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The Problem Militating Against the Growth of Arbitration in Nigeria

  June 10, 2014     By Strachan Partners
Unlike commercial litigation where litigants spend many years in court for their dispute to be resolve by a Judge, an arbitration proceeding is fast and flexible. The parties agree on the process of resolving their dispute. Arbitration proceedings are confidential and an arbitral award is not subject to appeal. Notwithstanding the advantages of arbitration over litigation, there are many challenges facing Arbitration as a means of resolving commercial disputes in Nigeria.

An Appraisal of the Causes and the Panacea to Nigeria's Growing Interconnect Debts

  June 10, 2014     By Strachan Partners
The deregulation of the telecommunications sector in 2001 led to the issuance of telecom licenses to major telecom providers in Nigeria. Unlike the pre-deregulation era which was characterized by poor services by NITEL, Nigeria’s sole telecom provider, there has been an increase in international trade and investment as a result of the telecommunication revolution. The adverse effect of this is the staggering amounts of interconnect debts in Nigeria’s telecommunication sector.

Sanusi’s Suspension: Legal or Illegal - Nigeria

  April 4, 2014     By 1st Attorneys
The suspension of erstwhile Governor of Central Bank of Nigeria, Sanusi Lamido Sanusi by President Goodluck Jonathan has generated a lot of heated legal debate on the legality or illegality of the suspension.

Telecommunication In Nigeria

  March 19, 2014     By 1st Attorneys
Broadcasting and telecommunication has come a long way in Nigeria. Formally these services were considered social services in nature hence private companies were foreclosed from participation of any kind. This article will explore these procedures, conditions for grant, refusal, renewal and withdrawals of these licenses.

Tax Alert – The Income Tax (Transfer Pricing) Regulations, No. 1, 2012 - Nigeria

Some of the objectives of the proposed Income Tax (Transfer pricing) Regulations, 2012 as published by the Federal Inland Revenue Service in pursuance of the powers conferred on it by Section 61 of the Federal Inland Revenue Service (Establishment) Act include the provision to the Nigerian tax authorities, tools to fight tax evasion, which is usually promoted through over or under–pricing of transactions between associated enterprises not adhering to the arm’s length tax principle.

A New Constitution For Nigeria: Some Fundamental Issues Arising

This is an article on Nigerian Constitution. - From the inception of its current Constitution in 1999, Nigeria has been in search of a new one to put its federal system and general governmental structures in a more satisfactory form. The country was on the verge of complete disintegration when General Sani Abacha suddenly died on June 8, 1998, thus ending his five years of brutal and nihilist dictatorship.

Legal and Tax Alerts in Nigeria – Companies’ and Personal Withholding Tax Regime

Withholding Tax is a mandatory advance tax payment which is deducted and withheld from any income or disbursement due to a taxable person, for onward remittance to the relevant tax or government collecting authority, against a final tax liability. This advance tax payment can be set-off against the final tax obligation(s) of the taxable person subject to such person applying for and obtaining the Withholding Tax Credit Notes in respect of each advance tax withheld and remitted.

Tax Alert - Minimum Tax and Dormant Companies in Nigeria

The general perception that dormant companies are not liable to pay any tax at all as they are not engaged in any trade or business is not correct. As a tax-avoidance measure, Minimum Tax is charged on the higher amounts of such a dormant company’s gross profit, or its net assets, or its paid-up share capital, or its turnover, at the rates stated in this article. The only exemptions to this rule are as also stated in this article.

Case Review: Director of SSS V. Agbakoba

Constitutional Law - International Passport: Power of Minister of Internal Affairs - Constitutional Law - Fundamental Human Rights: Extent of the powers of State Security Service - Constitutional Law - Fundamental Human Right: Freedom of Movement - Right of Nigerian Citizen to hold International Passport: Whether Absolute. The Supreme Court: Whither the Principles:

Limited and General Partnerships - Nigeria

Partnership is one of the most common forms of establishing a business in Nigeria. The culture of sustaining long-term Partnerships that thrives and outlive their original partners have however remained mostly a mirage in Nigeria. The Lagos State Partnership Law describes a Partnership to be the relationship which exists between people, carrying on business otherwise than as a limited liability company or incorporated trustees, with the sole objective of making and sharing profits.

