Introduction Recently, the Federal Inland Revenue Service (“FIRS”) served tax assessments on international shipping companies that are considered to have generated income liable to Nigerian tax. The assessments on the international shipping companies relate to back taxes from 2010. In Nigeria, international shipping companies are liable to tax on the revenue they generate from transporting…
Aviation transactions are specialized contractual relationships between equipment owners, lessors, and lessees. These parties play crucial roles throughout the entire cycle of ownership, operation, and service provision in the aviation industry. A central theme in typical aviation transactions is the assurance of trust among all stakeholders in this industry. Equipment owners seek guarantees that their…
The outbreak of the Coronavirus Disease (“COVID-19”) pandemic has affected virtually all the sectors of the economy globally. One common measure introduced by various governments was to restrict travel both internationally and locally, to curb the spread of the virus. The impact of this on resident expatriates, and proposed visitors is plain.
The Companies and Allied Matters Act, CAP C20, LFN 2004 (“CAMA”) imposes duties, responsibilities and statutory obligations on the members and directors of public and private companies regarding their Board of Directors meetings (“BOD”), Annual General Meeting (“AGM”) and other meetings. However, the various social gathering prohibitions and stay at home orders made by the…
The Coronavirus Disease 2019 (COVID-19) formally declared as a pandemic on March 11, 2020 by the World Health Organisation (“WHO”), has caused unprecedented disruption to economic and social activities globally. Air Carriers in particular as potential vectors of the disease between and within countries, have been badly hit by the almost complete and indefinite suspension…
If regulations are made by both the President and the Governor of a State pursuant to the same Federal statute, the principle enshrined in section 4 (5) of the CFRN on the resolution of conflict between a Federal Act and a State Law would be inapplicable. This is so because regulations made by a Governor…
The shipbuilding industry in Nigeria is open to foreign participation and investment. there are no restrictions on foreign participation and investment in the industry. Foreign investors are guaranteed unrestricted return on investment capital and proceeds in any convertible currency, provided such capital was imported into Nigeria under a Certificate of Capital Importation issued by a…
The structure of the civil court system is set out in the Nigerian Constitution 1999 (as amended). The courts of record, in order of hierarchy, are the Supreme Court (the highest appellate court), the Court of Appeal, the Federal High Court, the National Industrial Court, the state High Courts and the High Court of the…
On Thursday 11th April 2019, Arterial Network Nigeria, the Committee for Relevant Art (CORA) and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), with the support and cooperation of the British Council and the Law Firm of Ajumogobia & Okeke, held a forum on the creative sector’s Pioneer Status Incentive with…
Nigeria’s EPC tax regime is currently receiving an unprecedented level of attention in view of the pending landmark controversy on turnkey impost and its potential reverberations on the tax position of similar project delivery structures which are commonplace in the country. The EPC tax system has always appeared straightforward to taxpayers, practitioners and the courts.…