Legal Framework
From The Report: Nigeria 2013
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OBG introduces the reader to the different aspects of the legal system in Nigeria, in partnership with Ajumogobia & Okeke. OBG talks to Ovie Ukiri, Managing Partner, Ajumogobia & Okeke, on transfer pricing regulations.

Articles from this Chapter

Overview

Time to act: A rundown of pertinent legislation relating to investment
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Essentially a free enterprise country, Nigeria allows foreigners to own and operate businesses with minimal restriction. Except where eligible for exemption, all foreign investors are required to be incorporated as a separate entity in Nigeria and, until incorporation, shall not have a place for business in Nigeria other than for the receipt of notices and documents preliminary to incorporation of the company. FOREIGN INVESTMENT: The laws regulating foreign investment include the Nigerian…

Analysis

Fuel to the fire: A far-reaching piece of legislation has sparked intense debate
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The Petroleum Industry Bill (PIB), which is currently before the federal legislature, establishes the legal and regulatory framework, institutions and regulatory authorities for Nigeria’s petroleum industry and stipulates guidelines for operations in the upstream, midstream and downstream sectors. When the PIB is passed into law, it will have the effect of repealing or reviewing all existing laws governing the administration of the industry, and in essence combine 16 different Nigerian petroleum…

Viewpoint

Ovie Ukiri, Managing Partner, Ajumogobia & Okeke, on transfer pricing regulations
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The Federal Inland Revenue Service (FIRS) has recently introduced a new set of transfer pricing regulations (hereafter known as “the Regulations”) which have an impact on the income tax assessment of related or associated taxable persons in Nigeria. The focus of the Regulations is to standardise, as clearly as possible, the transfer pricing between related parties, particularly multinational companies. The Regulations specifically give effect to the statutory provisions on anti-tax avoidance…