International Arbitration - Nigeria

International arbitration: substantive law, procedural law and arbitration rules in the context of the United Kingdom Arbitration Act 1996. International arbitration: substantive law, procedural law and Arbitration Rules in the context of the Arbitration Act 1996. By: Mr. Femi D. Ojumu*

Admissibility of Electronic Evidence - Nigeria

Legal Alert – May 2012 – Admissibility of Electronic Evidence - The inestimable benefits of the various advancements in information and communication technologies have until the enactment of the new Evidence Act in 2011 remained a matter of much debate and judicial uncertainty. The enactment of the Evidence Act, 2011 has attempted to correct some of the difficulties that the admissibility of electronically generated evidence do encounter in Nigerian Courts.

National Assembly's Oversight Functions and Fair Hearing

The Nigerian Constitution.

Hotels and Tourism Licensing and Regulatory Regimes - Nigeria

A proper understanding of the various federal, state and local government licensing and regulatory regimes in the Hotels, Hospitality and Tourism markets in Nigeria is critical to the execution and substance of a viable business plan in any of these sectors. This Legal Alert is our contribution to your achieving this objective. - Legal Alert – April 2012 – Hotels & Tourism Licensing and Regulatory Regimes

Role of Audit Committees under Nigerian Financial and Corporate Laws

Audit Committees are part of internal audit mechanisms created by both public and private companies to ensure financial regulatory and risk management compliance of public and private companies to laid down financial laws and practices.

Personal Income Tax (Amendment) Law, 2011

The Personal Income Tax (Amendment) Act 2011 has among other things consolidated all the personal income tax reliefs or allowances into one consolidated tax allowance/relief of 21% of an individual's gross annual income. The residue of a person's income is then liable to a graduating personal income tax charge of between 7% to 24% per annum. The rules concerning expatriate income earned from businesses in Nigeria has also changed.

Legal Alert - Terrorism (Prevention) Act 2011

It is a criminal offense, under Nigerian law, for any person to commit, threaten, promote, fund, assist or facilitate any act preparatory to or in furtherance of, or the actual execution of any act(s) of terrorism. It is also a criminal offense for any person or group of persons to seize, detain or attempt to seize or detain, or threaten to kill or injure another person (or property) as a basis to induce the release of a terrorist.

Legal Alert - Money Laundering (Prohibition) Act 2011

The Money Laundering (Prohibition) Act 2011 provides for comprehensive provisions to prohibit the financing of terrorism, the laundering of the proceeds of a crime or of any illegal activity. This Law further provides for a wide range of penalties and expands the scope of the supervisory and regulatory authorities in Nigeria to combat money laundering offenses. The fact that a money laundering offense was committed in different jurisdictions or different parts of the world is no longer relevant.

Nigeria Sovereign Wealth Fund Law

A Sovereign Investment Authority (Establish, Etc.) Act, 2011 has established for Nigeria a Sovereign Investment Authority. This Authority is charged to receive, manage and invest in diversified portfolios the excess of the medium and long term revenue of the Federal, States, Local Governments and Area Councils. The Proceeds of these investments are statutorily required to create a savings base for the country, develop infrastructure that will attract local and foreign direct investments.

Abandonment of Wrecked Ships on Navigational Routes in Nigeria

Calls have been made to Nigerian Maritime Administration and Safety Agency (NIMASA) to remind it of its statutory duties regarding removal of wrecked ships.

Admiralty Jurisdiction in Nigeria

Section 251(1) (g) of the 1999 Constitution of the Federal Republic of Nigeria confers exclusive jurisdiction on the Federal High Court to hear and determine admiralty disputes in Nigeria.

