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News & Insights

News & Insights

News & Insights

 

Chinese Loans: Reps Move To Amend Treaties And Agreement Act

Sep 18, 2020 – Legal News by

 …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 […]

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

Sep 18, 2020 – Legal News by

 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 […]

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

Sep 17, 2020 – Legal News by

    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 […]

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

Sep 17, 2020 – Legal News by

  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 […]

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

Sep 17, 2020 – Legal News by

  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 […]

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

Sep 16, 2020 – Legal News by

 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 […]

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

Sep 16, 2020 – Legal News by

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 […]

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Emefiele Urges Banks to Raise Agric Lending to 10%

Sep 16, 2020 – Legal News by

 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 […]

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

Sep 15, 2020 – Legal News by

 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 […]

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FG Moves To Regulate Crypto Currencies, Other Digital Investments

Sep 15, 2020 – Legal News by

  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 […]

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

Sep 15, 2020 – Legal News by

  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 […]

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AFCFTA: Osinbajo Highlights Dangers, Benefits Of Africa Free Trade

Sep 14, 2020 – Legal News by

  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 […]

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

Sep 14, 2020 – Legal News by

  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 […]

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Deregulation: NNPC to setup CNG refilling plants across country

Sep 14, 2020 – Legal News by

  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, […]

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

Sep 10, 2020 – Legal News by

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 […]

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

Sep 10, 2020 – Legal News by

 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 […]

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

Sep 10, 2020 – Legal News by

  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 […]

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

Sep 9, 2020 – Legal News by

  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 […]

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ECOWAS postpones launch of single currency

Sep 9, 2020 – Legal News by

    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 […]

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

Sep 9, 2020 – Legal News by

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 […]

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NBC Code In Conflict With Nigerian Copyrights Law – Experts

Sep 8, 2020 – Legal News by

   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 […]

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Brexit showdown looms as UK threatens to undermine divorce treaty

Sep 8, 2020 – Legal News by

  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 […]

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

Sep 8, 2020 – Legal News by

 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: […]

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

Sep 7, 2020 – Legal News by

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, […]

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Income Tax: FIRS Inaugurates Online Portal For Financial Institutions

Sep 7, 2020 – Legal News by

  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 […]

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

Sep 7, 2020 – Legal News by

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 […]

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Tax reliefs in states to remain till 2021, says NGF

Sep 4, 2020 – Legal News by

 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 […]

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PwC Offers Recipe to Unlock $900bn Dead Capital

Sep 4, 2020 – Legal News by

  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 […]

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

Sep 4, 2020 – Legal News by

…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 […]

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

Sep 3, 2020 – Legal News by

  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 […]

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To test FX market, CBN pumps $50 million

Sep 3, 2020 – Legal News by

$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, […]

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

Sep 3, 2020 – Legal News by

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 […]

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NAICOM, PenCom Unveil Regulation on Retirees’ Life Annuity

Sep 2, 2020 – Legal News by

   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 […]

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

Sep 2, 2020 – Legal News by

  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 […]

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House of Reps speaker to meet Ghanaian parliament over trade issues

Sep 2, 2020 – Legal News by

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 […]

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

Sep 1, 2020 – Legal News by

 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 […]

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CBN reviews minimum interest rates on savings deposit to 1.25%

Sep 1, 2020 – Legal News by

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 […]

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Oil prices rise on falling U.S. dollar

Sep 1, 2020 – Legal News by

  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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AMCON’s Assets Under Management Now N137bn, Says Kuru

Aug 31, 2020 – Legal News by

 By Obinna Chima The Managing Director/Chief Executive Officer of the Asset Management Corporation of Nigeria (AMCON), Mr. Ahmed Kuru, has revealed that the corporation’s total assets under management (AUM) is currently at N136.73 billion. The agency also has about N112.03 billion worth of propriety assets.   Kuru, […]

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CRC Credit Bureau Sensitises Bank Customers on New GSI Policy

Aug 31, 2020 – Legal News by

 In light of the mixed reactions around the Global Standing Instruction (GSI) introduced by the Central Bank of Nigeria (CBN), the CRC Credit Bureau has moved to give more insights around the new policy that is aimed at reducing the incidence of non-performing loans in the […]

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Oil markets flat as restarts begin at storm-hit energy operations

Aug 31, 2020 – Legal News by

  Energy companies on Friday continued efforts to restore operations at U.S. Gulf Coast offshore platforms and refineries shut by Hurricane Laura as oil markets largely shrugged off the storm’s impact. Some 300 offshore production facilities and half-dozen refineries were halted ahead of a Category 4 storm that hit the […]

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CBN bars Payment Service Banks from accepting forex deposits

Aug 28, 2020 – Legal News by

The name of PSBs must not include any word that links it to the parent company.   The Central Bank of Nigeria has barred operators of Payment Service Banks (PSBs) from accepting foreign exchange deposits and to accept any closed scheme electronic value (airtime) as a form of deposit or […]

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Profit Taking Halts Stock Market’s Eight-day Price Rally

Aug 28, 2020 – Legal News by

      Goddy Egene The price rally at the stock market was halted yesterday after eight days following profit taking bellwether stocks. The market has had a positive performance for eight straight days. However, the bears took over yesterday as Dangote Cement Plc, Access Bank Plc and Zenith Bank […]

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Oil prices pull back from recent highs, as Hurricane Laura spares U.S oil infrastructure

Aug 28, 2020 – Legal News by

Gulf Coast energy infrastructures were mostly spared the brunt of the damage   Crude oil prices pulled back from recent highs as Hurricane Laura spared most of the U.S. oil infrastructure in Louisiana and Texas. U.S. West Texas Intermediate (WTI) was relatively unchanged as it traded at $42.96 a barrel […]

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Conclude Criminal Cases in One Year, Buhari Urges Judiciary

Aug 27, 2020 – Legal News by

  Vice President Yemi Osinbajo SAN in a virtual meeting   Proposes 15 months for civil suits Frowns on multiple, conflicting court orders Lawyers shun boycott call, 24,000 participate in NBA conference Davidson Iriekpen in Lagos and Alex Enumah in Abuja President Muhammadu Buhari wednesday decried what he described as […]

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Senate Committee On Constitutional Review Calls For Memoranda On Gender Equality, Immunity, Indigene And Others

Aug 27, 2020 – Legal News by

  The Senate Ad-hoc Committee on the Review of the 1999 Constitution has formally commenced the process of further alteration to the provisions of the 1999 Constitution (as amended).   The Committee, therefore, requests the general public, Executive and Judicial bodies, Civil Society Organizations, Professional bodies and other […]

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Global oil market recovery hinges on containing coronavirus pandemic

Aug 27, 2020 – Legal News by

The price of oil is currently rising, due to the recovery of the Chinese market. The global demand for oil has decreased sharply in 2020 more than previously expected due to the Coronavirus pandemic, and there are doubts about a recovery next year, which may make it difficult for the […]

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In Major Coup, CBN Blocks Over-invoicing, FX Overpricing

Aug 26, 2020 – Legal News by

  Introduces product price verification mechanism • Elumelu praises measures In a major policy coup, the Central Bank of Nigeria (CBN) yesterday moved to arrest the age-long practice of over-invoicing, which unscrupulous businesses have used to cart away the nation’s forex, directing banks and other authorised dealers to […]

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NIMASA commends Nigerian Navy on enforcement of new anti-piracy law

Aug 26, 2020 – Legal News by

 The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Bashir Jamoh has commended the Nigerian Navy for the successful enforcement of the new anti-piracy law in Nigeria. In a commendation letter to the Naval Headquarters, Dr Bashir noted the commendable achievements […]

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NSE Upgrades X-Whistle to Boost Investors’ Protection

Aug 26, 2020 – Legal News by

  Goddy Egene The Nigerian Stock Exchange (NSE) yesterday announced the upgrade of its whistle-blowing platform, X-Whistle. The web-based whistle blowing portal was first launched in 2014. It empowers a whistleblower, who can be an employee, investor, compliance officer, issuer, stockbroker or any member of the public, to […]

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Global trade to stabilise further as major economies re-open

Aug 25, 2020 – Legal News by

  A cautious optimism has continuously marched ahead over the last few months, as several advanced economies gradually “re-opened” their activities, hopefully leaving the peak of the pandemic shock behind. The stabilisation of the COVID-19 spread and aggressive policy stimulus produced a significant reversal of economic trends, from a rapid […]

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Forex: CBN To Conduct International Price Checks

Aug 25, 2020 – Legal News by

      With dwindling foreign reserves, Central Bank of Nigeria (CBN) on Monday announced that it will henceforth conduct price checks before approving Form M on foreign exchange demands. In a circular addressed to authorised foreign exchange dealers titled: ‘General Public Destination Payment for all forms M, Letters of […]

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FG to Unveil Policy to Protect Indigenous ICT Investors

Aug 25, 2020 – Legal News by

      James Emejo in Abuja The Minister of Communications and Digital Economy, Dr. Isah Pantami has said that a policy document seeking to protect Nigerian investors in the Information Communication Technology (ICT) space was underway. He said the policy blueprint which was still being drafted would provide for […]

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SEC Restates Commitment to Reducing N158bn Unclaimed Dividends

Aug 24, 2020 – Legal News by

  By Goddy Egene The Director-General of the Securities and Exchange Commission (SEC), Mr. Lamido Yuguda, has said the commission is renewing its commitment towards tackling the issue of unclaimed dividends in the nation’s capital market. Speaking at the first post Capital Market Committee(CMC) news briefing organised by […]

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Nigeria generates N1.29 trillion from taxes in Q2 2020, surpasses target

Aug 24, 2020 – Legal News by

The total tax collection in the second quarter of 2020 increased by 8.2%     The Federal Inland Revenue Service (FIRS), generated a sum of N1.29 trillion tax revenue in Q2 2020, N19.15 billion in excess of a N1.27 trillion target. This was detailed in the Q2 performance report published […]

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Oil prices steady as ‘double trouble’ storms bear down on Gulf of Mexico

