Ayuli Jemide

Dolapo Kukoyi

 

REAL ESTATE MARKET OVERVIEW - DOING BUSINESS IN NIGERIA

DETAIL lawyers, Tosin Ajose, Associate Partner and Adeniran Haastrup, Solicitor, contributed to the discourse on Nigeria’s Real Estate market with an article titled “Real Estate Market Overview – Doing Business in Nigeria”  featured in the September 2017 issue of African Property Skyline magazine.
Click here to read the article
Click here to view the full Yearbook

LIST OF SUSPENSION ON PIONEER STATUS INCENTIVES AND INCLUSION OF 27 NEW INDUSTRIES FOR PIONEER STATUS

On 7th August, 2017, the Federal Government of Nigeria announced the lifting of an administrative suspension on the processing of Pioneer Status Incentive (PSI) applications following a comprehensive review and reform of the process.
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RELEASE OF GENERAL REQUIREMENTS AND GUIDANCE INFORMATION FOR THE ESTABLISHMENT OF MODULAR REFINERIES IN NIGERIA

The Department of Petroleum Resources (the DPR) recently released the General Requirements and Guidance Information for the Establishment of Modular Refineries in Nigeria (the Guidelines).
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EXECUTIVE ORDER ON THE VOLUNTARY ASSETS AND INCOME DECLARATION SCHEME

On the 29th of June 2017, the Acting President, Prof. Yemi Osinbajo launched the Voluntary Assets and Income Declaration Scheme (VAIDS) to address the issue of tax default in Nigeria. The Scheme which became effective on the 1st of July 2017 provides a 9-month opportunity for eligible taxpayers to regularise their tax status; pay all outstanding taxes; prevent and stop tax evasion; and ensure full tax compliance. Failure of eligible taxpayers to comply with the VAIDS within the 9-month period will result in stipulated penalties.
Click here to view the Executive Order


RELEASE OF MINI-GRID REGULATIONS BY THE NIGERIAN ELECTRICITY REGULATORY COMMISSION

On the 24th May, 2017, the Nigerian Electricity Regulatory Commission (NERC) released a new Mini Grid Regulation to govern the development of integrated electricity generation and distribution supply systems of under 1MW either in isolation from the Distribution Companies (Discos) or interconnected to the Discos’ existing network infrastructure.
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THE ELECTRIFY AFRICA ACT AND PROSPECTS FOR THE NESI

The Electrify Africa Act 2015 was passed by the US Congress with bi-partisan support and was signed into law by President Barack Obama on the 9th of February, 2016. The Act seeks to encourage the efforts of countries in sub-Saharan Africa to improve access to affordable and reliable electricity; specifically, the Act seeks to promote first time access to power services for at least 50 million residents of sub-Saharan Africa by 2020 in both urban and rural areas. The Act proposes to achieve this objective by encouraging the installation of at least 20,000 additional megawatts (MW).

NAVIGATING THE PITFALLS OF OPERATING AN IP HOLDING COMPANY

Mauritius is all the rage. Due to the favourable tax regime in Mauritius, the country is seen as the gateway to Africa. Foreign companies often route their investments through Mauritius by setting up a Category 1 Global Business Company (GBL1) which has an effective tax rate of 3% and is able to take advantage of Mauritius’ extensive double taxation treaty (DTT) network, or a Category 2 Global Business Company (GBL2), which is treated as a non-resident of Mauritius and therefore exempt from tax in Mauritius. Mauritius is therefore an ideal jurisdiction for incorporating intellectual property (IP) holding companies.

THE NIGERIAN CAPITAL MARKET MASTER PLAN (2015-2025) – A BLUEPRINT FOR THE NEXT DECADE

In November 2015, the Nigerian Securities and Exchange Commission (SEC) mapped out a 10 year plan for the development of the Nigerian capital market (the Master Plan). The Master Plan was developed by a committee inaugurated for that purpose by the Director General of SEC on 9 September 2013.

The core objective of the Master Plan was to map out strategies for the improvement of the Nigerian capital market in key areas such as investor protection and education, professionalism, and product innovation, and for the expansion of the capital market’s role in Nigeria’s economy.


AFRICA ENERGY YEARBOOK 2015

DETAIL Partner, Dolapo Kukoyi, contributes to the discourse on power sector Policies and Best Practice for Africa with an article on the “Transitional Electricity Market (TEM) and Investor and Stakeholder Expectations for Nigerian Electricity Supply Industry (NESI)” featured in the Africa Energy Yearbook 2015.
Click here to read the article
Click here to view the full Yearbook


THE CENTRAL BANK OF NIGERIA INTRODUCES N300 BILLION FINANCING FOR THE REAL SECTOR

As part of efforts to stimulate job creation and economic growth and productivity, the Central Bank of Nigeria (the CBN) recently established a N300 billion Real Sector Support Facility which will provide access to loans of up to N 10 billion to manufacturers and small and medium scale enterprises (SMEs) seeking funding  to start or expand their businesses. Read Article


PFA INVESTMENT IN INFRASTRUCTURE DEVELOPMENT

To address the deteriorating state of infrastructure in Nigeria, the Governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi, has estimated that the country requires a yearly investment of US$10 billion (about N1.6 trillion) over the next 10 years, an amount the government cannot solely provide. Read Article

 

NIGERIA PPP REVIEW

DETAIL Commercial Solicitors is pleased to present its third edition of the Nigeria PPP Review, a publication from our Infrastructure/Public-Private Partnerships Team. The lead article analyses Options for Infrastructure Financing in Nigeria. Also addressed in this issue are tips on dealing with risks in PPP projects and ensuring optimal service delivery in PPP projects. Read Article.

DETAIL Commercial Solicitors is pleased to present its maiden edition of the Nigeria PPP Review, a publication from our Infrastructure/Public-Private Partnerships Team. In this issue, we discuss the Infrastructure Concession Regulatory Commission Act and its retinue, as well as provide a synopsis of PPP frameworks and projects at the State Government level. Read Article.

CONSENSUS OR CONTRACT

You often hear clients say "the personality of your business partner is more important than the best crated agreement". This school believes that no matter how air tight an agreement, the duly appointed representatives of Mr. Bad faith will arrange to be in breach. Read Article.

STRUCTURED FINANCE FOR IMPORTED FINANCE
Quite often  a  bank  or  financial  institution  is  involved  in  financing  a  client who intends  to  import a piece of equipment  - a dredger or a  sea-going vessel, or any other “heavy duty equipment” as they are typically called. These transactions may look  simple but have  a potential  to get nasty. Read Article.
CONQUERING THAT FIRST MEETING
How often do you get a phone call, email or letter from a potential client asking for a meeting? This prospect is usually a referral or found you on the Internet and needs legal counsel - someone you have never met. Like a blind date? Read Article.
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