ArticleCartels Laws And Regulations 2023The Federal Competition and Consumer Protection Act 2018 ("FCCPA" or "the Act") is the primary legislation that governs and protects the rights of consumers and competition in Nigeria.NigeriaAntitrust/Competition LawBanwo & Ighodalo
ArticleMining - Regulatory UpdateOn November 16, 2023, the Honourable Minister of Solid Minerals Development, Dr. Dele Alake, officially launched the ‘Guidelines for the Production of Community Development Agreement...NigeriaEnergy and Natural ResourcesBanwo & Ighodalo
ArticleTax Office For Non-Resident Persons Commences Operations And VAT Filing & Collection System Becomes Automated In NigeriaIn a Public Notice published in October 2019, the Federal Inland Revenue Service ("FIRS") informed the tax-paying public (particularly non-resident taxpayers)...NigeriaTaxBanwo & Ighodalo
ArticleLegal Basis For Implementation Of The IFRS 9 Reporting Standard And Its Tax Implications For Nigerian EntitiesOn July 24, 2014, the International Accounting Standard Board ("IASB") launched the International Financial Reporting Standard 9 ("IFRS 9") NigeriaAccounting and AuditBanwo & Ighodalo
ArticleModifications To Fair Dealing And Other Exceptions Under The New Copyright ActOn April 1, 2023, President Muhammadu Buhari signed into law the Copyright Act of 2022.NigeriaIntellectual PropertyBanwo & Ighodalo
ArticleNRS’ Guidelines On The Taxation Of Virtual Assets: Key Highlights, Implications And Compliance Obligations For Market ParticipantsNigeria's Revenue Service has issued comprehensive guidelines establishing the country's first administrative framework for taxing virtual assets and cryptocurrency transactions. The new rules classify digital assets into six categories and outline detailed compliance obligations for individuals, companies, and Virtual Asset Service Providers operating in Nigeria's digital economy.NigeriaTaxBanwo & Ighodalo
ArticleRegulatory Update – Federal Ministry Of JusticeIn compliance with the statutory obligation on Ministries, Departments and Agencies ("MDAs") to publish the requirements, procedure and timeline for processing licenses...NigeriaCorporate/Commercial LawBanwo & Ighodalo
ArticlePublic-Private-Partnership And Road Infrastructure Development In Nigeria: Understanding The Presidential Executive Order No. 007 Of 2019On Friday, January 25, 2019, the Federal Government of Nigeria ("FGN"), in furtherance of its commitment to infrastructure development being a key growth driver and economic development enabler; ...NigeriaGovernment, Public SectorBanwo & Ighodalo
ArticleIP Protection Framework In Nigeria - TrademarksA trademark is a distinctive mark or sign that distinguishes a person's products from the products of others in the market. A trademark may be one or a combination of words, letters or numbers.NigeriaIntellectual PropertyBanwo & Ighodalo
ArticleLagos State Small Claims Court: A Milestone In Dispute ResolutionTypically, the defendant would be summoned an hour earlier. NigeriaLitigation, Mediation & ArbitrationBanwo & Ighodalo
ArticleLegitimate Interest As A New Basis For Processing Personal Data In Nigeria: How Does It Compare To Existing Lawful Bases And Data Subject Rights?The Nigeria Data Protection Act, 2023 ("NDPA" or the "Act") aims to establish a stable, uniform and conducive regulatory framework for individuals and organisations...NigeriaPrivacyBanwo & Ighodalo
ArticleWhat Changes Does The Revised FX Manual 2018 Bring To The FX Regime In Nigeria?The Central Bank of Nigeria recently released a "Revised Edition" of its Foreign Exchange Manual.NigeriaFinance and BankingBanwo & Ighodalo
ArticleLegal Exceptions To Privacy Rights In Nigeria: Implications For Data Subjects And Recommended Safeguards Against Arbitrary SurveillanceThe right to privacy is widely recognized as a human right, guaranteed under numerous international conventions, and protected in the constitutions and national legislation of many countries around the globe.NigeriaPrivacyBanwo & Ighodalo
ArticleDetermination Of Significant Economic Presence By A Foreign Entity Taxable In Nigeria's Digital EconomyPursuant to powers conferred under section 13(4) of the Companies Income Tax Act[1] ("CITA"), as amended by the Finance Act (2019), the Minister of Finance, on February 3, 2020, issued the Companies Income Tax...NigeriaFinance and BankingBanwo & Ighodalo
ArticleNew Minimum Capital Requirement For Nigerian Insurance Companies: What You Should KnowIn exercise of its statutory powers and regulatory functions, the NAICOM, recently reviewed the minimum paid-up share capital requirement for all classes of insurers doing business in Nigeria.NigeriaInsuranceBanwo & Ighodalo
ArticleSHIPPING BULLETIN* - Nigerian Cabotage Tides Are Turning – Good Or Bad?It is no longer news that Coastal Trade or Cabotage2 within Nigerian waters is restricted to only Nigerian vessels. NigeriaTransportBanwo & Ighodalo
ArticleThe Constitutional Amendment Heralding The Decentralization Of The Nigerian Electricity Supply Industry ("NESI")On March 17, 2023, an Act to alter certain provisions of the 1999 Constitution of the Federal Republic of Nigeria (the "1999 Constitution"), to allow constituent states within the Nigerian...NigeriaEnergy and Natural ResourcesBanwo & Ighodalo
ArticleN703 Million Damages For Copyright Infringement: An Affirmation Or Miscarriage Of Justice?A Review Of The 2020 Judgment In Fhc/Abj/Cs/680/2008: Tv Xtra Production Limited & Anor V. National Universities Commission & Zain Nigeria...NigeriaIntellectual PropertyBanwo & Ighodalo
ArticleTaxation Of Digital Assets In Nigeria: What Taxpayers And Businesses Should Expect.The Finance Act 2023 (the "Act") was signed into law on May 28, 2023, but took effect on September 1, 2023. Amongst other things, the Act expands the definition of "chargeable assets" under the Capital Gains Tax Act...NigeriaTaxBanwo & Ighodalo
ArticleData Protection As A Culture - More Than The Mandatory Annual AuditMore than ever, compliance with data protection obligations has become a critical concern for organizations across various industries in today's digital age. With the advent of stringent regulations such as the GDPR...NigeriaPrivacyBanwo & Ighodalo