Aug 24, 2020 – Legal News by

 Crude oil prices remained steady, on Monday, as storms closed in on the Gulf of Mexico, shutting more than half the region’s oil production. Although, prices were capped by ongoing concerns about fuel demand being sapped by coronavirus lockdowns. Brent futures slipped two cents, or 0.1 per cent […]

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CBN Revamps Economic Report Format

Aug 21, 2020 – Legal News by

 CBN Governor, Mr. Godwin Emefiele   The Central Bank of Nigeria (CBN) has enhanced the reporting format and presentation of its periodic economic reports. The latest report released by the banking sector regulator, which was its monthly economic report for April 2020, showed a significant improvement compared with previous […]

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Shippers Council Shuts Terminal over Arbitrary Charges

Aug 21, 2020 – Legal News by

 In a simultaneous operation, the Nigerian Shippers Council (NSC) has closed down all operations of Tin Can Island Container Terminal (TICT) both at its Polysonic Mall head office in Apapa, as well as its terminal located at the Tin Can Island Port in Lagos. Nigerian Shippers […]

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CAMA reduces regulatory burden on SMES – Dr Jumoke Oduwole

Aug 20, 2020 – Legal News by

Dr. Oduwole said the changes in the new CAMA were well received by the business leaders.     The special Adviser to the President on Ease of Doing Business, Dr Jumoke Oduwole, said the new Companies and Allied Matters Act 2020 , CAMA, would reduce the regulatory burden on businesses […]

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World Bank hopes to cut down debts of poor countries rather than delay payments

Aug 20, 2020 – Legal News by

The World Bank sees an opportunity to extend relief under the Debt Service Suspension Initiative   The World Bank is currently mulling possible cut-downs on the debt stock of poor countries, rather than merely restructuring or delaying repayment on such loans. President of the World Bank Group, David Malpass, disclosed […]

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NPDC to stop gas importation with 500,000bpd LPG production — Kyari

Aug 20, 2020 – Legal News by

      The Group Managing Director of Nigerian National Petroleum Corporation, Mele Kyari, has disclosed that the Nigerian Petroleum Development Company (NPDC), will soon curb importation of Liquefied Petroleum Gas (LPG), into the country with the daily production of 500,000 barrel per day, for local consumption. Kyari disclosed this […]

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Nigeria’s long-awaited oil reform bill to go to president – sources

Aug 19, 2020 – Legal News by

Nigeria’s oil ministry will present a long-awaited oil and gas reform bill to the president in the coming days aimed at boosting output and attracting foreign investment, three sources close to the negotiations told Reuters. The reforms, 20 years in the making, are particularly urgent this year as low […]

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CBN: N1.66bn Cases Treated under New Debt Recovery Initiative

Aug 19, 2020 – Legal News by

 Recovers N50m in nine days · Mulls extension to corporate accounts Dike Onwuamaeze and Nume Ekeghe The Central Bank of Nigeria (CBN) has said that between August 1 and 9, 2020, when it commenced the implementation of the Global Standing Instruction (GSI) it introduced to checkmate […]

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Again, FG Arraigns Briton, Six Firms over Alleged Complicity in P&ID Deal

Aug 19, 2020 – Legal News by

  The federal government on Tuesday arraigned a British national, Mr James Nolan, before the Federal High Court, Abuja, over alleged complicity in the failed gas deal between Nigeria and an Irish firm, Process and Industrial Development (P&ID). The failed deal entered in 2010 is threatening the seizure […]

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Osinbajo, CJN seek technology driven justice system

Aug 18, 2020 – Legal News by

  Osinbajo Vice President, Prof. Yemi Osinbajo, (SAN) and the Chief Justice of Nigeria (CJN), Justice Tanko Muhammad have called for total adoption of technology in the administration of justice in Nigeria. The VP, who commended the Supreme Court for giving its stamp of approval to virtual court sittings, […]

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‘World Bank’s $1.5bn Loan To Nigeria Delayed Over Reforms’

Aug 18, 2020 – Legal News by

  The World Bank is unlikely to approve a much-needed $1.5 billion for Nigeria in August as planned due to concerns over desired reforms, three sources familiar with the talks told Reuters.     A delay in financing from multilateral lenders could leave Africa’s biggest economy […]

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FG Gives Operators Six Months to Migrate to New Gas Transport Code

Aug 18, 2020 – Legal News by

  The federal government has disclosed that it can only give operators in Nigeria’s gas market the grace of six months to migrate their existing gas transport agreements to the new network code it recently approved and activated. The Minister of State for Petroleum Resources, Mr. Timipre Sylva […]

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Tax relief: FG, World Bank plan $2.5m grant for States

Aug 17, 2020 – Legal News by

  The Federal Government, through the Federal Ministry of Finance, Budget and National Planning (FMFBNP) and the World Bank have set aside $2.5million grant for each state able to commence implementation of a tax compliance relief programme for individual taxpayers and businesses by September 31. The incentive is […]

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CBN’s Stress Test Clears Banks

Aug 17, 2020 – Legal News by

  Banks are strong enough to withstand the COVID-19 pandemic impact, the Central Bank of Nigeria (CBN) stress test has revealed. The Deposit Money Bank’s (DMB’s) balance sheets and profitability margins are also rated high.   “Stress test on the banking industry confirms a resilient sector that is […]

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Stock Market Investors Gain N85bn on Sustained Demand

Aug 17, 2020 – Legal News by

   Goddy Egene Stock market investors smiled home last week as the value of their investments grew by N84.5 billion following sustained positive performance. The market capitalisation, which measures the total value of listed equities, rose from N13.063 trillion to N13.146 trillion, translating to a growth of 0.31 […]

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Osinbajo Advocates Purpose-Built Software For Virtual Court Proceedings

Aug 14, 2020 – Legal News by

  *Says No One Predicted That E-filing Of Court Process Will Be Medically Safer That Physical Filing   Vice President Yemi Osinbajo says there is need for purpose-built virtual-proceedings software that takes into account the various needs of trials and other court proceedings.   Osinbajo’s spokesman, Laolu Akande, […]

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CBN says 22 banks to restructure over 35,000 loans due to COVID-19

Aug 14, 2020 – Legal News by

This is seen as part of measures by the apex bank to curb the rise in non-performing loans.     The Central Bank of Nigeria (CBN) has disclosed that 22 Nigerian banks submitted requests to restructure 35,639 credit facilities of businesses that were impacted by the coronavirus pandemic, as of […]

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Nigerian Stocks rise to 8-week high as oil prices gain 1.5 %

Aug 14, 2020 – Legal News by

  Nigerian stocks climbed eight-week high on Wednesday, lifted by gains in shares of energy companies after global oil prices rallied. Recovering from a two consecutive days of losses this week, the main share index rose 1.04% to 24,141.48 points on Wednesday. But the index of top five oil and […]

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FG Agencies Move to Enforce 24 Hours Port Operation

Aug 14, 2020 – Legal News by

      By Eromosele Abiodun and Oluchi Chibuzor Following the Executive Order on ease of doing business across the nation’s seaports that was signed by the Vice President, Prof Yemi Oshinbajo in 2017, heads of federal government agencies in the maritime sector have resolved to implement actionable plans towards […]

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FG Okays States’ Participation In Mining

Aug 13, 2020 – Legal News by

 The federal government yesterday gave state governments the nod to participate in mining activities as corporate entities.   Minister of Information, Lai Mohammed disclosed this to State House correspondents after the virtual federal executive council (FEC) meeting chaired by President Muhammadu Buhari at the presidential villa.   […]

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CAMA To Improve Business Environment – Minister

Aug 13, 2020 – Legal News by

The Minister of Industry, Trade and Investment, Otunba Richard Adeniyi Adebayo, has said the newly signed Companies and Allied Matters Act (CAMA) would transform the business environment. Speaking when he received a delegation from the Corporate Affairs Commission (CAC), the Minister said the implementation of CAMA would help Nigeria […]

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UK economy faces long climb back to health after historic 20% crash

Aug 13, 2020 – Legal News by

 Britain’s economy shrank by a record 20.4% in the second quarter when the coronavirus lockdown was tightest, the most severe contraction reported by any major economy so far, with a wave of job losses set to hit later in 2020. The scale of the economic hit may also revive […]

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Oil Spill: Experts call for passage of NOSDRA bill

Aug 12, 2020 – Legal News by

Lament Nigeria’s inability to handle Tier 3 oil spills. Benjamin Babine, Abuja As the number of current oil spills in the Niger Delta rises above the 2000 mark, there is growing concern among some experts in the oil industry about the country’s current lack of capacity […]

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High Court convicts pirates in hijack of vessel – Navy

Aug 12, 2020 – Legal News by

  High Court convicts pirates in hijack of vessel – Navy     (Doris Esa, NAN) The Federal High Court (FHC) Port Harcourt has convicted 3 of the 9 accused persons who on March 21 hijacked an Equatorial Guinea flagged vessel, MV ELOBEY VI off Equatorial Guinea coast. Navy Director of […]

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FG Pledges to Complete Gas Fields’ Concession Programme

Aug 12, 2020 – Legal News by

    Timipre Sylva   By Chineme Okafor The federal government will not abandon its plan to concession up to 178 identified flare gas fields through its Nigerian Gas Flare Commercialisation Program (NGFCP) which it initiated in 2018. The Technical Adviser (TA) on Gas Business and Policy Implementation to the […]

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Buhari Signs Instrument For African Trade Insurance Agency

Aug 11, 2020 – Legal News by

 President Muhammadu Buhari has signed the instrument of accession of the agreement for the establishment of the African Trade Insurance Agency.   A statement issued by the Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu, disclosed this on Monday evening.   The […]

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FG Begins Feasibility Study for Brass Shipyard Project

Aug 11, 2020 – Legal News by

    Timipre Sylva   Peter Uzoho The federal government has commenced feasibility study for the construction of a shipyard in Brass Island, Bayelsa State, which would cater for the maintenance and repair services of cargo vessels, oil tankers, and Liquefied Natural Gas (LNG) carriers. The Minister of State for […]

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Nigeria to begin gold production in 2021 with the Segilola Gold Project

