Which Banks & Private Equity Firms are exempted from Merger Clearance under Section 92(3)?
Section 92(3) of the Federal Competition and Consumer Protection Act ( the “Act”) suggests that, certain types of "acquisition" transactions by banks and private equity/ venture capital firms[1] (“Private Equity Firms") will be exempt from merger by the Federal Competition...
Mini-Bid Licensing Rounds 2022 – A Highlight of the Bid Submission Regulations for Offshore Petroleum Prospecting Licenses in Nigeria
On December 21, 2022, the Federal Government of Nigeria through the Nigerian Upstream Petroleum Regulatory Commission (the “Commission”) announced licensing rounds for seven (7) offshore blocks covering an area of approximately 6,700 km2 in water depths of 1,150m to 3,100m....
Avoiding Permanent Establishment Risk – Nigeria’s New Dependent Agents Rule
Presidential Order 5 has thrown up an array of contracting structures between local promoters and foreign OEMs and partners looking to bid for government contracts. These contractual arrangements are increasingly subject of litigation both from a taxation point of view...
What is a Permanent Establishment? Do you Have One?
If a foreign business has a Nigeria permanent establishment (PE) then the profits of the business that are attributable to that PE, either directly or indirectly, are chargeable to Nigeria tax.
Operational Guidelines for Representative Offices of Foreign Banks
Challenger banks now have a window to establish a representative office in Nigeria. This is because of the newly proposed CBN Guideline on the Regulation of Representative Offices of Foreign Banks in Nigeria (the “Regulations”). Although the Regulations also apply...
Avoiding Permanent Establishment Risk – Nigeria’s New Dependent Agents Rule
Presidential Order 5 has thrown up an array of contracting structures between local promoters and foreign OEMs and partners looking to bid for government contracts. These contractual arrangements are increasingly subject of litigation both from a taxation point of view...
Rising Inflation & the Interest Rate Hike by The Central Bank – A Primer
There has been a palpable increase in the prices of goods and services in Nigeria, in recent time. The Central Bank of Nigeria (the “CBN”) is now taking steps to address the situation and to maintain price stability[1]. One of...
Private Equity Co-Investments – The New Regulations for Pension Funds
Nigeria’s Pension Regulator, Pencom, has recently issued regulations permitting pension funds to co-invest in private equity funds with the expectation that, allowing pension funds to co-invest with qualifying private equity funds will increase pension fund exposure to private equity. Expectedly,...
A Highlight of Development Finance Programmes by the Central Bank of Nigeria
In furtherance of its developmental functions under section 31 of the CBN Act, the Central Bank of Nigeria (the “CBN”) has vastly expanded its lending programs to the private sector in a bit to expand productive capacity, locally. The below...
CBN’s RT200 Non-Oil Export Proceeds Repatriation Rebate Scheme
Nigeria’s Central Bank (the “CBN”) aims to increase the country’s foreign reserves by $200 billion in FX earnings from non-oil proceeds over the next (5) five years under a new export proceeds repatriation scheme.
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