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 [...]
THE 12 FACTS YOU MUST KNOW BEFORE REGISTERING A COMPANY IN NIGERIA Registering a company is the first step towards 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 sole government agency [...]
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 [...]
Forming a Political Party in Nigeria is a right of individuals, which has its root under Section 40 of the Constitution of the Federal Republic of Nigeria 1999, which provides that; “Every person shall be entitled to assemble freely and associate with other persons, and in particular he may form or belong to any political [...]
ESSENCE OF TRADEMARK REGISTRATION IN NIGERIA The trademark registration in Nigeria has various importance. A trademark is a recognizable word or words, phrase, logo, symbol, signs or expressions registered at the Trademark Registry to represent or identify a company, products, or services to distinguish its brand from others in the commercial market, hence, it is [...]
NIGERIA NOTAP REGISTRATION The National Office for Technology Acquisition and Promotion (NOTAP) is a government agency with the Federal Ministry of Science and Technology charged with the responsibility of implementing the acquisition, development, and transfer of foreign technology into Nigeria. It is governed by the National Office for Technology Acquisition and Promotion Act CAP N62 [...]
The enactment of the Land Use Act 1978 (the Act) birthed a new system wherein by virtue of Section 1 of same, all lands within the territory of a State are vested in the Governor of that State who shall hold same in trust for the benefit of the people. Thus, a person in Nigeria [...]
To conduct a land verification in Abuja, an application for verification must be made to the appropriate authority or land registry. In Abuja, the appropriate authority is the Abuja Geographic Information System (AGIS). A person intending to purchase land within the environs of the Federal Capital Territory must submit the following requirements at AGIS to [...]
LICENSE FOR CAPITAL MARKET OPERATORS IN NIGERIA Under Nigerian law, any company or individual seeking to offer any capital market-related services must be licensed or registered with the Securities and Exchange Commission. Nigeria's capital market is majorly a market for long-term investment where the issuing and trading of corporate equities and long-term debt securities are [...]
HOW TO START AN OIL SERVICING COMPANY IN NIGERIA The petroleum sector is one of the highly regulated sectors in Nigeria, and as such, every entity intending to engage in such sector must be duly licensed to do so. The procedure to start an oil service company in Nigeria starts with the incorporation of such [...]
ENFORCEMENT OF JUDGMENTS IN NIGERIA All superior courts have a uniform procedure for enforcement governed by the Sheriffs and Civil Process Act. The Sheriffs and Civil Process Act, Judgment (Enforcement) Rules, and the Rules of Court collectively govern the enforcement of a judgment in Nigeria. Procedure for Enforcement of Judgment The procedure for enforcement will [...]
BUSINESS AGREEMENT IN NIGERIA PARTNERSHIP AGREEMENT A business agreement is entered into or created by parties who are desirous of entering into a business relationship to accomplish a specific task or business goal while retaining their separate identities. Parties to a business transaction negotiate terms and conditions of their transaction and execute a formally binding [...]
HOW TO BUY LAND & HOUSE IN LEKKI LAGOS BUYING LAND IN IBEJU LEKKI Overtime, Lekki has become a respectable commercial hub, a residential zone, and a go-to tourist spot, thereby making Lekki a rave in the real estate industry. Lekki is one of the areas in Lagos State with various vacant lands for development. [...]
A Bureau De Change (BDC) sector has remained an important unit of the Nigerian financial market playing a crucial role in exchange rate stability and job creation. It is a business where people exchange currency for another. This business has been defined by the Central Bank of Nigeria Manual to mean a retail foreign [...]
NCDMB EXPATRIATE QUOTA APPROVAL Companies seeking to engage expatriates in the Nigerian oil and gas industry must obtain the relevant approvals from the Nigerian Content Development & Monitoring Board (NCDMB) before applying for Expatriate quota, Temporary Work Permit, or other entry permits from the Ministry of Interior, the Nigeria Immigration Service or other agencies of [...]
HOW TO BUY LAND IN LAGOS AND PAY "INSTALMENTALLY" To buy land in Lagos and pay instalmentally, the buyer must ensure that the seller has the legal right to transfer ownership in that property. Such a property transaction goes beyond merely inspecting the property or confirming the seller has a legal title on such a [...]
The difference between a Certificate of Occupancy and a Deed of Assignment can be derived from their distinct features and the role they each individually play in the acquisition of title to landed properties in Nigeria. Certificate of Occupancy A Certificate of Occupancy is an authorized document of grant issued by the State Government to [...]