Aug 11, 2020 – Legal News by

The gold produced is expected to become a part of Nigeria’s external reserve.     Nigeria is set to commence gold production in 2021 after the launch of the Segilola Gold Project in Osun state. This was disclosed by the Honourable Minister of Mines and Steel Development, Olamilekan Adegbite, while […]

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Buhari signs amended Companies and Allied Matters Bill CAMA 2020

Aug 10, 2020 – Legal News by

President Muhammadu Buhari Friday in Abuja assented to the Companies and Allied Matters Bill, 2020 recently passed by the National Assembly. In a statement signed by the Special Adviser to the President on Media and Publicity, Chief Femi Adesina, “the President’s action on this important piece of legislation, therefore, repealed […]

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NNPC, Partners Seal Deal on Disputed OML 130, Unlock $510m Gas Revenue

Aug 10, 2020 – Legal News by

      The Nigerian National Petroleum Corporation (NNPC) yesterday said it had reached an agreement with its partners, China National Offshore Oil Company (CNOOC) and South Atlantic Petroleum (SAPETROL), to settle all outstanding issues surrounding the development of Oil Mining Lease (OML) 130.   The corporation stated that the […]

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Crude oil prices record gains, as Iraq pledges to curb crude oil production

Aug 10, 2020 – Legal News by

Oil markets traded softer into the weekend on the back of escalating US-China tensions.     Crude oil prices soared higher on the first trading session of the week. This is as Iraq, a leading OPEC member, disclosed that it would reduce its oil production. More so, U.S. President Donald […]

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Exchange rate gains big at NAFEX as forex turnover pops 916%

Aug 7, 2020 – Legal News by

Forex turnover at the Investor and Exporters  window recorded a massive increase on Thursday     Nigeria’s exchange rate at the NAFEX window appreciated significantly to N385.50 during intraday trading on Thursday, August 6, 2020. In another development, the exchange rate at the parallel market remained unchanged on Thursday   as it […]

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ECOWAS Court voids NJC’s disciplinary action against judge 

Aug 7, 2020 – Legal News by

•Awards N50 compensation in Justice Aladetoyinbo’s favour Justice S E ALADETOYINBO   From Eric Ikhilae, Abuja The Community Court of the Economic Community of West African States (ECOWAS) has voided the disciplinary measure recommended by the National Judicial Council (NJC) against Justice S. E. Aladetoyinbo in 2018 while he was […]

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COVID-19: Investment Tribunal Adopts Remote Hearing to Resolve 17 Pending Cases

Aug 7, 2020 – Legal News by

In the face of the Covid-19 pandemic, the Investment and Securities Tribunal (IST) disclosed, Thursday that it has entered judgments in two out of 17 pending cases at the tribunal, and adopted remote hearings to enable it decongest the case docket for the good of the capital […]

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22 banks, others record N89bn drop in profit

Aug 6, 2020 – Legal News by

At least 22 listed companies on the Nigeria Stock Exchange (NSE) recorded a drop in their Profit After Tax (PAT) by N89 billion in the first six months of 2020, Daily Trust exclusively reports. The profit figure dropped from N457.6bn in 2019 to N368.3bn, translating to 19.5 percent decline rate. […]

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Oil and gas sector crisis looms as FG, states relax more COVID-19 restrictions

Aug 6, 2020 – Legal News by

  Nigeria’s oil and gas sector could take a plunge as federal and state governments relax restrictions further. The country has reported 304 new confirmed cases of the Coronavirus (COVID-19) as the death toll jumped to 888. Nigeria Centre for Disease Control (NCDC) made this known on its official twitter […]

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NNPC records 43 percent drop in oil pipeline

Aug 6, 2020 – Legal News by

  The Nigerian National Petroleum Corporation (NNPC) has stated that the vandalism of its pipelines across the country has drop by 43 percent in May 2020, our correspondent, Doosuur Iwambe reports. This information is part of the monthly financial and operations report, which was released on Wednesday, August 5, 2020 in Abuja. […]

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FG increases hate speech fine from N500,000 to N5 million, moves against monopoly and antitrust

Aug 5, 2020 – Legal News by

The new regulation is part of the amended Nigerian Broadcasting Code.   The Federal Government on Tuesday, August 4, 2020, announced the increase of fine for hate speech from N500 to N5 million. The announcement was made by the Minister for Information and Culture, Alhaji Lai Mohammed, at the unveiling […]

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COVID-19: Oil prices fall as infection cases cast shadow over fuel demand

Aug 5, 2020 – Legal News by

Oil prices slid on Tuesday amid concerns that a nascent recovery in fuel demand could stall as a fresh wave of COVID-19 infections around the world sparks tighter lockdowns. This is just as major producers ramp up output. *Oil prices steady after Navarro’s comments *Oil prices steady following news of […]

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Bulls increase traction as market index rise further by N40 billion

Aug 5, 2020 – Legal News by

    Transactions on the equity sector of the Nigerian Stock Exchange (NSE), sustained a rising profile yesterday, as more blue-chip stocks appreciated in price, resulting in a further increase in market capitalisation by N40 billion.     Specifically, at the close of transactions Tuesday, the All -Share Index (ASI), […]

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AfCTA: AU Tasks African Leaders On High-Speed Rail

Aug 4, 2020 – Legal News by

 The African Union has urged leaders on the continent to build high-speed rail to fast-track the implementation of the African Continental Free Trade Area. Raila Odinga, the AU High Representative for Infrastructure Development in Africa, gave this charge during a meeting moderated by the director, African Railway […]

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No Contract Clause Cedes Nigeria’s Sovereignty To China— Chinese Foreign Ministry

Aug 4, 2020 – Legal News by

  The Chinese Foreign Ministry, on Monday, denied that China had any clause in its loan contracts ceding Nigeria’s sovereignty to China. Recall that last week members of the House of Representatives claimed they had uncovered clauses in a loan obtained by Nigeria from China that conceded Nigeria’s […]

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COVID-19: Taxation Keeping Nigeria Afloat, Says FIRS

Aug 4, 2020 – Legal News by

 Tax revenues generated by the Federal Inland Revenue Service (FIRS) have kept the Nigerian economy going despite the ravages of the COVID-19. Executive Chairman, FIRS, Mr. Muhammad Nami, made this disclosure on Monday in Abuja during a live appearance on the popular morning show, Kaakaki, on Africa […]

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NNPC takes legal action against Mexican firm over $125 million ‘attempted fraud’

Aug 3, 2020 – Legal News by

The NNPC said the Mexicans’ account of what truly happened is replete with falsehood.   The Nigerian National Petroleum Corporation (NNPC) is set to take legal action against a Mexican oil firm, SAMACO SA DE CV and its officials for attempting to swindle the Federal Government of more than $125 […]

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FIRS Grants One Week Extension for Companies to File Returns

Aug 3, 2020 – Legal News by

  By James Emejo The Executive Chairman,Federal Inland Revenue Service (FIRS), Mr. Muhammad Nami, has announced a further one-week extension to the July 31 deadline for companies with December accounting year end to file their 2020 annual income tax returns. He said the extension was in the spirit of the […]

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Equities rise by 1% in abridged trading week

Aug 3, 2020 – Legal News by

It was a brief trading week as the Market opened for three days in observance of the Thursday and Friday public holidays, declared by the Federal Government to mark the Eid-El-Kabir celebration. A total turnover of 421.984 million shares worth N5.337 billion in 11,801 deals were traded last week by […]

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Court won’t stop auctioning of 10 marginal oil fields

Jul 29, 2020 – Legal News by

 The Federal High Court in Lagos has refused to stop the Federal Government from auctioning 10 revoked marginal oilfields.   Justice Chukwujekwu Aneke dismissed an application for interlocutory injunction filed by the fields’ operators.   He refused prayers for an interlocutory injunction while delivering a ruling on […]

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FG Signs $1.5bn Prepayment Deal with Oil Traders

Jul 29, 2020 – Legal News by

  By Emmanuel Addeh in Abuja with agency reports The federal government has signed a $1.5 billion prepayment deal with Standard Chartered and backed by oil traders Vitol Group and Matrix Energy. The Nigerian National Petroleum Corporation (NNPC) signed on behalf of the federal government. A report yesterday […]

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Loan Agreements: House Uncovers Clauses Conceding Nigeria’s Sovereignty to China

Jul 29, 2020 – Legal News by

 Summons Amaechi, Ahmed, Pantami By Udora Orizu The House of Representatives yesterday raised the alarm over clauses in Article 8(1) of the commercial loan agreement signed between Nigeria and Export-Import Bank of China, which allegedly concedes sovereignty of Nigeria to China in the $400 million loan for […]

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Market opens positive as investors gain N185bn

Jul 28, 2020 – Legal News by

Price appreciation in Dangote Cement (+5.7percent), Guaranty Trust Bank (+7.6percent) and Wapco (+9.6percent) drove the benchmark index up 146bps to settle at 24,783.61 points. Consequently, investors gained N185.6bn as market capitalisation advanced to N12.9tn while year-to-date loss moderated to -7.7percent. Dangote Cement posts N162.9bn profit in 6 months FG suspends […]

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CAC, lawyers’ face-off over certificate mailing policy escalates

Jul 28, 2020 – Legal News by

The impasse between the Corporate Affairs Commission (CAC) and lawyers over the newly introduced mailing system for registered company certificates escalated on Monday with protesting lawyers carrying placards in front of the CAC’s headquarters expressing their opposition to the new policy. Apart from denouncing the new policy, the protesters also […]

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Virtual Court Proceedings: Supreme Court Opts for a Subtle Advisory Opinion

Jul 28, 2020 – Legal News by

  Background The Supreme Court Ruling on virtual court proceedings handed down on 14th July, 2020, is an Advisory Opinion in every sense but name. A seven-man panel of the Supreme Court (as is constitutionally mandated when invoking its original jurisdiction) led by Justice Olabode Rhodes-Vivour held that, the suits […]

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AfCFTA: Nigeria To Corner 10% Of $650bn Annual Intra-African Trade ― Presidency

Jul 27, 2020 – Legal News by

African Continental Free Trade Agreement (AfCFTA) provides Nigeria with preferential access to Africa market worth over $650bn in mostly manufactured goods and services according to Senior Special Assistant to the President on Public Sector, Mr Francis Anatogu.   Speaking during an online press conference, Anatogu said as […]

