Nigeria continues to generate a fair share of private equity transactions in Africa, especially in telecommunications, health, insurance, agriculture, financial, manufacturing, retail and real estate. The country’s evolution as a preferred destination for private equity investment in sub-Sahara Africa is largely due to its growing population and rising middle class, as well as the ongoing…
Viewpoint:Afamefuna Nwokedi Early in 2017 the federal government of Nigeria began a reform process for commercial entities by setting up the Presidential Enabling Business Environment Council (PEBEC). Its immediate aim is to improve Nigeria’s ranking in the next edition of the World Bank’s “Doing Business” report by at least 20 positions, up from its current position of 169 out of 190…
Export processing zones (EPZs) – also known as free zones (FZs) – are areas in which businesses are exempt from the normal regime applicable in Nigeria, particularly with regard to Customs duty and tax. In return, the government expects companies operating in the EPZs to boost national exports, create jobs and help in diversifying the Nigerian economy by bringing in new activities. There are two…
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 and Okeke, on the development of privatisation in the power sector.…
The Nigerian power sector has undergone several significant changes in the past decade. In 2010 the Nigerian president at the time presented a roadmap for the sector. In developing the roadmap, the country’s federal government built on the foundation laid down in 2001-02 through the adoption of the National Electric Power Policy, and with the promulgation of the Electric Power Sector Reform Act (EPSRA)…
With abundant natural resources and a young, dynamic population, the country has long played an important role on the continent and it has the potential to be a wider global player in the coming decades. The new administration is rolling out an ambitious package of substantial reforms – from privatisation measures and anti-corruption campaigns to security assistance – that it hopes can help ov
Some of the relevant laws regulating corporate business in Nigeria include the following: The Companies and Allied Matters Act CAP C20, Laws of the Federation of Nigeria (LFN) 2004; The National Office of Technology Acquisition and Promotion Act CAP N62, LFN 2004 (NOTAP Act); The Companies Income (Amendment) Tax Act 2007 Capital Gains Tax Act CAP C1, LFN 2004 The Notap Act This Act established…
OBG introduces the reader to the different aspects of the legal system in Nigeria, in partnership with Ajumogobia & Okeke. There is also a viewpoint from Ovie Ukiri, Managing Partner, Ajumogobia & Okeke, on the Pension Reform Act of 2014.…
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…
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…
