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.
New Digital Money Lender Regulations in Nigeria: Some Legal Issues
Nigeria’s consumer protection regulator, the FCCPC, recently published a Limited Interim Regulatory/Registration Framework for Digital Lending (“Regulation”)[1] with the intent to regulate digital lenders in Nigeria.
What is a Down Round Financing? How Will a Down Round Financing Impact VCs & Founders?
What is a down round financing and how will it affect you? Tech start-ups and VCs often work with the assumption that the price of the shares sold in a later financing round will be higher than the price of...
Our Fundraising Round is Taking Longer Than Usual. What Options Do We Have?
If you are fundraising and your fundraising round is taking longer than usual, you may be heading towards a down round. In this update, we conclude that, whats key is for founders is to (a) think outside the box and...
Why Do I Need a Legal Opinion & Why is My Series A Investor Asking For One?
If you are raising a Series A Financing (or any priced equity around), US venture capital firms will typically ask you to provide a legal opinion, as one of the closing conditions for a venture capital financing.
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...
Nigeria’s Proposed Internet & Social Media Regulation: Key Takeways
Nigeria has recently published a draft of its proposed social media laws. There are important thematic similarities between Nigeria’s social media laws and the proposed H.B. 20 in Texas, the European Digital Services Act, the UK Online Safety Bill and...
Why is the Nigerian SEC Regulating Digital Assets? What Do Fintechs Need to Know?
The Securities & Exchange Commission (the “SEC”) has an inherent economic role of facilitating capital formation, meaning, from an economic standpoint, the SEC is also partly responsible for finding and regulating new and innovative ways by which members of the...
Closing Technology Mergers & Acquisitions in Nigeria
Acquiring high-growth technology companies in Africa presents an opportunity for scale-ups and strategic investors to acquire more customers, increase revenue and also become more attractive to trade buyers or public markets. Our work with firms in the tech industry...
New Rules for Operating a Fintech in Nigeria
Between 2020 & 2021, the Central Bank of Nigeria (CBN) made significant changes to the legal and regulatory framework around the establishment and operation of Fintech companies in Nigeria. While a wave of reactions have trailed the recent changes by...