CMSA Newsletter
Capital Market Master plan 2015 - 2025: Legal Imperatives for achieving Nigeria's big dream

Establishment of Investors’ and Exporters’ FX Window: A Floating of the Naira?
This is a further update on the recent developments in the foreign exchange (“FX”) market in Nigeria. The Central Bank of Nigeria (“CBN”), in June 2016, introduced a single flexible Nigeria interba

Getting the Deal Through: Tax On Inbound Investment 2017
Acquisitions (from the buyer’s perspective) 1 Tax treatment of different acquisitions What are the differences in tax treatment between an acquisition of stock in a company and the acquisition of busi

Nigeria chapter in The Asset Management Review - Edition 5
In November 2015, the Nigerian Securities and Exchange Commission (SEC) presented its Nigerian Capital Market Master Plan (Master Plan), a 10 year-capital markets master plan aimed at facilitating th

Getting the Deal Through: Tax on Inbound Investment
Although the same laws apply, there are significant differences between the tax treatment of an acquisition of stock in a company and an acquisition of business assets and liabilities of that company,

Africa Guide - Employment Consequences of Business Transfers
The African continent has seen a significant increase in cross-border transactions and foreign investment. This guide provides an overview of the employment law consequences of business transfers in t

The Shadow of Uncertainty
The landscape of Nigerian labour, employment and industrial relations law is undergoing rapid changes. This is because of the National Industrial Court’s (NIC) willingness to disregard principles o

Fix Power: Mapping the Path to Sustainable Power in Nigeria
Managing Associate, Adeola Sunmola (pictured third from left above), was a panellist at the “Fix Power: Mapping the Path to Sustainable Power in Nigeria" session of the “Made in Nigeria” Summit and Fe

Nigerian Foreign Exchange Market Developments and Private Equity Investment
Nigeria’s economy is highly dependent on crude oil, which constitutes a major source of the country’s foreign exchange earnings and government revenue. As a result, the sharp decline in crude oil pric

2015 Mint Guide: Euro Risks and Reward
Daniel Agbor and Joseph Eimunjeze of Udo Udoma & Belo-Osagie dissect the growing trend for eurobond issuance in the country

Door Opened for Nigerian Pension Funds to Invest Offshore
The new Pensions Reform Act 2014, which repealed the Pension Reform Act 2004, came into effect on July 1 2014. It has significantly relaxed the restriction on offshore investments by Nigerian pension

Investors holding CCIs will shortly be required to return same to be updated
The process of converting existing certificates of capital importation (“CCI”) held by investors into electronic format (“e-CCI”) will start shortly. All investors that hold physical and active CCIs

Developing power projects in Nigeria
Nigeria, Africa’s largest economy, has a population of approximately 180 million people and is, as of today, being served with on-grid electricity totalling only around 6000MW. Nigeria’s electricity m

Nigerian Capital Markets: Legal and Regulatory Review and Recommendations
The Nigeria-UK Capital Market Projects Report was jointly produced by the Capital Market Solicitors Association (chaired by Mrs. Yinka Edu, Partner on the firm's Capital Market's team) and the Law Soc

Private Equity in Nigeria: Market and Regulatory Overview
How do private equity funds typically obtain their funding? Typical sources of private equity funding include contributions from institutional and retail investors, including high net worth individual

The Nigerian power sector privatisation and the declaration of a transitional electricity market
Described as one of the world's largest privatisations, the creation of a formal electricity market through the privatisation of Nigerian private sector by the outgoing administration is indeed a lan

The identity of end-users in triangular employment relationships
Triangular employment relationships (i.e. arrangements where the beneficiary of an employee’s services is not the employer) are fairly common arrangements in Nigeria. The most common form of these arr

The International Comparative Legal Guide to: PRIVATE EQUITY 2016 (2nd Edition)
A practical cross-border insight into private equity.

Overview of Proposed Petroleum Industry Bill
Critics of the Petroleum Industry Bill 2012 – which was not passed into law before the end of the Seventh National Assembly on June 4 2015 – argued that it was too ambitious in scope and unwieldy. The

Doing Business in Nigeria (Practical Law Global Guide 2015/16)
A Q&A guide to doing business in Nigeria. This Q&A gives an overview of key recent developments affecting doing business in Nigeria as well as an introduction to the legal system; foreign investment,

Enforcement of Foreign Judgements under Nigerian Law
Nigeria is a federation of 36 states with three tiers of government, namely, the Federal, State and Local Government.

Data Privacy Protection in Nigeria
There is presently no specific or comprehensive data privacy or protection law in Nigeria.

CBN Collateral Registry
The Banks and Other Financial Institutions Act (Chapter B3) Laws of the Federation of Nigeria 2004 (the “BOFIA”) prohibits banks from granting unsecured credit facilities unless authorised in accordan

Rules on Mandatory Takeovers
The Nigerian Securities and Exchange Commission (“SEC”) recently released new rules which took effect from May 2014 and changed, significantly, the investment landscape for public companies in Nigeria

Doing Business in Nigeria
As many foreign investors have already discovered, Nigeria provides numerous lucrative investment opportunities in varying sectors: infrastructure, telecommunications, construction, solid minerals, fa

Regulation of Private Equity in West Africa's Emerging Trends
Regulation of Private Equity in West Africa's Emerging Trends

Regulation of mergers, acquisitions and joint ventures
Regulation of mergers, acquisitions and joint ventures

Proposed fiscal regime under Petroleum Industry Bill
Will the proposed fiscal regime under Petroleum Industry Bill incentive or deterrent

NCC and operators finally agree on MNP implementation
NCC and operators finally agree on MNP implementation

Telecoms sector takes great strides forward
Telecoms sector takes great strides forward

Local content and cabotage policies
Local content and cabotage policies raise questions about local protectionism

FHC declares Tax Appeal Tribunal Unconstitutional
he Nigerian Federal High Court Declares the Tax Appeal Tribunal Unconstitutional

Overview of ICM Activity 2014
An Overview of ICM Activity by - KUNLE DUROSINMI-ETTI

Recent Activities in the Nigerian Oil and Gas Industry

Case Report : Mr. Olubunmi Oladapo Oni Vs. Administrative Proceedings
Case Report - Mr. Olubunmi Oladapo Oni Vs. Administrative Proceedings Commitee and Securities & Exchange Commission (2014) N.W.L.R. (Part 1424) 334 by Umoh Otebong

2014 M and A Transaction
Present and Future

Registration on the NAFDAC Automated Product Administration and Monitoring System (NAPAMS)

General Mandate for Related Party Transactions
A Review of the New Rules Governing Related Party Transactions

Petroleum Industry Bill
Final document of the Petroleum Industry Bill.