by Patience Jonathan

Justice Chukwujeku Aneke will on Wednesday (tomorrow) hear a suit filed by former First Lady, Dame Patience Jonathan, challenging a “No Debit Order” placed on her bank accounts.   Patience had filed the suit in 2016 to challenge the order placed on four Skye Bank (now Polaris Bank Ltd) accounts […]

Kano Emirs: Court Orders Parties to Maintain Status Quo

Justice Nasiru Saminu of the Kano State High Court sitting in Ungogo Wednesday halted the appointment and installation of four new emirs by the Kano State government, asking parties in the dispute to maintain status quo pending the determination of a suit challenging the appointments. The state high court had […]

 

Lawyer Drags SEC, NSE To Court Over MTN Listing

A legal practitioner based in Lagos, Dr. Charles Mekwunye has dragged the Security and Exchange Commission, SEC, before a Federal High Court sitting in Abuja seeking to stop the planned listing of MTN shares on the floor of Nigeria Stock Exchange. In the suit marked as FHC/ABJ/CS/2019, Dr Mekwunye is […]

Alleged money laundering: EFCC re-arraigns Justice Ajumogobia, Obla

The Economic and Financial Crimes Commission on Wednesday re-arraigned a Judge of the Federal High Court, Rita Ofili-Ajumogobia, and a Senior Advocate of Nigeria, Godwin Obla, over alleged money laundering charges. EFCC charged Ofili-Ajumogobia and Obla on 18 counts bordering on conspiracy, unlawful enrichment, retention of crime proceeds and money […]

Tribunal Commences Hearing on Atiku, Others’ Petitions Today

  The Presidential Election Petition Tribunal will today formally commence hearing in the petitions filed by candidate of the Peoples Democratic Party (PDP) in the 2019 presidential election, Alhaji Atiku Abubakar, his party, the PDP, and three other political parties and their presidential candidates against the victory of President Muhammadu […]

Court Grants Adamama State Board Of Internal Revenue

It is no longer business as usually for tax defaulters in Yola, Adamawa State, as the tax authority, Adamawa State Board on Internal Revenue (ASBIR) has been able to give effect to the provisions of its establishment law which empowers it to distrain on the property, chattels and effects of […]

Legal News Post

THE JUDICIARY IS IN DISTRESS The two-day meeting of the National Judicial Council will begin on Tuesday 15th January. It is a scheduled meeting which will be presided by the Chief Justice of the Federation, Justice Walter S. Nkanu Onnoghen, who happens to be Chairman of the Council. The meeting […]

NLRC reports: AGF seeks more reforms of anti-graft laws

The Attorney General of the Federation, Abubakar Malami (SAN), has promised to present the reports on the reforms of the nine federal laws submitted by the Nigerian Law Reform Commission (NLRC) to the Federal Executive Council (FEC) for onward transmission to the National Assembly for passage. While receiving the reports […]

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