LITHIUM LICENSE IN NIGERIA Lithium mining is a growing industry in Nigeria, and the government has recently issued permits to allow companies to begin mining operations. The Nigerian government has identified lithium as a strategic mineral and is keen to develop the industry in order to benefit from its potential economic benefits. Exploration for [...]
FCCPC REGISTRATION FOR DIGITAL LENDING COMPANIES The Federal Competition and Consumer Protection Commission (FCCPC) is the regulatory authority responsible for, among other things, the administration and enforcement of the Federal Competition and Consumer Protection Act 2018 (the Act). Recently the FCCPC, NITDA (National Information Technology Development Agency) together with other federal agencies have been looking [...]
Money laundering is the process of concealing the origin of money, obtained from illicit activities such as drug trafficking, corruption, and embezzlement by converting it into a legitimate source. It is a crime in many jurisdictions with varying definitions. It is usually a key operation of organized crime. In Nigeria, the Money Laundering (Prevention and [...]
Business Permits and other necessary licenses must be obtained by any foreign-owned company for a seamless business operation in Nigeria. In addition to obtaining a business permit, any foreigner wishing to work as an employee or control a company in Nigeria must also obtain an Expatriate Quota through the company for that purpose. Both the [...]
NHF CONTRIBUTIONS SCHEME IN NIGERIA National Housing Funding (NHF) is a Federal Government scheme that entitles Nigerians in paid employment and above 21 years to cater to their housing needs. This scheme was established by the virtue of the NHF Act of 1992. According to the NHF Act, all Nigerian employees and income earners, whether [...]
Most times individuals in Nigeria or even outside of Nigeria may need to obtain a police character certificate for different reasons or purposes. However, the most common reason for obtaining a police character certificate is for immigration or travel purpose. In this article, we would briefly discuss the Police Character Certificate in Nigeria and the [...]
LAWS OF DIVORCE IN NIGERIA Divorce is a legal means of bringing a statutory marriage to an end through the court system and for a marriage to undergo divorce proceedings in the High Court, such marriage must be one of those governed by the Matrimonial Causes Act LFN 2004 (the Act), such as marriages conducted [...]
The Securities Exchange Commission (SEC) of Nigeria has recently released new rules regarding the issuance, exchange and custody of digital assets (i.e digital token that represents assets such as debt or equity claim on the issuer) in Nigeria. Digital assets here refer to all types of crypto assets. The rules shall apply to all issuers [...]
HOW TO START A BUSINESS IN NIGERIA In Nigeria, foreign investments have been a great boost to the economy. It is to be noted that Nigeria operates a free market economy hence, there are no restrictions on foreigners starting a business in Nigeria subject to the fulfilment of certain requirements. We shall briefly explain the [...]
Personal Income Tax (PIT) is a tax imposed on individuals including employees, partners in a partnership, unincorporated trusts, joint ventures, families and communities. It is imposed based on source and residency rules. The two key legislation are the Personal Income Tax Amendment Act 2011 (PITAM) and Finance Act 2020. Personal Income Tax in Nigeria is [...]
The commission in charge of company regulations is the Corporate Affairs Commission (CAC), which was established by virtue of the Companies and Allied Matters Act (CAMA) to regulate the formations and operations of companies in Nigeria. A private company is any company having the liability of its members limited by the memorandum and articles of [...]
HOW TO RENOUNCE A NIGERIAN CITIZENSHIP A citizen is a person who, by place of birth, nationality of one or both parents, or naturalization is granted full rights and responsibilities as a member of a nation or political community, Citizenship is a relationship between an individual and a state to which the individual owes allegiance and [...]
Arbitration has been globally accepted as an amicable dispute settlement mechanism. Over the years, arbitration has attained a high level of influence as an effective mechanism for resolving commercial and trade disputes in the Nigerian justice system. The reason for this is not farfetched as arbitration by its nature is relatively faster in the dispensation [...]
HOW TO INVESTIGATE PROPERTY TITLE IN LAGOS NIGERIA Investigation of title to land is the process of confirming the title of the vendor or owner of the land as deduced by him. The aim of the investigation is to know if the title to the land is defective and ascertain if the land has a [...]
A Federal High Court sitting in Abuja, in a Ruling delivered by Justice Taiwo O. Taiwo on 18th October 2021, has held that the Central Bank of Nigeria circular, referenced as BSD/DIR/PUB/LAB/014/001 of February 5, 2021, is not a law and the CBN lacks the requisite authority to declare the trading of Cryptocurrency illegal by [...]
SIS APPROVAL FOR FOR FOREIGN SPOUSE OF A NIGERIA WIFE Special Immigrant Status(SIS) is the approval given to foreigners that are married to Nigerian Women for the purpose of residing in Nigeria. A Foreigner married to a Nigerian woman is entitled to a Special Immigrant Status in Nigeria whereby such a foreigner can be eligible [...]