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Banks cancel N1.9tr bad loans

Jul 27, 2020 – Legal News by

COMMERCIAL banks have written off N1.9 trillion bad loans from their books in the last four years, a report by Agusto & Co, a credit rating agency has said.   This was contained in the Agusto & Co 2020 Banking Industry Report which linked the banks’ actions […]

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Corporate Affairs Commission (CAC) Seeks to Bar Companies Withholding Returns from Public Contracts

Jul 27, 2020 – Legal News by

The Registrar General, Corporate Affairs Commission (CAC), Mr. Garba Abubakar has said it is collaborating with relevant government agencies to ensure that registered companies that do not file their returns are henceforth barred from public transactions.   He said there is an existing collaboration with the Federal […]

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Equities market rebounds as investors gain N176bn

Jul 24, 2020 – Legal News by

The stock market recorded a positive performance as gains in Dangote Cement (+10.0percent) and MTNN (+7.4percent) drove the benchmark index up 140bps to settle at 24,512.27 points. Consequently, investors gained N176.7bn as market capitalisation advanced to N12.8tn while year to date loss moderated to -8.5percent. .Equities market closes flat despite […]

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Free trade pact’s benefits to Africa’s economies huge — Brou

Jul 24, 2020 – Legal News by

The President of ECOWAS Commission, Jean-Claude Kassi Brou, has said that the implementation of the African Continental Free Trade Area (AfCFTA)  remains critical to a fully integrated single continental market for goods and services and sustainable growth of Sub-Saharan Africa’s economies. At the opening of a virtual workshop held Tuesday, […]

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CAC Issues Directives, Says Pre-incorporation Certificates To Be Delivered To Customers, Bars Customers From Lagos & Abuja Premises From August

Jul 24, 2020 – Legal News by

 The Corporate Affairs Commission (CAC) has issued directives in view of the recent developments in the Commission. These directives are contained in separate public notices dated 23rd day of July, 2020 which were made available to the TheNigeriaLawyer.   Firstly, the Commission stated that all pre-incorporation certificates […]

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AMCON tasks partners on debt recovery

Jul 23, 2020 – Legal News by

 The Managing Director of the Asset Management Corporation of Nigeria (AMCON), Mr. Ahmed Kuru, has charged all AMCON partners, especially in the receivership business, not to allow a few individuals to escape with the commonwealth of Nigerians. Mr. Kuru, who spoke […]

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Italy prosecutors seek jail sentences for Eni, Shell executives in Nigeria case

Jul 23, 2020 – Legal News by

Italian prosecutors have asked for oil majors Eni and Shell to be fined and some of their present and former executives, including Eni CEO Claudio Descalzi, to be jailed in a long-running trial over alleged corruption in Nigeria. In a Milan court, prosecutors asked on Tuesday for eight years in […]

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Court Calls For The Support Of The ECOWAS Parliament In Its Effort To Exercise Its Referral Mandate

Jul 23, 2020 – Legal News by

  The President of the ECOWAS Court of Justice, Justice Edward Amoako Asante has called for the support of the regional parliament in the Court’s effort to exercise its referral mandate as the principal legal organ of the Community responsible for the interpretation of the ECOWAS Revised Treaty […]

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House Tasks DPR on Stiffer Penalties for Oil Spills

Jul 22, 2020 – Legal News by

The House of Representatives Ad hoc committee on Oil Spill Clean-Ups yesterday said the Department of Petroleum Resources (DPR) is not applying global best practices when it comes to penalising errant oil companies who have polluted the environment with spills, tasking them on a more stiffer penalty. […]

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SEC to implement capital market automation, aid market efficiency

Jul 22, 2020 – Legal News by

The SEC said automation will enable a cost reduction and an increase in capital market efficiency.   The Securities and Exchange Commission (SEC), announced on Monday that it is willing to automate Nigeria’s capital markets, bringing Nigeria to the 21st century of technological innovations. SEC Chief, Mr Lamido Yuguda disclosed […]

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What EU leaders agreed on the post-COVID recovery package

Jul 22, 2020 – Legal News by

 European Union leaders reached a deal on Tuesday on a package of measures to boost their economies after the coronavirus pandemic, agreeing to borrow and spend hundreds of billions of euros in the next few years and pay them back from new taxes. 1. Key to the deal is […]

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COVID-19: Regional courts deliver judgements virtually

Jul 21, 2020 – Legal News by

Proceedings have resumed at the African Court for Peoples and Human Rights and the ECOWAS Community Court of Justice courts with some major decisions reached virtually. The judgments include the application by a citizen of the Republic of Tanzania challenging the municipal law which bars citizens from inquiring into the […]

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IN DETAIL: 6% On Tenancy Agreement… How FIRS Will Charge Stamp Duty

Jul 21, 2020 – Legal News by

The Federal Inland Revenue Service (FIRS) says landlords will serve as collection agents for the six percent stamp duty that will be charged on tenancy and lease agreements. The tax agency provided a breakdown of how stamp duty collection will be administered in a statement.   According […]

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COVID-19: 22 Banks Approach CBN To Restructure 35,640 Loans

Jul 21, 2020 – Legal News by

 …MPR retained at 12.5% As Nigeria grapples with the rampaging COVID-19 pestilence, 22 out of 27 banks in the country have approached the Central Bank of Nigeria (CBN) to restructure a total of 35,640 diverse loans in order to stabilize the economy since businesses are currently facing […]

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COVID-19: Federal High Court Suspends Transfer Of Judges

Jul 20, 2020 – Legal News by

 The Chief Judge of the Federal High Court, Justice John Tsoho, has suspended indefinitely the annual redeployment of the court’s judges which began nearly eight months ago. Justice Tsoho said the suspension followed the effects of the Coronavirus pandemic.   The CJ, in a July 13 circular […]

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FG records 65% deficit in oil revenue projections — Ahmed

Jul 20, 2020 – Legal News by

The Federal Government on Sunday disclosed that the lingering COVID-19 pandemic on broad sectors of the economy resulted in about 65% decline in projected net revenues from the oil and gas sector in the first half of 2020 fiscal year. Minister of Finance, Budget and National Planning, Zainab Ahmed, gave […]

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G20 should start talks on reducing debts of poorest countries – World Bank chief

Jul 20, 2020 – Legal News by

  World Bank President David Malpass on Saturday urged the Group of 20 major economies to extend a freeze in official debt payments by the poorest countries through the end of 2021, and said they should start talks on reducing the debt of some countries. Malpass told a virtual meeting […]

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ECOWAS Court : President, Vice President Of Court Re-Elected For Another Term Of Two Years

Jul 17, 2020 – Legal News by

 The President of the Community Court of Justice, ECOWAS, Honorable Justice Edward Amoako Asante has been re-elected for a second term of two years by his peers. During an election that was conducted on Wednesday, 15th July 2020 by the five judges of the Court, the Vice […]

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Made-in-Nigeria Gold Arrives, to Boost Foreign Reserves

Jul 17, 2020 – Legal News by

 FG mulls reserving marginal oilfields for oil-bearing communities Eromosele Abiodun, Nume Ekeghe in Lagos, Emmanuel Addeh in Abuja and Sylvester Idowu in Warri President Muhammadu Buhari’s efforts to diversify the country’s economy hit another milestone yesterday in Abuja as the Governor of Central Bank of Nigeria, Mr. […]

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BOFIA Amendment:NDIC, CBN clash over authority to manage distressed banks

Jul 17, 2020 – Legal News by

…Corporation  seeks prohibition of insider loans By Babajide Komolafe The Nigeria Deposit Insurance Corporation (NDIC) and the Central Bank of Nigeria (CBN) are on collision course over authority to  manage distressed banks in the country. This followed the divergent positions of the two regulators at the  Senate Committee Public Hearing […]

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OPEC Insists on Total Compliance with Oil Production Cuts

Jul 16, 2020 – Legal News by

 NNPC gives conditions for relocation of Lagos tank farms Emmanuel Addeh in Abuja and Peter Uzoho in Lagos The Organisation of Petroleum Exporting Countries (OPEC) and its allied oil producers, known as OPEC+, yesterday insisted that defaulting countries, including Nigeria, must adhere to total compliance with the […]

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COVID-19: A2J asks judiciary to suspend annual court vacations

Jul 16, 2020 – Legal News by

In view of the ravaging coronavirus pandemic, civil society organisation, Access to Justice, A2J, has appealed to the National Judicial Council, NJC, to direct all courts that have announced judicial vacations to reverse the directive. In a statement by its Convener, Joseph Otteh, and Project Director, Deji Ajare, the organisation […]

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CBN Seeks Special Court To Try Loan Defaulters

Jul 16, 2020 – Legal News by

  As the national assembly prepares to repeal the Banks and Other Financial Institutions Act (BOFIA) 2004 and enact a new one, BOFIA 2020, Central Bank of Nigeria (CBN) has asked for the establishment of a Credit Tribunal to address the issue of non-performing loans. At a public […]

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Lawyers Netowrk Against Corruption Demands Immediate Reversal Of CAC Directive On Name Reservation Under Part ‘C’

Jul 15, 2020 – Legal News by

 The Lawyers Network Against Corruption has issued a 24 hour Notice to the Corporate Affairs Commission to reverse its Directive requesting that applications for name reservation under Part C should first obtain the Registrar General’s consent. In a Notice dated 13th July, 2020, LAWNAC argues that the […]

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OPEC Forecasts 25% Rise in Oil Demand in 2021

Jul 15, 2020 – Legal News by

 •Tension eases as S’Arabia speaks to Iraq, Nigeria Ejiofor Alike and Peter Uzoho with agency reports The Organisation of Petroleum Exporting Countries (OPEC) has predicted that the demand for crude oil will rise by 25 per cent in 2021 to average 29.8 million barrels per day (MMbpd), […]

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Equities market opens negative, as investors lose N55bn

