Banwo & Ighodalo

By: Banwo & Ighodalo. Background   On December 3, 2024, the National Pension Commission (“PenCom”), in a circular referenced “PenCom/TECH/ISD/2024/403”, addressed to managing directors and chief executive officers of licensed Pension Fund Administrators in Nigeria (“PFAs”), announced the removal of the restriction earlier placed on investment of pension funds in commercial papers. PenCom had directed all PFAs, in […]

By Banwo & Ighodalo. Modifications To Fair Dealing And Other Exceptions Under The New Copyright Act. The New Act makes a number of changes to Nigeria’s copyright law, the most notable of which includes the modifications to the exceptions to copyright infringement. Part II[1] of the New Act expands on the exceptions set forth in […]

Provided by Banwo Ighodalo  LAGOS STATE GOVERNMENT GRANTS A NINETY (90)-DAY AMNESTY PERIOD FOR PROPERTY OWNERS AND DEVELOPERS WITHOUT PLANNING PERMITS TO OBTAIN THE REQUISITE PERMITS Background The Lagos State Urban and Regional Planning and Development Law, 2019 (the “Law”) and the regulations made thereunder, prohibit the commencement of construction works within the State without […]

To a Single Shareholder Structure. Written by Banwo Ighodalo.   In a landmark decision delivered on July 30, 2024, the Federal High Court (“FHC”) held that section 18(2) of the Companies and Allied Matters Act 2020, as amended (“CAMA 2020”), which permits private companies to have a single shareholder, is not limited to private companies incorporated […]

Written by: Banwo & Ighodalo The WHT Regulations 2024 were issued to address ambiguities and other challenges faced in the implementation of previous WHT regimes, which resulted in difficulties in compliance. Small and medium scale enterprises were the worst hit by the compliance problems, which strained their working capital and productivity. Those challenges adversely impacted […]

In Nigeria And Compliance Essentials For Businesses. Abimbola Akeredolu, SAN, Banwo Ighodalo Appeals at the Tax Appeal Tribunal   The practice at the Tax Appeal Tribunal (“TAT” or “Tribunal”) requiring an aggrieved taxpayer to pay 50% of a disputed tax amount into a designated account, as security for the prosecution of a tax appeal, is traceable […]

Import Duties In Nigeria. Banwo Ighodalo Introduction On June 19, 2024, the Nigeria Custom Service (“NCS”) commenced a verification exercise for private aircraft owners. Press reports indicated that a number of private jets will be grounded and detained as a result of this exercise. While the exercise may appear to be a revenue drive by […]

And Data Processors Of Major Importance. The Nigeria Data Protection Commission (“NDPC” or “the Commission”) has extended the registration deadline for organizations that are required by law to register as data controllers and data processors of major importance (“designated entities”). The new registration deadline is September 30, 2024. Section 44 of the Nigeria Data Protection […]

More Than The Mandatory Annual Audit. More 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, the Nigeria Data Protection Act (the “NDPA”)[1] and the Nigeria Data Protection Regulation (the “NDPR”)[2], data processing […]

The Nigeria Data Protection Commission (“NDPC” or “the Commission”) has extended the registration deadline for organizations that are required by law to register as data controllers and data processors of major importance (“designated entities”). The new registration deadline is September 30, 2024. Section 44 of the Nigeria Data Protection Act, 2023 (“NDP Act”) mandates designated […]

On May 22, 2024, in a bid to reform and sanitize Bureau De Change operations in Nigeria, the Central Bank of Nigeria (“CBN”) released the new “Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria” (the new 2024 Guidelines/ the new Guidelines). The new 2024 Guidelines are issued pursuant to section 56 of […]

On April 1, 2023, President Muhammadu Buhari signed into law the Copyright Act of 2022 (the “New Act”). The New Act makes a number of changes to Nigeria’s copyright law, the most notable of which includes the modifications to the exceptions to copyright infringement. Part II[1] of the New Act expands on the exceptions set […]

The Immigration Act, 2015 (the “Act”) is the principal legislation governing the movement of individuals and businesses within Nigeria’s borders. At the helm of overseeing this crucial aspect is the Federal Ministry of Interior (“FMI” or “Ministry”), the supervisory body tasked with managing entries and exits. Within the Ministry’s jurisdiction, the Citizenship and Business Department […]

The 2024 Executive Order And Directives The status of the Nigerian oil and gas industry as the dominant contributor to Nigeria’s external reserves undoubtedly serves as a pointer to the economic importance of the sector to the nation. Thus, fixing the Nigerian oil and gas industry has a significant positive impact on the ongoing macro-economic […]

In recognition of the importance of a sound fiscal policy environment and an effective taxation system for the functioning of the government and growth of the economy, the FGN had established the Presidential Committee on Fiscal Policy and Tax Reforms in Q3 2023, with the responsibility for streamlining the chaotic tax system through harmonization of […]

