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 [...]
In every capital market, it is expedient to have a benchmark for making decisions and a tool for envisaging the risk associated with such decisions. Thus, ratings play an important role in the Nigerian Capital Market and the global financial system at large. It is a tool needed to promote the development and seamless running [...]
Custodian of securities means a person who has custody, as a bailee, of securities or certificate issued in the investor’s name with the investor’s name appearing in the issuer’s register as the beneficial owner of the securities. Functions Registered custodian of securities shall have the following functions, amongst others: Maintaining accounts of securities of a [...]
Market maker means any specialist permitted to act as a dealer, any dealer acting in the position of a block positioner, any dealer who, with respect to security, holds himself out as being ready to buy and sell such securities for his own account on a regular and continuous basis. The market-making system may be [...]
A portfolio manager holds a very important role when it comes to fund investing. A portfolio manager is a person or institution with the duty to invest a fund's assets, implement the fund's investment strategies, and manage day-to-day portfolio management. Portfolio management is a process by which investments that meet the long-term financial objectives and [...]
The entity authorized to engage in the business of providing investment advice to others or issuing reports or analyses regarding securities, for compensation is known as an Investment Adviser. Functions Investment advisers may perform the following functions: Investment advisory services; Making recommendations as to types of securities to buy or sell; Publication of financial market [...]
The fiduciary role of a trustee has its origin from the English Common Law and the principles of Equity. This concept has authorized the trustee to be an independent third party saddled with the responsibility of protecting conflicting interests between the issuer and investor in the financial market. A trustee is usually hired by an [...]
Receiving banks are banks designated by an issuer to receive proceeds. It is a scheduled bank carrying on all or any of the following issue related activities namely; acceptance of application and application monies; acceptance of allotment or call monies; refund of application monies and payment of a dividend or interest warrants. Functions Banker to [...]
A Sub-Broker is a financial operator registered by the Securities and Exchange Commission (SEC) to act on behalf of a broker/dealer as its agent for assisting investors in buying, selling or dealing in securities through a broker. Functions A registered sub-broker shall have the following functions which shall be carried out only through its sponsoring [...]
Investors have engaged the services of brokers or dealers for easy participation in the financial world as the financial world can be full of mysteries and risks for investors especially when the languages and terms of the market are not understood. Thus, a broker can be seen to be a financial intermediary executing order [...]
Underwriting simply means an arrangement where an underwriter undertakes for an authorized commission, to pay an issuer of securities an amount based on the price of the securities determined at a predetermined date in conjunction with the issuer and the issuing house with a view to resale not as a form of investment. Hence, underwriting [...]
An issuing house is a financial intermediary assigned to provide financial advisory services to companies, whether quoted or unquoted companies, federal government agencies, and government institutions with reference to investments especially when these companies or government institutions need additional funds to finance capital projects from the capital market. The issuing house plays a vital role [...]
Legal services; conveyancing services; security services for the protection of property and individuals; social work services; consultancy services relating to health and safety; consultancy services relating to personal appearance; provision of personal tarot readings; dating services; funeral services and undertaking services; fire-fighting services; detective agency services.
Medical services; veterinary services; hygienic and beauty care for human beings or animals; agriculture, horticulture and forestry services; dentistry services; medical analysis for the diagnosis and treatment of persons; pharmacy advice; garden design services.
Services for providing food and drink; temporary accommodation; restaurant, bar and catering services; provision of holiday accommodation; booking and reservation services for restaurants and holiday accommodation; retirement home services; creche services.
Scientific and technological services and research and design relating thereto; industrial analysis and research services; design and development of computer hardware and software; computer programming; installation, maintenance and repair of computer software; computer consultancy services; design, drawing and commissioned writing for the compilation of websites; creating, maintaining and hosting the websites of others; design services.
Education; providing of training; entertainment; sporting and cultural activities.
Treatment of materials; development, duplicating and printing of photographs; generation of electricity.
Transport; packaging and storage of goods; travel arrangement; distribution of electricity; travel information; provision of car parking facilities.
Telecommunications services; chat room services; portal services; e-mail services; providing user access to the Internet; radio and television broadcasting.
Building construction; repair; installation services; installation, maintenance and repair of computer hardware; painting and decorating; cleaning services.
Insurance; financial services; real estate agency services; building society services; banking; stockbroking; financial services provided via the Internet; issuing of tokens of value in relation to bonus and loyalty schemes; provision of financial information.
Advertising; business management; business administration; office functions; electronic data storage; organisation, operation and supervision of loyalty and incentive schemes; advertising services provided via the Internet; production of television and radio advertisements; accountancy; auctioneering; trade fairs; opinion polling; data processing; provision of business information; retail services connected with the sale of goods.
Tobacco; smokers’ articles; matches; lighters for smokers.
Alcoholic wines; spirits and liqueurs; alcopops; alcoholic cocktails.
Beers; mineral and aerated waters; non-alcoholic drinks; fruit drinks and fruit juices; syrups for making beverages; shandy, de-alcoholised drinks, non-alcoholic beers and wines.
Agricultural, horticultural and forestry products; live animals; fresh fruits and vegetables, seeds, natural plants and flowers; foodstuffs for animals; malt; food and beverages for animals.
Coffee, tea, cocoa, sugar, rice, tapioca, sago, artificial coffee; flour and preparations made from cereals, bread, pastry and confectionery, ices; honey, treacle; yeast, baking-powder; salt, mustard; vinegar, sauces (condiments); spices; ice; sandwiches; prepared meals; pizzas, pies and pasta dishes.
Meat, fish, poultry and game; meat extracts; preserved, dried and cooked fruits and vegetables; jellies, jams, compotes; eggs, milk and milk products; edible oils and fats; prepared meals; soups and potato crisps.
Games and playthings; playing cards; gymnastic and sporting articles; decorations for Christmas trees; childrens’ toy bicycles.
Carpets, rugs, mats and matting, linoleum and other materials for covering existing floors; wall hangings (non-textile); wallpaper.
Lace and embroidery, ribbons and braid; buttons, hooks and eyes, pins and needles; artificial flowers.