Jul 14, 2020 – Legal News by

Trading activities at the local bourse started the week bearish as the benchmark index moderated 44bps to close at 24,200.60 following sell-offs in MTNN (-1.0percent), Zenith (-3.0percent) and Guaranty Trust Bank (-2.0percent ). As a result, investors lost ₦55.2bn as market capitalisation fell ₦12.6tn while year to date loss worsened […]

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Banks To Debit Debtors Accounts Directly

Jul 14, 2020 – Legal News by

 The Central Bank of Nigeria (CBN) has released guidelines on Global Standing Instruction (GSI) that would enable banks to debit account of loan defaulters without recourse to the account holders. The CBN released the guidelines in Abuja on Monday.   According to the guidelines, the GSI will […]

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P&ID Contract a Scam, Can’t Stand, FG Tells UK Court

Jul 14, 2020 – Legal News by

 •Insists firm knew there was no contract •Uncovers illegal payments to daughter of govt official Emmanuel Addeh in Abuja with agency reports The federal government yesterday led evidence to convince a United Kingdom (UK) High Court to accept its allegation that the Gas Supply Purchasing Agreement (GSPA) […]

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Nigeria records N7.188tn tax revenue deficit in 5 years

Jul 13, 2020 – Legal News by

Indications that the Federal Government’s fiscal projections on revenue collectible from tax sources in yearly budgets are not based on realities in the economy have been reflected as the federally-collectible tax projections gap stood at N7,188.90 billion in the last five years. According to a just-published report by the Civil […]

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Investors Stake N13.5 Billion on Shares

Jul 13, 2020 – Legal News by

        By Goddy Egene Investors staked N13.453 billion on 901.542 million shares in 18,676 deals at the stock market last week. The value of trading was 46.5 per cent higher than the N9.181 billion invested in 961.833 million shares in 20,058 deals the previous week. However, the […]

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Crude oil prices fall lower, oil traders focus on OPEC meeting

Jul 13, 2020 – Legal News by

Brent Crude lost about 0.62% to trade at $42.94 a barrel, at 6.05 am Nigerian time. Crude oil prices dropped on Monday morning at London’s trading session, as oil traders placed their focus on an OPEC technical meeting scheduled to hold on Wednesday. The meeting is expected to recommend an […]

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Sexual harassment bill passed to guarantee safety of students in schools – Lawan

Jul 10, 2020 – Legal News by

  President of the Senate, Ahmad Lawan has said that the passage of the sexual harassment bill by the Senate will ensure the safety of students of tertiary institutions in the country. Lawan stated this in his remarks on Tuesday after the upper chamber passed a bill for an Act […]

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Global oil markets are getting what they need from OPEC+

Jul 10, 2020 – Legal News by

  Headlines are currently screaming at readers: “Oil markets starved of essential Russian and Saudi barrels.” And yet, only a few weeks ago the world was awash with Saudi and Russian oil as global demand tanked because of the coronavirus disease (COVID-19) pandemic. The US president appealed to the two […]

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We can’t bear petrol subsidy any more – FG

Jul 10, 2020 – Legal News by

(The Minister of State for Petroleum Resources, Chief Timipre Sylva) The Federal Government says it can no longer bear the burden of petrol subsidy. The Minister of State for Petroleum Resources, Timipre Sylva, said this in a statement on Thursday. .FG: Why we deregulated petroleum products .We no longer fix […]

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FIRS extends tax payment deadline to August 31

Jul 9, 2020 – Legal News by

The Federal Inland Revenue Service (FIRS) has further extended the closing date of its waiver of penalty and interest window on tax debts owned by individuals and businesses from June 30, to August 31st this year. The Chairman of the Service, Muhammad Nami, announced the extension in a statement issued […]

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Debt reduction only way to end “poverty trap” for some countries – World Bank chief

Jul 9, 2020 – Legal News by

  The Group of 20 major economies should extend a freeze on official bilateral debt payments by the world’s poorest countries through 2021, and permanently reduce the debt load of some of the most heavily indebted ones, World Bank President David Malpass said on Wednesday. Merely delaying debt payments would […]

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EIA increases Brent price projection by $2.50 for 2020

Jul 9, 2020 – Legal News by

International benchmark expected to average $40.50 per barrel this year.     The United States Energy Information Administration (EIA) has increased its Brent crude oil price forecast for 2020 by $2.50 per barrel. This was disclosed in its monthly Short-Term Energy Outlook (STEO) report for July. According to the report, the international benchmark is now expected to average […]

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AFCFTA is a powerful tool for Africa’s economic integration – ECA

Jul 9, 2020 – Legal News by

The pandemic has given African an opportunity to review its poor healthcare infrastructure,   The Executive Secretary of the UN Economic Commission for Africa (ECA), Ms Vera Songwe, said the African Continental Free Trade Area (AFCFTA) is a powerful tool to accelerate regional and economic integration in Africa.    The statement was made during a virtual […]

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Oil And Gas Pipelines Increasingly Losing Legal Challenges

Jul 8, 2020 – Legal News by

  Two major oil and gas pipelines bit the dust in the last 36 hours, a fearsome demonstration of the growing legal risks facing builders of fossil fuel infrastructure. On Sunday, the utility companies Dominion and Duke Energy canceled their proposed $8 billion Atlantic Coast Pipeline, which would have ferried […]

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CBN adjusts official exchange rate to N381/$

Jul 8, 2020 – Legal News by

      The naira weakened some 5.8 percent to N381 per dollar at the official market, Tuesday, as the Central Bank of Nigeria (CBN) took yet another step towards a convergence of its multiple exchange rates. The official rate which had been at N360/$ since March was quoted at […]

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NSE All-Share Index Rises 0.3% as Stock Market Rebounds

Jul 8, 2020 – Legal News by

      Goddy Egene The Nigerian Stock Exchange (NSE) All-Share Index (ASI) appreciated by 0.3 per cent to close at 24,097.48 yesterday, following the return of the bulls to the stock market. After depreciating by 1.99 per cent last week, the market remained bearish on Monday when trading resumed […]

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FG Earmarks 6bn Intervention Fund for Mining Sector

Jul 7, 2020 – Legal News by

 As part of post COVID-19 intervention, the Minister of Mines and Steel Development, Mr. Olamilenka Adegbite, yesterday in Abuja disclosed that the federal government has earmarked the sum of N600 billion out of N2.3 trillion to be release by the government to ministries to cushion the effect […]

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NEITI Seeks Abolition of Excess Crude Account

Jul 7, 2020 – Legal News by

 Emmanuel Addeh in Abuja The Nigeria Extractive Industries Transparency Initiative (NEITI) yesterday called on the federal government to immediately abolish the Excess Crude Account (ECA) and transfer the balance to the Nigerian Sovereign Investment Authority (NSIA). The agency noted that one of the challenges towards Nigeria achieving […]

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FRC orders the Big Four to separate auditing from consulting services

Jul 7, 2020 – Legal News by

  The Big Four firms now reportedly generate the largest portions of their revenues from consultancy services.     The world’s four biggest audit firms —KPMG, PwC, Ernst & Young, and Deloitte — have been directed by the Financial Reporting Council (FRC) to plan towards separating their audit services from […]

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Sell offs raised investors’ loss to N257bn

Jul 6, 2020 – Legal News by

Trading hall of the Nigeria Stock exchange, Lagos. Sell offs in banking stocks at the end of a week-long trading last week worsened the  year-to-date returns on the equities to -9.3 per cent thereby pushing  market capitalisation down by N257.1bn to close at  N12.7tn. The equities market recorded losses on […]

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NCDMB council raises NCI fund to $350m

Jul 6, 2020 – Legal News by

The Governing Council of the Nigerian Content Development and Monitoring Board (NCDMB) has approved the expansion of the Nigerian Content Intervention (NCI) Fund from $200 million to $350 million. Julius Bokuro, Special Assistant on Media and Public Affairs to the Minister of State for Petroleum, Chief Timipre Sylva, who made […]

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Brent crude records minor gain as growing concerns over COVID-19 limit upside

Jul 6, 2020 – Legal News by

Brent crude is the leading global benchmark for Atlantic basin crude oils.   Brent crude gained about 0.68%, to trade at $43.08 a barrel by 5.01 am local time, after a 4.3% gain recorded in the previous week. The implied volatility for Brent crude price has plunged to the lowest […]

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‘Illicit Trade Accounts for 3% of Global Trade’

Jul 6, 2020 – Legal News by

 By Ugo Aliogo The Acting Director, Organisation for Economic Co-operation and Development, (OECD) Public Governance Directorate, János Bertók, has revealed that illicit trade accounts for three per cent of global trade and also causes huge revenue losses in excess of billions of dollars for governments and the […]

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We’re developing application for virtual proceedings in courts — FG

Jul 3, 2020 – Legal News by

The Federal Government says is developing an application to enhance virtual proceedings in courts and allow for tendering of documenting evidence electronically. The Minister of State for Science and Technology Barrister Abdullahi disclosed this when the Executive of the Abuja branch of the Nigerian Bar Association paid a courtesy call […]

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Plea Bargain Enhances Quick Return of Stolen Assets — Solicitor-General

Jul 3, 2020 – Legal News by

 The federal government Thursday said that the mechanism of a plea bargain if well deployed is capable of fast-tracking the return of stolen assets to the nation.   Solicitor-General of the Federation and Permanent Secretary, Ministry of Justice, Mr. Dayo Apata (SAN), who described plea bargaining as […]

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FIRS introduces stamp duty on house rent and C of O transactions

Jul 3, 2020 – Legal News by

FIRS explained that the new policy was necessary so as to give the instruments the legal backing required.   The Federal Inland Revenue Service (FIRS), as part of measures to reduce disputes in real estate related transactions and generate more revenue, has announced that stamp duty will be paid on […]

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Moody’s: Nigerian Banks to Face Pressure with Reduced Dollar Deposit

Jul 2, 2020 – Legal News by

 By Obinna Chima Banks in Nigeria are facing foreign currency shortages because of low oil prices, volatile foreign inflows and lower remittances amid the pandemic, threatening to renew foreign currency liquidity pressures that blighted them during a previous oil crisis in 2016-2017, Moody’s Investors Service stated […]

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Low Prices Boost Equities Market’s Gain by N1.6tn in Q2