Copyright is a bundle of rights which the author or originator of certain intellectual works is entitled to. These intellectual works include musical works; films; photographs; literary works, such as novels, sound recordings, and so on. Such creations are the fulcrum of the entertainment and advertising industries; accordingly, legal developments in the Nigerian copyright regime […]

The Corporate Affairs Commission (“CAC”) serves as the statutory authority entrusted with the registration and oversight of legal entities in Nigeria. In the wake of the enactment of the Companies and Allied Matters Act, 2020 (“CAMA 2020”), the CAC has proactively implemented numerous measures to foster adherence to the stipulations outlined in the new legislation. […]

A. AUTHORIZED AGENT OF THE FEDERAL MINISTRY OF INTERIOR In a significant move towards streamlining administrative processes, the Federal Ministry of Interior (“FMI” or the “Ministry”) has introduced a comprehensive licensing regime for agents. This initiative of the Ministry aims to enhance efficiency and accountability in various governmental processes within the FMI. The Ministry invited Expressions […]

In a bid to enhance transparency and accountability in financial reporting and further strengthen corporate governance in Public Interest Entities (“PIEs”), the National Assembly, in April 2023, passed the Financial Reporting Council of Nigeria (Amendment) Act, 2023 which amended some provisions of the Financial Reporting Council of Nigeria Act of 2011. The Financial Reporting Council […]

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 involved in data processing operations, either as businesses dealing with personal information of natural persons within their target markets […]

Black’s Law Dictionary[1] defines corruption as “a fiduciary’s or official’s use of a station or office to procure some benefit either personally or for someone else contrary to the right of others; an act carried out with the intent of giving some advantage inconsistent with official duties or the right of others. Corruption in arbitration […]

Revived policy, implementation challenges, and legal fireworks The Naira redesign policy of the Central Bank of Nigeria (“CBN”), aimed at driving the objectives of the country’s ongoing migration from a cash-dominated economic environment to an electronic payments market, otherwise known as cashless economy, has passed through different stages of implementation since it was recently reintroduced via […]

On May 22 and 23, 2023, the Central Bank of Nigeria (CBN) revoked the licences of one hundred and seventy-nine (179) Microfinance Banks, three (3) Finance Companies and four (4) Primary Mortgage Banks. We have reviewed the circumstances surrounding this revocation of licences, the reasons given by the CBN, the options available to the affected […]

In the twilight of his administration on May 28, 2023, Nigeria’s immediate past President, Muhammadu Buhari, signed the Finance Act 2023 (the “Act”) into law. The Act takes retrospective effect from May 1, 2023, or such other date as may be indicated by an Act of the National Assembly, or an order or assent made […]

On June 12, 2023, President Bola Ahmed Tinubu signed the Nigeria Data Protection Act, 2023 into law (“Data Protection Act” or “the Act”). This marked a significant watershed in the country’s journey towards developing a primary legislative framework for the protection of personal information of natural persons residing or doing business in Nigeria. Prior to […]

On February 14, 2023, the Business Facilitation Act (“BFA”) was passed into law in Nigeria. The stated objective of the Act is to promote the ease of doing business in Nigeria, eliminate bottlenecks, amend relevant legislation, and institutionalise all reforms to ease implementation. The Act amends existing legislations, including the Trade Marks Act Cap. T13, […]

In what appears to have taken international shipping companies by surprise, the Federal Inland Revenue Service (“FIRS”) recently issued tax assessment notices to international petroleum tankers and transport vessels operators, regarding the recovery of income tax allegedly owed over the period from 2010 to 2019 (the “Tax Assessments”). These Tax Assessments indicate a computation of […]

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 federation (the “States”) to generate, transmit, and distribute electricity in areas covered by the national grid and for related matters (the “NESI Constitutional Amendment”) came […]

GUIDANCE NOTE FOR RSA HOLDERS, MORTGAGE LENDERS AND PENSION OPERATORS The move to allow retirement savings account (“RSA”) holders, to finance residential mortgage with part of their pension funds, has its origin in the Pension Reform Act of 2014 (the “Act”). Under section 89(2) of the Act, a Pension Fund Administrator (“PFA”) is allowed to […]

The increasing use of corporate vehicles, such as companies, trusts, foundations and other types of corporate/legal arrangements, has elevated concerns among financial regulators globally. The concerns are not unconnected with the growing risks of possible concealment and conversion of illicit funds by criminals while hiding under the legal protection afforded by the veil of incorporation. […]

Following feedback received from stakeholders on its Circular of December 6, 2022 (“earlier Circular”), the Central Bank of Nigeria (“CBN”), via a new Circular titled: “Re: Naira Redesigned Policy – Revised Cash Withdrawal Limits” and dated December 21, 2022, with reference number: BSD/DIR/PUB/LAB/015/073 (“updated Circular”), announced a review of its earlier regulatory directives to commercial […]