Nigeria is regarded as the biggest country and the second largest economy in Africa however the country has been faced with a high decline in the volume of private sector investment/participation. This has resulted in the Federal Government devising means to attract investors back into...
Companies typically borrow funds from banks and other financial institutions in the form of loans. The purpose of such borrowing is inter alia to finance a particular project, service an existing debt/refinance or to run the operations of the company. The lender commonly request that...
Tax is a monetary charge imposed, by government, on companies and individuals. Companies are required to remit tax from their profits whilst individuals pay from the income they generate. Payment of tax is a statutory mandate that is governed by various regulations in Nigeria. For the...
Nigeria is currently the second largest economy in Africa and consequently, it is a haven for private equity and foreign direct investments in recent years. The focus areas for PE funds/investments include but are not limited to food, agriculture, healthcare, pharmaceuticals, housing, financial services and...
The clamour to arrest Nigeria’s over-dependence on oil has led to the Federal Government pinpointing the automotive industry as a potential area to stimulate economic growth, foreign exchange influx and job creation in Nigeria. Currently, crude oil accounts for between 8%-10% of Nigeria’s Gross Domestic...
Streaming from the reformation of the Nigeria Power Sector in 2005, the National Electric Power Authority (NEPA) was unbundled into autonomous companies, Generation Companies (GenCos), Transmission Companies (TransCo), and Distribution Companies (DisCos). The DisCos, which are now fully privatized and overseen by the private sector, were...
Due to the present economic downturn in Nigeria, companies both in the private and public sector are resorting to cost-cutting measures to assist in the company’s sustainability. In addition, increases in global competition, technological advancement, shifts in consumer demands and greater efficiency are forcing organizations...
Foreign owned companies require certain permits to engage foreign employees in Nigeria. We have set out below the key immigration permits required by foreign owned companies and non-Nigerian employees. Expatriate Quota Approvals Expatriate quota approvals permit a Nigerian company to employ expatriates to specifically approved job...
The foreign exchange regime in Nigeria is regulated by the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act Cap F34 LFN 2004 (FEMM Act), the Central Bank of Nigeria Foreign Exchange Manual (CBN Manual) and the guidelines/ circulars issued from time to time by the Central...
Nigerian law and the Central Bank of Nigeria (“CBN”) Guidelines require every foreigner investing in a local business to procure a CCI on the in-flow of foreign currency into Nigeria to pay for the investment. The CCI is the evidence of capital in-flow/investment into a...