Jul 2, 2020 – Legal News by

 Healthcare, food, beverages lead gainers Goddy Egene The high demand for shares because of their low prices made the Nigerian stock market perform positively in the second quarter (Q2) of the year, gaining N1.667 trillion despite the lockdown occasioned by the COVID-19 pandemic. THISDAY gathered that despite […]

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Paucity of Funds Bane of Justice Delivery, Says FCT CJ

Jul 2, 2020 – Legal News by

The Chief Judge (CJ) of the Federal Capital Territory (FCT) High Court, Justice Ishaq Bello has identified paucity of fund as one of the major challenges that hamper justice delivery in the country.   Justice Bello who stated this in an interview on ARISE NEWS Channel, a sister broadcast […]

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Independent Candidacy: ECOWAS Court dismisses suit against Nigeria

Jul 2, 2020 – Legal News by

   The ECOWAS Court of Justice on Wednesday, dismissed a suit by Obinna Umeh and three others, challenging the laws of the Federal Republic of Nigeria which bars independent candidacy in election contests.   A three-member panel of justices presided by the court’s President, Justice Edward Asante, held […]

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UK Court Set To Hear Whether Nigeria Can Challenge P&ID $9.7bn Award

Jul 1, 2020 – Legal News by

 A London Commer­cial High Court has reserved July 13 and 14 for hearing a suit to determine whether Nigeria can challenge the $9.7 billion award granted by a London Arbitral Tri­bunal in favour of Process and Industrial Development (P&ID) against the Federal Government.   The suit had […]

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FG Targets N1trn Revenue From Stamp Duties

Jul 1, 2020 – Legal News by

 …₦66bn stamp duties remitted to federation between Jan and May …FIRS to go after MDAs keeping stamp duties   The Federal Government has charged the Federal Inland Revenue Service (FIRS) to ensure it recovers all stamp duties collected on behalf of the Federal Government but yet to […]

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NEPZA Boss Identifies Bottlenecks to Economic Zones’ Devt

Jul 1, 2020 – Legal News by

  James Emejo in Abuja The acting Managing Director, Nigeria Export Processing Zones Authority (NEPZA), Mr. Bitrus Dawuk, has said periodic interference of other government agencies in free zone operations, overtly stringent or impromptu government fiscal and monetary policies as well as an outdated legal framework which had […]

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OPEC has cut oil output by 1.25 mbpd in June, says Petro-Logistics

Jun 30, 2020 – Legal News by

OPEC has cut oil output in June by 1.25 million barrels per day (bpd) from May levels as it works to implement a supply restraint agreement with Russia and other allies, according to estimates from tanker-tracking company Petro-Logistics. OPEC and its allies, a group known as OPEC+, agreed to […]

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IMF Advises Nigeria to Slow Down on Tax Drive

Jun 30, 2020 – Legal News by

Nume Ekeghe The International Monetary Fund (IMF) has urged Nigeria to slow down on its aggressive tax drive due to the impact of the COVID-19 on businesses and households. The fund, however, told the federal government to continue to push for policies that are supportive of its […]

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CBN Seeks to Safeguard Consumers of Financial Products

Jun 30, 2020 – Legal News by

  James Emejo in Abuja The Central Bank of Nigeria (CBN) yesterday released the draft framework for the regulation of Sandbox operations. The regulation seeks to set standards for live trials or demonstration of new innovative products and financial technology in the industry. The CBN said the move […]

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FG merges CAC, tax ID registrations to improve business environment

Jun 30, 2020 – Legal News by

 Business owners who registered their organisations with the Corporate Affairs Commission (CAC) would no longer need to approach the Federal Inland Revenue Service (FIRS) for a tax identification number. In a statement on Monday, CAC said the processes of registering a business and getting a tax ID have been […]

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FG Set to Review 4-Year-Old Petrol Pricing Template

Jun 29, 2020 – Legal News by

 *Forex scarcity hampering deregulation, says PPPRA   The federal government Sunday indicated that it is working to review the current pricing template for petrol which was last adjusted four years ago, in order to reduce the alleged exploitation of Nigerians by the operators in the downstream sector. […]

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Crude oil prices slump, as partial lockdowns resume

Jun 29, 2020 – Legal News by

However, Brent crude is set to end the month of June with a third consecutive monthly gain.   Crude oil prices began the week on a bearish note as COVID-19 caseloads rose in many places around the world, making some countries resume partial lockdowns that could hurt the demand for energy. […]

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Investors gain N1.3bn despite bearish trend

Jun 29, 2020 – Legal News by

Despite four consecutive losses during the week, the local stock market closed on a bullish note as buying interest in Airtel Africa (+10.0 per cent), ABC Transport  (+9.8 per cent) and Nestlé (+9.6 per cent) supported overall performance. Consequently, the NSE All-Share Index closed in the green, rising 1bp week-on-week […]

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Investors lose N15bn as profit-taking whittles stocks’ value

Jun 26, 2020 – Legal News by

Profit-taking in MTN Nigeria (-0.4per cent), Zenith bank (-1.5per cent) and FBNH (-0.9per cent) dragged the benchmark index 12bps lower to close at 24,625.24 points. As a result, market capitalisation declined N15.6bn to N12.8tn while year to date  loss worsened to -8.3per cent. Activity level waned as volume and value […]

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Brent Crude gains ground, Oil traders optimism rebounds

Jun 26, 2020 – Legal News by

There are fears the resurgence of the COVID-19 virus could stutter the demand recovery for energy.     Brent crude oil price maintained its bullish trend, as it gained ground at London’s trading session on recovering energy demand worldwide, despite a surge in COVID-19 cases in the western world. […]

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Chief Judge Warns Judges against Granting Ex-parte Orders in Political Matters

Jun 26, 2020 – Legal News by

Chief Judge of the Federal High Court (FHC), Justice John Tsoho   Davidson Iriekpen in Lagos and Chuks Okocha in Abuja The Chief Judge of the Federal High Court (FHC), Justice John Tsoho, has “strongly advised” all judges in the courts to desist from granting ex-parte orders in political […]

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IMF projects worse decline for Nigeria’s economy

Jun 25, 2020 – Legal News by 

 The International Monetary Fund (IMF) has downgraded Nigerian’s economic outlook or GDP in the 2020 fiscal period to -5.4 percent. The IMF in April 2020 had predicted a – 3.4 per cent decline in GDP.   The IMF however said Nigeria’s economy will see a rebound of […]

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Opec secretary general says the worst is over for oil markets

Jun 25, 2020 – Legal News by 

After suffering historic price drops in the first half of 2020, oil markets are now well onto the path of recovery for the second half of the year according to Opec secretary general Mohammad Barkindo, crediting the group for its actions in helping rescue crashing oil prices. “As we see […]

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Rising COVID-19 Cases at Oilfields Threaten Nigeria’s Output

Jun 25, 2020 – Legal News by 

  Nigeria, others submit production compensation plans to OPEC UK S’Court hears N’Delta communities’ case against Shell   Ejiofor Alike and Emmanuel Addeh in Abuja with agency reports The rising number of COVID-19 cases among workers at Nigeria’s offshore oilfields and platforms is a growing threat to the […]

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ECOWAS Court President flays disregard for verdicts

Jun 24, 2020 – Legal News by 

President of the ECOWAS Court, Justice Edward Asante has said that the lack of political will on the part of member states to enforce its judgment was limiting its effectiveness. Briefing reporters during a virtual news conference yesterday, Asante said aspect of enforcing judgments of the court […]

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SEC orders September deadline for new rules on mutual funds

Jun 24, 2020 – Legal News by 

Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC), has set a deadline of September 30, for compliance with new rules on collective investment schemes (CIS). SEC had in December 2019 issued rules on CIS, otherwise known as mutual funds, to strengthen effective management of the […]

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In 2020′s biggest energy deal, six global firms strike $20 billion agreement with Abu Dhabi state oil giant

Jun 24, 2020 – Legal News by 

 A consortium of six global investors has entered into a $20.7 billion agreement with Abu Dhabi National Oil Company (ADNOC), the state-owned oil company said Tuesday. As part of the agreement, the group will invest $10.1 billion to acquire a 49% stake in a newly-formed subsidiary, ADNOC Gas Pipeline […]

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Market cap dips N2.0bn on blue chip stocks’ sell-offs

Jun 24, 2020 – Legal News by 

The domestic equities market closed southward as the benchmark index declined 2bps to close at 24,750.06 points due to sell-offs in Dangote Sugar (-9.9percent), Nigerian Breweries (-2.7percent) and ETI (-5.1percent). As a result, market capitalisation declined N2.0bn to N12.9tn while year to date loss settled at -7.8per cent. Activity level […]

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Delinquent Debtors: Stakeholders Call for International Data Sharing Agreement

Jun 22, 2020 – Legal News by

  By Nume Ekeghe Some stakeholders have stressed the need for the Central Bank of Nigeria (CBN) to enter into an international data sharing agreement with other regulators across the globe to expose bank customers who take loans and relocate to other countries without any repayment plan. […]

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SON Approves 168 Standards for Economic Activities

Jun 22, 2020 – Legal News by

  The Governing Council of the Standards Organisation of Nigeria (SON) has approved 168 new standards for publication and dissemination to various sectors of the economy in furtherance of the federal government’s economic diversification policy. Rising from its virtual meeting chaired from Abuja by the Permanent Secretary, Federal Ministry of […]

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FG To Review Capital Market Master Plan

Jun 22, 2020 – Legal News by

 The federal government is to review the Capital Market Master plan in order to align the assumptions and projections with current realities. Doing so, it stated, is a very important step in redefining the roadmap for stakeholder participation in the Nigerian capital market.   The core objective […]

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Investors lost N185.7bn w/w on sell-offs in equities

Jun 22, 2020 – Legal News by

The equities market remained largely bearish last week with investors losing N185.7 billion week-on-week at the close of trading on Friday and market capitalisation dipping to N12.95trn. Consequently, the benchmark index (All Share Index) dropped 1.4per cent to close at 24,826.75 points, thus worsening the year-to-date (YTD) returns to -7.5per […]

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NSE Records Positive Growth in Market Turnover