Nigerian Maritime Industry: Foreign Participation in Cabotage Trade

The objective of the Cabotage Act in Nigeria is principally to reserve domestic coastal trade (“cabotage or cabotage trade”) within Nigerian Coastal and Inland Waters to vessels built and registered in Nigeria, wholly owned and wholly manned by Nigerian citizens.

Proposed Industrial Property Commission Bill Reduces Duration of Trademarks from 14 Years to 7 Years - Nigeria

The Industrial Property Commission bill has significantly reduced the duration required for trademark renewal.

Nigerian Mining Industry: Opportunities for Foreign Investors

Nigeria is endowed with numerous mineral resources such as talc, iron ore, bitumen, gold, rock salt, gypsum, lead/zinc, coal, gemstones, kaolin, tantalite, bentonite and baryte located in different parts of the country in commercial quantity

Cyber Security Bill: Panacea for Cyber Crimes and Related Practices? - Nigeria

Stakeholders in Information and Communication sector recently reiterated their commitment to the passage of the anti-cyber crime bill into law.

Patent and Designs Act 1990: Patentability of Inventions in Nigeria

A patent is usually a form of market monopoly granted to the inventors by a government authority as an incentive to invent or innovate. This grant is usually for the period of 20 years.

Production Sharing Contract in the Nigerian Oil and Gas Sector

Nigeria had in the past years engaged in Joint Venture Agreement (JVA) for the exploration of her petroleum resources.

Collective Investment Schemes under Nigeria’s Investment and Securities Act 2007

Part XIII of the Investment and Securities (ISA) 2007 creates collective investment schemes in Nigeria.

Capital Gains Tax in Nigeria: Exemptions and Reliefs

Capital Gains Tax accrues on an actual year basis.

The Nigerian Money Laundering (Prohibition) Act 2002

The Nigerian Money Laundering (Prohibition) Act 2002 (MLPA) was enacted at a period when money laundering was synonymous with drug trafficking.

Nigeria Set to Reform the Regulatory Framework of the Investment and Securities Act (ISA) 2007

In the aftermath of the meltdown of Nigeria’s capital market, the absence of strong regulatory framework has been recognized as one of the contributory factors in the unusual downturn in the capital market.

Qua Iboe Terminal Oil Spill: One too Many?

The effects of oil spills on human and aquatic life remains so grievous and almost irreparable if not properly handled. Effective clean-ups and reclamations of affected areas usually take long time and requires much effort and consistency.

Telecomms Regulators to Require SIM Card Registration to Curb Cell Phone-Related Crimes - Nigeria

The recent direction by the Ministry of Information and Communications to the effect that all mobile telecoms operators selling new Subscriber Identification Module (SIM) cards must obtain the data of prospective subscribers and that all previously obtained SIM cards must be registered without delay is no doubt a good policy aimed at reducing the incidents of technology related crimes.

Nigeria's Aviation Industry Needs Radical Overhaul and Modernization

The deplorable state of infrastructure at both the international and domestic airports in Nigeria has given rise to a call by all and sundry for an immediate radical revamp of the aviation industry.

Corporate Tax Refund: A New Concept in Nigeria?

The emergence of the Federal Inland Revenue Service (FIRS) Establishment Act may bring smile to the faces of corporate tax payers if the provision that introduces tax refund will be given the necessary push and attention.

Long and Extensive Use: High Court Reaffirms Criteria for Protection of Unregistered Marks in Nigeria

Under Section (5) of the Trademarks Act of Nigeria, the right of a proprietor of a registered trademark is deemed to be infringed by any person who, not being the proprietor of the trademark or a registered user thereof, using it by way of permitted use....

Nigerian Money Laundering Prohibition Act

The Nigerian Money Laundering (Prohibition) Act 2002 (MLPA) was enacted at a period when money laundering was synonymous with drug trafficking. Consequently, the law sought basically to prohibit gains obtained from narcotic drugs and other psychotropic substances.