Advantages of eNaira Central Bank Launches E-Currency in Nigeria The Central Bank of Nigeria (CBN) has told financial institutions in the country that eNaira is not a subtle scheme to take away bank customers. It said the plan is to grant access to more financially excluded people. The regulator said this in details published on the website [...]
The Petroleum industry Act (PIA) was officially signed into law on the 16 of August 2021 by the President of Nigeria. The Act provides for legal, governance, regulatory and fiscal framework for the Nigerian Petroleum Industry and development of Host Communities and related matters. It contains 5 Chapters, 319 Sections and, 8 Schedules dealing with [...]
LAND TITLES IN LAGOS NIGERIA The first important thing to note is that every land is owned by the state government, this is in accordance with the Land Use Act 1978. The government leases any land purchased for a period of 99 years after which such title can be renewed by the owner. A land [...]
The Nigerian Police Service Commission was established under Section 153 of the Nigerian constitution and the Police Service Commission Establishment Act of 2001. The commission is an oversight body over the Nigeria Police Force. It has the power to appoint, promote and discipline all police officers of the Nigerian Police Force except the Inspector General [...]
New business owners often have a lot of questions about the difference between a registered business name and an incorporated company limited by shares and which of these best suit their business needs. In light of this fact, some of the differences between a business name and a company limited by liability will be briefly [...]
The Nigerian product liability law, as it currently stands, is still anchored on the fault-based principle as formulated in the case of Donoghue v Stevenson. For a product liability claim, a claimant must be able to prove the following elements of negligence; duty of care, breach of duty, and causation resulting in damages before he [...]
The Central Bank of Nigeria says it has ended the sales of forex to Bureau De Change operators, saying the parallel market has become a conduit for illicit forex flows and graft. The bank said it will also no longer process applications for BDC licences in the country. Weekly sales of foreign exchange by the CBN will [...]
10 KEY FACTS & BENEFITS YOU MUST KNOW ABOUT TRADEMARK REGISTRATION IN NIGERIA The government agency in charge of trademark registration in Nigeria is the Trademarks, Patents and Designs Registry, Commercial Law Department of the Federal Ministry of Industry, Trade and Investment in the Federal Capital Territory, Abuja. The trademark registration can be done through [...]
DEED OF PARTITION A valid question that may arise from the legal implications of joint ownership is when the joint owners decide to severe their interest in the property? The answer is Positive. Joint owners may apply to the court to partition the property where there has been a persistent refusal by one or more [...]
12 FACTS YOU MUST KNOW BEFORE A COMPANY REGISTRATION & BANK ACCOUNT OPENING IN NIGERIA Registering a company is the first step toward doing business in Nigeria. There are important facts every person intending to register a company in Nigeria must be aware of. Below are 12 key facts about company registration in Nigeria The [...]
CAC SHARE CAPITAL THRESHOLD FOR COMPANY REGISTRATION ON NIGERIA Persons interested in registering a company in certain industries and economic sectors in Nigeria are required by statutes and other regulations to have a minimum share capital threshold before such a company can be registered and deemed eligible to carry on business in those industries. The [...]
Lawyers and law firms are traditionally hired to render legal services. Most lawyers in Lagos Nigeria offer legal services and may also serve as attorneys and representatives to various persons in both corporate and commercial matters. In considering how to hire a lawyer in Lagos Nigeria, many factors must be considered. In Nigeria, lawyers may [...]
A tech company intending to carry out technological operations in Nigeria is required to be registered with the Corporate Affairs Commission (CAC), which is the principal regulatory body that regulates the registration of all business structures in Nigeria. There are different business structures available to register a tech company in Nigeria and each business structure [...]
Persons intending to travel to a country outside Nigeria for study or work purposes are sometimes required to attest or authenticate their academic and professional certificates and obtain a letter of eligibility for admission to higher education. The body tasked with the duty of carrying out this attestation is the Evaluation and Accreditation Division of [...]
Generator importation requires an import permit from the Nigeria Electricity Regulatory Commission (NERC). The Nigeria Electricity Regulatory Commission (NERC) is an independent regulatory body with the authority to supervise Nigeria's electricity industry The main purpose of establishing NERC is to supervise the electricity prices of government-owned or controlled power generation companies and any other power [...]
The Central Bank of Nigeria (CBN) being the regulatory body saddled with the statutory duty of administering the affairs of the financial activities in Nigeria in fulfilment of its duties published the new requirements to obtain a licence to operate a Financial Technology (Fintech) Company in Nigeria on May 24, 2021. Pursuant to the new [...]
The Nigerian system recognizes three types of marriages, which are statutory marriage; customary marriage; and Islamic marriage. Under the customary and Islamic marriages, the right to a woman to acquire and own property was subject to the consent and control of their husbands, as women are often regarded as subordinates to their husbands and as [...]