Jun 19, 2020 – Legal News by

The Nigerian Stock Exchange opened strong in 2020.   The Nigerian Stock Exchange (NSE or The Exchange) recorded an 11% increase on the average daily turnover on Wednesday, 17 June 2020 when compared to the same period in 2019 recording N3.93 Billion and N3.52 Billion respectively. Significant growth has also been […]

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Seafarers Lament Marginalisation by LNG, Foreign Shipping Companies

Jun 19, 2020 – Legal News by

        Eromosele Abiodun Seafarers in the country have decried what they described as marginalisation by the Nigeria LNG Limited and foreign ship owners in preference for their counterpart in other countries with less qualification. This, they said, was despite the massive investment in seafarers’ manpower development by […]

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COVID-19: ECOWAS Recommends Gradual Re-Opening Of Regional Borders

Jun 19, 2020 – Legal News by

      After months of lockdown of the regional borders occasioned by the COVID-19 pandemic, the Economic Community of West African States (ECOWAS) Ministerial Coordination Committee on Transport, Logistics and Trade, has recommended the gradual re-opening of land, air and sea borders in the West African region. This, the […]

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FG Moves To Protect Girl Child Against Rape, Violence

Jun 19, 2020 – Legal News by

      The federal government on Thursday restated its resolve to protect every girl child in the country against rape and violence. The Attorney General of the Federation and minister of Justice, (AGF), Abubakar Malami (SAN), maintained this position at a joint-press briefing which has the Human Rights Commission, […]

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NPA Issues Fresh Operational Licenses to Barge Operators

Jun 17, 2020 – Legal News by

 IN a bid to ease the traffic gridlock in and around Apapa port and its environs, the Nigerian Ports Authority, NPA, has issued fresh operational licences to barge operators to evacuate cargoes by waterways from Nigerian ports. Confirming the development, Adams Jatto, General Manager, Corporate and Strategic Communication […]

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IMF sees ‘profound uncertainty’ about global recovery

Jun 17, 2020 – Legal News by

The International Monetary Fund will likely forecast a worse contraction in the global economy than previously estimated for 2020 and sees “profound uncertainty” about the path of recovery, IMF chief economist Gita Gopinath said in a new blog. Gopinath said the economic crisis triggered by the novel coronavirus pandemic […]

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Sell-offs cost investors N12bn loss in equities market

Jun 17, 2020 – Legal News by

The equities market continues on the negative as  the All-Share index lost 9bps to close at 24,930.88 points due to price declines in MTN Nigeria (-0.9percent), Flourmill (-6.7percent) and FBNH (-1.9percent). As a result, market capitalisation fell ₦12.2bn to settle at ₦13.0tn while year to date loss worsened to -7.1percent. […]

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Shippers’ Council targets 24hr port operations

Jun 17, 2020 – Legal News by

The Nigerian Shippers’ Council (NSC) on Tuesday unveiled far-reaching initiatives it is pursuing to reposition the nation’s maritime industry, particularly its shipping and haulage components, on the path of sustainable growth and improve the sector’s contributions to the Gross Domestic Product (GDP). The Executive secretary of the Council, Barr. Hassan […]

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NNPC Releases Audited Financial Statements

Jun 16, 2020 – Legal News by

 *Refineries record losses of N154 billion Nigerian National Petroleum Corporation (NNPC) has officially released, for the first time, its audited statement of accounts to the public.   Though the corporation has been sending copies of the annual statements to the presidency and the National Assembly in the […]

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Market loses N119bn on profit-taking in blue-chip stocks

Jun 16, 2020 – Legal News by

Sell-offs in telecommunication giant, MTN Nigeria (-1.7 per cent), BUA Cement (-1.8 per cent) and Zenith Bank (-2.7 per cent) dragged the All-Share Index by 91bps to close at 24,954.25 points. As a result, market capitalisation fell N119.2bn to settle at N13.0tn, while year to date loss worsened to -7.0 […]

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DPR Rolls Out Measures for Oil Industry Survival

Jun 16, 2020 – Legal News by

  The Department of Petroleum Resources (DPR) has unveiled its strategic plan and policy actions for the survival and success of participants in the nation’s oil and industry post Covid-19. The Director of DPR, Mr. Sarki Auwalu, listed four key areas being pursued by the agency […]

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FG Raises N162.6bn through Sukuk Bond Sale

Jun 16, 2020 – Legal News by

  Nigeria has raised N162.56 billion to help finance infrastructure projects through the sale of Islamic bonds to local funds and insurance companies, the Debt Management Office (DMO) said. The government had planned to sell N150 billion of the sukuk in its third outing, the DMO said, but […]

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Shippers’ Council to Enforce SOP in Cargo Evacuation

Jun 15, 2020 – Legal News by

The Nigerian Shippers Council (NSC) has announced that it will ensure that Standard Operating Procedure (SOP) in cargo evacuation at the nation’s seaports is adhered to. The Executive Secretary/ Chief Executive of the NSC, Mr Hassan Bale made this known at the resumed evacuation […]

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Nigeria’s daily oil output overfull OPEC+ deal -Kyari

Jun 15, 2020 – Legal News by

 Nigeria’s current daily oil production overcomplies with its promised cuts under an agreement among major oil producers, the head of the state oil company said on Friday. NNPC chief Mele Kyari also said during a Zoom call organised by the Atlantic Council that if all countries that are part […]

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Investors gained N82.8bn amid mixed trading sessions

Jun 15, 2020 – Legal News by

New research from the University of Cambridge suggests that there is no absolute trade-off between the economy and human health – and that the economic price of inaction could be twice as high as that of a “structured lockdown”. The domestic equities market maintained its bullish run last week, despite […]

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FG Extends Deadline for Marginal Oilfield Bids to June 21

Jun 12, 2020 – Legal News by

  Crude oil price slumps to $38 over concerns on demand Ejiofor Alike with agency reports The Department of Petroleum Resources (DPR) thursday extended by one week, the deadline to register to bid for Nigeria’s marginal oilfields, which will now close on June 21. The DPR launched […]

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Oil prices hit the biggest daily decline on COVID-19 resurgence, inventories

Jun 12, 2020 – Legal News by

This year has been a turbulent one for the oil market as crude oil prices went negative for the first time in history.     This year has been a turbulent one for the oil market as crude oil prices went negative for the first time in history. This was […]

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‘NPA to Save Nigeria Multi-million Dollars through Local Dry-docking’

Jun 12, 2020 – Legal News by

 Hadiza Bala Usman   Eromosele Abiodun The Managing Director of the Nigerian Ports Authority (NPA), Hadiza Bala-Usman, has said the agency has granted the necessary approval to ensure that vessel owners dry-dock their vessels in Nigeria to save the country multi-million dollars spent on ship repairs outside […]

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Equities market cap dips N17bn on blue chip stocks’ slump

Jun 12, 2020 – Legal News by

Nigeria’s equities market closed yesterday’s trading on a bearish note as the All Share Index (ASI) dipped 0.13 per cent to close at 25,182.67 points due to losses in highly capitalised stocks. Specifically, the market capitalisation which opened at N13.153 trillion shed N17 billion to close at N13.136 trillion. On […]

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Global industrial output declined by 6.0% in Q1 – UNIDO

Jun 11, 2020 – Legal News by

The United Nations Industrial Development Organisation (UNIDO) has reported a huge decline in the global industrial output, with manufacturing production slumping by 6.0 per cent in the first quarter this year compared to corresponding quarter’s output in 2019. This organisation attributed the slump to “China’s lockdown to contain the spread […]

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Market reverses returns-yielding trend, investors lose N62.6bn

Jun 11, 2020 – Legal News by

Today, trading in the domestic equities market closed south as price depreciation in BUA Cement (-3.9percent), UACN (-9.1percent) and Zenith (-1.2percent) dragged the All-Share Index by 47bps to close at 25,215.04 points. As a result, market capitalisation fell N62.6bn to settle at N13.2tn while year to date loss worsened to […]

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Brent crude oil price to trade lower this week on oversupply concerns

Jun 11, 2020 – Legal News by

  Oil prices took a tumble on Tuesday, with the commodity under pressure from a strong US dollar and investors oversupply concerns returning despite OPEC+ agreeing to prolong their record production cuts until the end of July. Brent crude is trading 28 cents lower at $40.52 a barrel, while the […]

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Gold price up ahead Fed Policy meeting details

Jun 11, 2020 – Legal News by

Gold was up again on Wednesday in Asia, leveraging on its gains from the previous session. The safe-haven asset had jumped by 1.2% during the previous session.     Gold was up again on Wednesday in Asia, leveraging on its gains from the previous session. The safe-haven asset had jumped […]

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FG restates support for improved investment in solid minerals

Jun 10, 2020 – Legal News by

The Federal Government has renewed resolve to expand sources of non-oil revenue by creating enabling environment for investment in mineral resources and allied products in commercial quantities. Speaking at the virtual launch of Nigeria’s premier gold company, Dukia Gold and Precious Metal Refining Company Limited’s Raw Materials Purchasing Programme, the […]

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Equities market sustains bullish trend, investors gain N44bn

Jun 10, 2020 – Legal News by

Today, the NSE All-Share Index (ASI) appreciated 34bps to close at 25,335.15 points following buying interest in BUA Cement (+4.1 per cent), Dangote Sugar (+2.8 per cent) and UBA (+0.8per cent). Consequently, investors gained N44.4bn as market capitalisation increased to N13.2tn, while year-to-date loss eased to -5.6 per cent. Activity […]

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Nigerian Businesses Target African Countries for Raw Material Inputs

Jun 10, 2020 – Legal News by

  James Emejo in Abuja About 79 per cent of Nigerian businesses currently hold the view that Africa represents an alternative market destination to source their raw material inputs. But lack of adequate quality standards remained a major challenge to sourcing production inputs within the continent, according […]

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How will Africa manage the post-COVID economy?