Market-making Proposal in Limbo Two Years after SEC's Approval in Nigeria

The proposal to establish Market-makers in Nigeria has not taken off two years after SEC approval. July 2010 Vol. 23: Issue 7

CBN Take-Over of Nigerian Banks: Unresolved Legal Issues

The full extent of the powers of the CBN Governor and the CBN itself to regulate banks registered in Nigeria is contained in two pieces of legislation: the Central Bank of Nigeria Act, and BOFIA, respectively. However, whether these pieces of legislation authorize the CBN Governor to takeover and sell off the banks is a matter of serious legal doubt.

Constitutional Government in Nigeria in Danger

In its very opening section, the 1999 Constitution makes the continuity of constitutional government the basis of the system of government in Nigeria.

The Nigerian Petroleum Industry Bill - Part 2

Indeed, one of the three issues considered the “pillars” upon which upstream oil and gas investments are based is the fiscal regime of the host State. In other words, an investor in an international petroleum transaction intending to invest in a petroleum regime would conduct its due diligence before committing risk capital by looking at, amongst other things, the issue of ‘government take’ versus ‘ investor take’.

Resolution on Acting President was Constitutional - Nigeria

The Resolution passed by each House of the National Assembly on February 09, 2010 that the Vice-President should act as President was constitutional. It was passed more than two months after President Umar Musa Yar’Adua had left the country for, or been taken to, Saudi Arabia on health grounds.

What the Constitution Says on the Prolonged Absence of the President - Nigeria

The constitutional crisis which has rocked the nation for over two months now arose because President Yar’Adua went, or was taken, to Saudi Arabia on November 23, 2009 on health grounds without sending to the National Assembly, as envisaged in section 145 of the Constitution, a declaration concerning his impending absence from office.

What’s the Fuss about the Nigerian Petroleum Industry Bill?

These are interesting times in the West African Emergent Cretaceous Petroleum Play Fairway. This is no less so in the Nigeria’s petroleum regime for a couple of reasons, chief amongst which are the current review of the Petroleum Industry legal and regulatory regime and the global economic melt-down.

Corporate Immigration in Nigeria

This article seeks to consider the regulatory framework that governs corporate immigration in Nigeria. This article’s goal is not to provide new ground breaking research, but to provide someone unfamiliar with corporate Immigration laws in Nigeria with all of the most current information in an accessible and easy to read format.

Legal Requirements for Incorporation of Companies in Nigeria

The legal requirements for the incorporation of substantive Companies, subsidiaries and holding companies are contained in the Companies and Allied Matters Act (CAMA) Cap 59 LFN1990. They are mentioned hereunder as:

Guidelines to Nigerian Immigration Laws and Procedure

Immigration law in Nigeria is primarily governed by the Immigration Act Cap 171, Laws of the Federation of Nigeria and the regulations promulgated by the Minister for Internal Affairs. The powers of the Minister of Internal Affairs are delegated to the Comptroller General of Immigration who is charge of Nigeria Immigration Service under Section 5 of the Immigration Act.

Navigating International Litigation Hurdles in Africa

The objective of this article is to address the generic problems facing local lawyers, foreign lawyers and corporations involved in international litigations in Africa. Any local counsel or litigant, foreign counsel or litigant, General or In-house Counsel to a Corporation, local and foreign Government agency or third party may become a party to litigation in Africa at any time of any transaction where the subject matter of suit occured in Africa or either of the parties are based in Africa.

Service of Foreign Legal Process in Nigeria

In any civil or commercial action, for a court to exercise jurisdiction on a matter, it must be established that adequate notice of the action or the originating processes were served through the proper means or channel. Failure to adhere to the rules or laws that guide the service of legal process would nullify the proceedings and rob the court of jurisdiction to act on the matter particularly when the successful party seeks to enforce the foreign judgment in Nigeria.

New Frontiers for Corporate Regulations in Nigeria

The development of the law, legal events and time have been complimentary for centuries. Every standard law will require updating after the occurence of influential events especially comparative global trends in corporate law and practices. One of such laws is the Nigerian Companies and Allied Matters Act 1990 which remains the most single significant corporate law in Nigeria. Some of the required updating are new business laws, new corporate regulatory practices, corporate ethics, etc...



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