Renting an apartment in Lagos is one of the most tasking time-consuming experiences. Lekki is one of the high brow and expensive areas in Lagos State with prospective residential, commercial and agricultural locations. Before renting an apartment in Lagos, it is important to conduct due diligence on the apartment to be rented, the landlord, the [...]
Contract of sale and deed of assignment are both documents used in real estate-related transactions in Nigeria. Although they are both used in property transactions the difference between both documents can be derived from their distinctive features and the role they each individually play in the acquisition of title to landed properties in Nigeria. Generally, there [...]
Joint ownership of property implies that there are two or more persons who contributed resources to purchase and own title to a landed property for residential, commercial, or industrial purposes as a way of resident or investment or jointly inherited or jointly gifted. The common situation of joint ownership of property is when married couples [...]
Under the Companies and Allied Matters Act (CAMA) 2020, the owners of a defunct company may apply for striking OFF a defunct company from the Nigerian company register provided such a defunct company that has not commenced business and has no undischarged obligations A defunct company under the Companies and Allied Matters Act is; A [...]
The general methods by which a Company’s securities can be offered to the public in Nigeria are through; Direct offer to the public, Offer for sale, Placing, Right issue, and Private placement. We shall briefly examine the procedure for private placement in Nigeria. A private placement is a method of offering shares by a public [...]
A private lending company is a company engaged in consumer and commercial money lending operations in Nigeria. This means the business of giving customers a loan with the agreement that it will be paid at a later agreed date with interest rates accrued on it. Private lending companies are subject to the regulation of the [...]
A deed of assignment is the legal instrument prepared and drafted by a lawyer of an assignor (seller) or assignee (buyer) upon the negotiation and completion of a sale of the land transaction. It is used to transfer legal title and ownership to land from the assignor to the assignee for a consideration paid and [...]
Appealing a judgment is simply to invite a higher Court than the Court that adjudicated and gave judgment on a matter, to find out whether the lower Court arrived at a correct decision after evaluating and considering the facts before it and the applicable laws. This article seeks to give an overview of appeal and [...]
A Deed of Assent is a document or instrument of the Executor or legal Administrator of an estate to transfer, pass over or vest a legal interest or title in a property of a deceased person to the named beneficiary in a Will or any other third party. It grants the beneficiary legal ownership over [...]
The jurisdiction of the Federal High Court is enshrined in the Constitution of the Federal Republic of Nigeria 1999 (as amended), which provides for the judiciary arm of Government (the Courts). Section 249 (1) of the Constitution created the Federal High Court, which is the third-highest court in the hierarchy of courts in Nigeria. The [...]
Joint Tenancy and Tenancy in common are similar in respect to the fact that they are estates held by more than one owner. However, both concepts are different in every other aspect. In Joint Tenancy, each tenant has equal shares in the same property with the same deed at the same time. There contain no [...]
Malicious prosecution could be defined as a tort arising from unsuccessful criminal or civil proceedings instituted against another party with malice and without probable or reasonable cause. It is also defined as the tort of initiating criminal prosecution or civil suit against another party with malice and without probable cause. Where any person has been [...]
The Oil and Gas sector serves as a major source of revenue in Nigeria. Any person intending to start an oil and gas business in Nigeria must comply with certain legal requirements. This write-up will give a breakdown of the step-by-step procedure necessary to set up an oil and gas business in Nigeria. The following [...]
Annulment of Marriage in Nigeria There are various matrimonial reliefs available in the Matrimonial Causes Act (hereinafter referred to as the Act), 1978 for persons in a statutory marriage. One such is the annulment of marriage which in Section 114 of the Act is referred to as “Nullity of Marriage”. An application for nullity of [...]
The Companies and Allied Matters Act, 2020 (CAMA) has made provisions to protect the information of individuals specified by them as private or restricted. This is laudable, considering the recent trends of data breaches, identity theft, fraud which are enhanced by having access to such information and laws enforcing privacy and data protection. Sections 323-329 [...]
How To Register LLP in Nigeria Limited Liability Partnership in Nigeria A Limited Liability Partnership (LLP) is one of the laudable innovations of the Companies and Allied Matters Act (CAMA) 2020. It is essentially a fusion of the features of a partnership and a company where a group of individuals can pool resources together to [...]
The Central Bank of Nigeria (CBN) has launched the N75 billion Youth Investment Fund. The Federal Executive Council approved the establishment of the fund for three years (2020–2023) to assist the Nigerian youths that require urgent funds for their businesses. In the CBN’s guidelines for the implementation of the scheme published on its site, the apex bank also [...]
Small businesses in Nigeria are liable for various tax obligations to various governments in Nigeria. It is important to know the taxes small businesses will be subjected to before commencing the operation of a small business in Nigeria. Upon the registration of a business, such business is required to start remitting a certain amount of [...]