Jun 10, 2020 – Legal News by

  It is too early to say that the global economy is entering the recovery phase after the humanitarian and economic damage inflicted by COVID-19. However, there are already three mega-trends emerging, which will also shape Africa’s economic future – the three ‘Ds’ of the new world order. 1. De-globalization […]

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Banks Urged to Expand Financial Inclusion

Jun 9, 2020 – Legal News by  

Ugo Aliogo Financial institutions have been urged to provide services and products such as micro-insurance, micro-credit, among others. A communiqué made available to THISDAY by the Consumer Awareness and Financial Enlightenment Initiative (CAFEi), recommended that for people to be financially included, they must be economically included and […]

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Markets’ trends showing Good and Bad signs for Nigeria’s economy

Jun 9, 2020 – Legal News by

Bond market to maintain a similar trend on Tuesday as the bulk of the attention will be skewed towards the outcome of the Sukuk auction.     Major markets in the Nigeria closed with mixed trends on June 08, 2020, as most of the indicators maintained relatively quiet trend. Money […]

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Market set to tighten as OPEC+ agrees to extend 9.7 million b/d output cut

Jun 9, 2020 – Legal News by

  OPEC+ agreed a one-month extension of the 9.7 million barrels per day (b/d) production cut. The extension will tighten the market further and could see Brent prices rise from the current $40/bbl toward $45-to-$50/bbl. Ann-Louise Hittle, vice president, Macro Oils, said: “The 9.7 million b/d production cuts were already […]

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Crude oil prices rebound ease investors’ concerns for Nigeria debt market

Jun 8, 2020 – Legal News by

After the output cut by OPEC+ helped to reduce the supply glut, crude oil prices rebounded to the highest level at over $42 per barrel   The surge of crude oil prices within the week is a source of good news to Nigeria, with its resultant positive impact on the country’s economy, although the […]

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Future of West African Corporate Finance Market

Jun 8, 2020 – Legal News by

      By Kemi Owonubi The economic and social impact of the COVID-19 pandemic continues to be felt globally. In West Africa, beyond a health crisis, the economic aftershocks will continue to be felt through reduced foreign trade and investment, and declining local income and reduced consumption levels. Our […]

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CBN Debits Banks N460 Bn In CRR

Jun 8, 2020 – Legal News by

  The Central bank of Nigeria (CBN) on Friday took N460 billion ($1.2 billion) from lenders as additional cash reserves. Bankers describe Cash Reserve Ratio (CRR) as the amount of funds that banks have to maintain with the CBN at all times. If the central bank decides to increase the […]

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Profit-taking dips market cap by N118bn week-on-week

Jun 8, 2020 – Legal News by

Negative sentiments and profit taking in some blue chip stocks took precedence in the domestic equities market at the end of last week, with investors recording N118 billion loss week-on-week (w/w) at the end of trading last Friday. In spite of the further easing of the lockdown of the economy […]

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FG removes cap on petrol price, allows marketers to fix price

Jun 5, 2020 – Legal News by

The price cap per liter in respect of Premium Motor Spirit (PMS) is removed from the commencement of these Regulations.   The Federal Government has removed the cap on Premium Motor Spirit (PMS) price, popularly known as petrol. This was disclosed by the Petroleum Products Pricing Regulatory Agency (PPPRA) via […]

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NPA to Push for Increased Deep Sea Port Investment

Jun 5, 2020 – Legal News by

Managing Director of the NPA, Hadiza Bala-Usman   The Managing Director of Nigerian Ports Authority (NPA), Hadiza Bala-Usman, has said the focus of the agency going forward is to aggressively drive investment in deep sea ports to make Nigerian ports competitive and efficient. She stressed that the absence of the […]

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Equities market halt bullish streak, investors lose N50bn

Jun 5, 2020 – Legal News by

The equities market erased Wednesday’s gains as the All-Share Index declined 38bps to close at 25,312.05 points due to profit-taking in MTNN (-1.7%), Guaranty Trust Bank (-2.0%) and Zenith bank (-1.8%). Consequently, investors lost N50.1bn as market capitalisation settled at N13.3tn while year to date  loss worsened to -5.7%. Activity […]

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OPEC+ may meet over oil cuts this week if laggards agree to comply: sources

Jun 5, 2020 – Legal News by

OPEC+ oil producers could still hold a ministerial video conference this week if Iraq and others which have not fully complied with existing oil supply cuts agree to boost their adherence, three OPEC+ sources told Reuters on Thursday. The Organization of the Petroleum Exporting Countries andits allies led by Russia, […]

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World Bank sets guidelines for reopening of economies

Jun 4, 2020 – Legal News by

The World Bank has released steps countries, especially poor countries, can adopt to mitigate the adverse impacts of COVID-19 on their economies. According to analytical chapters released Tuesday by the World Bank Group’s Global Economic Prospects Report, “developing countries and the international community can take steps now to speed recovery […]

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FIRS to resume field audit, investigation exercises June 30

Jun 4, 2020 – Legal News by

The Federal Inland Revenue Services (FIRS) has said it will resume audit, investigations and monitoring exercises earlier suspended as part of measures to cushion the effects of Covid-19 pandemic on the 30th June 2020. In a public notice signed by the Chairman of the Service, Muhammed Nami, the Service said […]

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OPEC+ reaches tentative deal on one-month extension to 9.7 mil b/d oil cuts: sources

Jun 4, 2020 – Legal News by

  OPEC and its allies have coalesced around a one-month extension to their 9.7 million b/d collective production cuts beyond June, with key members Saudi Arabia and Russia aligned, though the date of a meeting to finalize a decision remains in flux, according to people involved in the talks. OPEC […]

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Oil & Gas: DPR announces 2020 marginal field licensing round

Jun 4, 2020 – Legal News by

While we see the need for these asset sales to generate much-needed revenue for the Federal Government, we are concerned that a bidding process under the current environment will be fraught with difficulties.   The Department of Petroleum Resources (DPR) on Monday announced the commencement of the 2020 marginal field […]

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Ibom deep seaport secures business case compliance approval

Jun 3, 2020 – Legal News by

The federal government can now commence the full procurement process of the Ibom Deep Water Port (IDWP) through Public Private Partnership (PPP) as the facility’s full business case has been approved by the Infrastructure Concession Regulatory Commission (ICRC). Engr. Chidi Izuwah, the Director General of the ICRC gave the indication […]

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‘Falling Oil Prices Place Pressure on Govt Finance’

Jun 3, 2020 – Legal News by

 Ugo Aliogo Falling oil prices in addition to weak export demand are putting pressure on federal and state governments’ finances, a report has revealed. The report also predicted that revenue projections in the revised 2020 budget would be unmet, thereby constraining government’s ability to meet obligation such as […]

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OPEC-led production cuts will likely pack a punch in lifting oil prices: survey

Jun 3, 2020 – Legal News by

OPEC+’s landmark production cut deal along with a pickup in demand in the east of Suez may prove effective in raising the official selling prices for Middle East crude grades flowing to Asia, a survey by S&P Global Platts showed June 2. “Clearly OSPs will get a good hike — […]

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Crude oil prices rally as investors remain optimistic about oil production cut

Jun 3, 2020 – Legal News by

Investors are waiting to see if major oil producers agree to extend their massive output cuts to support crude oil prices   Oil prices gained on Tuesday morning, with investors waiting to see if major oil producers agree to extend their massive output cuts to support crude oil prices, at a […]

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NNPC Records 74 Pipeline Breaches in Two Months

Jun 2, 2020 – Legal News by

Emmanuel Addeh in Abuja The Nigerian National Petroleum Corporation (NNPC) lost over N20 billion due to 74 pipelines breaches by suspected crude oil thieves in January and February this year, the national oil company has said. Information obtained from the corporation also indicated that from the illegal activities […]

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FG’s plan for N350 billion revenue from oil field licensing suffers setback

Jun 2, 2020 – Legal News by

The 2 marginal fields–the Ororo field, known as OML 95, and the Dawes Island marginal oil field, formerly called OML 54–were among 11 oil licenses that were revoked by the Department of Petroleum Resources (DPR) in April.   The Federal Government’s plan to boost its revenue in the face of […]

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FG has fulfilled disbursement criteria for $3.4bn loan – IMF

Jun 2, 2020 – Legal News by

 The International Monetary Fund (IMF) has confirmed that the Federal Government has complied with the transparent and accountable disbursement requirements of the $3.4 billion Rapid Financing Instrument (RFI), facility granted it contain the COVID-19 pandemic spread in the country.   The IMF loan is meant to support […]

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Equities market opens bullish as investors gain N25bn

Jun 2, 2020 – Legal News by

The stock market resumed the week positive as the All-Share-Index rose 21bps to close at 25,316.15 points following buying interest in Guaranty Trust Bank(+2.3 per cent), Dangote Sugar (+9.7 per cent) and BUA Cement (+0.7 per cent). As a result, investors gained N25.2bn as market capitalisation settled at N13.2tn, while […]

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COVID-19: AMCON seeks bailout for airlines

Jun 1, 2020 – Legal News by

The Asset Management Corporation of Nigeria (AMCON), on Wednesday, joined industry stakeholders’ call on the Federal Government to consider, as a matter of top priority, bailout funds for the aviation industry. AMCON had provided about N50bn over the last eight years to support the operations of indigenous carriers. The corporation’s […]

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‘AfCFTA is Africa’s COVID-19 Economic Palliative’

Jun 1, 2020 – Legal News by

By Dike Onwuamaeze The Secretary General of the African Continental Free Trade Area (AfCFTA) Secretariat, Mr. Wamkele Mene, has described an efficient implementation of the intra-African free trade agreement as a critical tool in the hands of the continent’s leaders to stimulate and re-inject dynamism […]

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OPEC+ to discuss extension of output cut as Chinese demands boost Nigerian oil

Jun 1, 2020 – Legal News by

Note that OPEC members usually take a decision on their plans for oil trade for the month of July in the first week of June, so as to give them time to react quickly to decisions at the meeting.   There are indications that OPEC+ is close to a decision […]

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Equities trading yields N32bn gain for investors

Jun 1, 2020 – Legal News by

The equities market sustained a positive performance at the close of last week as the All-Share Index gained 0.3 per cent week-on-week to close at 25,267.82 points. Consequently, market capitalisation grew by N32.9bn to peak at N13.2tn, while year-to-date loss improved to -5.9 per cent at the end of the […]

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