ArticleFIRS Introduces Automated VAT Filing & Collection System (Updated)The Federal Inland Revenue Service has automated its Value Added Tax filing and collection system. NigeriaTaxUdo Udoma & Belo-Osagie
ArticleReview Of The Final Framework For Regulatory Sandbox Operations In NigeriaOn 14th January 2021, the Central Bank of Nigeria (the "CBN") released the long-awaited final framework for regulatory sandbox operations in Nigeria (the "Framework").NigeriaCorporate/Commercial LawUdo Udoma & Belo-Osagie
ArticleSale Of Foreign Exchange To Bureaux De Change Operators In The Nigerian Foreign Exchange MarketPrior to November 2024, Bureaux de Change operators ("BDCs") could not access the Nigerian Foreign Exchange Market ("NFEM") to purchase foreign exchange ("FX") for sale to their customers. NigeriaFinance and BankingUdo Udoma & Belo-Osagie
ArticleTax Series: Highlights Of The Finance Bill 2022On the 3rd of January 2023, President Muhammadu Buhari signed the 2023 Appropriation Bill for the implementation of the National Budget (the "Budget") into law. One of the key things that stood out...NigeriaFinance and BankingUdo Udoma & Belo-Osagie
ArticleRecent Changes In The Payout Options For Diaspora RemittancesThe Central Bank of Nigeria (the "CBN") regulates the operation of International Money Transfer Operators ("IMTOs") in Nigeria. NigeriaFinance and BankingUdo Udoma & Belo-Osagie
ArticleData Protection Compliance - Conducting Annual Data Protection AuditsThe Nigeria Data Protection Regulations 2019 requires organisations to conduct a detailed audit of their privacy and data protection practices ...NigeriaPrivacyUdo Udoma & Belo-Osagie
ArticleDid You Know That A Dcpmi Must File Its Data Protection Compliance Audiт Returns By 31 March Each Year?Article 10 of the General Application and Implementation Directive 2025 ("GAID") requires data controllers and data processors to conduct periodic...NigeriaPrivacyUdo Udoma & Belo-Osagie
ArticleUUBO Tax Update – Recovery Of Outstanding Taxes From TaxpayersThe Federal Inland Revenue Service on December 1, 2020, issued a public notice titled "Public Notice on the Recovery of Outstanding Taxes from Taxpayers". NigeriaTaxUdo Udoma & Belo-Osagie
ArticleNigeria's Exit From The Grey List: Implications For Businesses And The Financial SystemAt the October 2025 plenary meeting of the Financial Action Task Force ("FATF") in Paris, Nigeria, alongside South Africa, Mozambique and Burkina Faso, was officially removed...NigeriaGovernment, Public SectorUdo Udoma & Belo-Osagie
ArticleTax Reform Updates Nigeria Plans To Introduce CFC RulesThe four bills, which form the backbone of Nigeria's ongoing tax reform efforts, have been passed by the House of Representatives and are awaiting passage by the Senate.NigeriaTaxUdo Udoma & Belo-Osagie
ArticleNigeria's Aviation Centenary: A Regulatory Review And OutlookNigeria marks 100 years since the first documented flight into the country, which took place in Kano on 1 December 1925.NigeriaTransportUdo Udoma & Belo-Osagie
ArticleUpdate On The 2023 FIRS Guidelines On Mutual Agreement ProcedureThe Mutual Agreement Procedure is a means by which the competent authorities of contracting parties under a double taxation agreement resolve disputes that relate to the application of the DTA. NigeriaTaxUdo Udoma & Belo-Osagie
ArticleFG Sets December 31 Deadline For Mining Firms To Finalise Community Development AgreementsTo ensure that host communities derive both economic and social benefits from mining activities conducted within their territories, the Federal Government ("FG")...NigeriaCorporate/Commercial LawUdo Udoma & Belo-Osagie
ArticlePencom Issues Guidelines On Accessing Retirement Saving Account Balance Towards Payment Of Equity Contribution For Residential MortgageOn 23rd September 2022, the National Pension Commission released the Guidelines on Accessing Retirement Saving Account Balance towards Payment of Equity Contribution ...NigeriaEmployment and HRUdo Udoma & Belo-Osagie
ArticleWhat You Need To Know About Suspending An Employee In NigeriaAn employer has an inherent right to discipline an employee if this becomes necessary, and suspension is a form of discipline. NigeriaEmployment and HRUdo Udoma & Belo-Osagie
ArticleBalancing FX Liquidity With Sustainability: How Nigeria's Cash Pooling Policies Are Shaping Its Petroleum IndustryIn H1 2024, through a series of circulars issued on February 14th, May 6th, and May 31st, the Central Bank of Nigeria (CBN) introduced significant cash pooling policies affecting International Oil...NigeriaEnergy and Natural ResourcesUdo Udoma & Belo-Osagie
ArticleData Protection Update - Protecting Your Brand's Intellectual PropertyThe NDPC) has, pursuant to the powers conferred on it under the Nigeria Data Protection Act 2023 recently issued a Guidance Notice on the entities that are deemed to be Data Controllers and Data Processors of Major Importance.NigeriaPrivacyUdo Udoma & Belo-Osagie
ArticleDid You Know? Doing Nothing About A Data Breach Can Be More 'Expensive' Than The Breach!In today’s digital environment, data breaches are an operational reality. It could be the result of a sophisticated cyber-attack or an email sent to the wrong person. It is important to note, however, that our data privacy law does not penalise organisations simply for being victims of a personal data breach.NigeriaPrivacyUdo Udoma & Belo-Osagie
ArticlePreparing For Common Reporting Standard (CRS) Compliance – Step 1In sixty days, all Reporting Financial Institutions will be required to file their first set of Information Returns in compliance with Income Tax Regulations NigeriaTaxUdo Udoma & Belo-Osagie
ArticleThe Companies And Allied Matters Act 2020 - What You Need To Know - Part 5 – Share CapitalThe Companies and Allied Matters Act Laws of the Federation of Nigeria 2004 was initially made law in Nigeria in 1990 as a decree of the military government. NigeriaCorporate/Commercial LawUdo Udoma & Belo-Osagie