New Capital Gains Tax Rules: Impact on Private Funds
Offshore sales of shares or interests in foreign entities may now trigger Nigerian CGT if those entities hold significant Nigerian assets.
Lagos Carbon Exchange: Key Legal & Market Considerations
The Lagos Carbon Exchange introduces a credible local alternative
Data Protection Considerations in Mergers & Acquisitions in Nigeria
Nigeria’s consumer protection agency fined Meta $220 million because it believed that Meta breached data protection laws and that the breach was so egregious as to warrant the fine. We don’t agree with the decision of the agency, but the...
Series A Financing – What to Expect
In this update, we highlight some key Series A considerations for founders looking to raise a Series A financing
The Nigeria Tax Bill – Revisiting the New Rent Relief Allowance
It would appear that landlords and dependent adults will no longer be entitled to income tax reliefs under the Nigeria Tax Bill.
Private Equity Investments in Private Companies – Financial Assistance Considerations
The prohibition of financial assistance to private equity firms and other equity investors is probably the most important legal barrier to the growth of the local leveraged buyout market. With the passage of the Companies Act in 2020, private companies...
Proposed New Rules on the Issuance and Allotment of Private Companies: Some Legal Considerations
The Securities & Exchange Commission (the “SEC”) is seeking to regulate debt issuances by private companies and has recently published a draft of the new rules (the “Draft”) for comments. The Draft is the legal framework under which private companies...
Debt-for-Nature Swaps in Nigeria: Key Commercial Considerations
Especially for developing countries in Africa, debt-for-nature swaps are great tool for sovereigns to replace expensive debt and to put increasing sovereign debt levels in check. This is a simplified & practical insight into the workings of debt-for-nature swap transactions...
FX Liquidity: Driving Growth through Non-Resident Accounts
In this update, we reflect on some learnings from recent corporate financing and fund formation transactions in sharing some insights around the need for Nigeria's central bank to review its rules around the operation of non-resident accounts.
Immunity of the Central Bank: Legal Issues Arising
The recent suspension and subsequent arrest of Nigeria’s central bank Governor and some Deputy Governors, as well as the appointment of an independent panel to investigate allegations of fraud within the Central Bank, raises some legal issues as to the...