As consumers, we have all experienced the disappointment of purchasing a product or service that fails to meet our expectations or needs. In such situations, seeking a refund seems like the natural course of action. However, some companies attempt to…
Land Search Begin by conducting a land search at the lands registry of the state where the property is located. This search aims to uncover any encumbrances on the land, such as mortgages, liens, or government acquisitions. It also helps…
The court is not the only way to resolve conflicts, and as such is better kept as a last resort for conflicts when reasonable. “Alternative Dispute Resolution” or ADR is the option of which all should be aware for making…
The federated future of social media Social media today is dominated by a few central corporations. New technologies like ActivityPub allow for a more “federated” approach. Web3 and the metaverse are fast ushering social media into a new frontier. New…
Contracts in the music industry, speaking specifically about those made between music producers and artistes as foundations of professional relationships ought to protect the interests of both parties. Like bridges, they must be built on a firm ground of mutual…
We wish to notify you of an error in our last article regarding the Tier 2 microfinance bank: the required minimum share capital is N200,000,000 (two hundred million), not N20,000,000 (twenty million) as previously stated. We sincerely apologize for any…
Cooperative Societies are collaborative teams where members voluntarily band together to achieve common economic, social, and cultural objectives. They’re democratic and every member has a voice in decisions. In Lagos, the Ministry of Commerce, Industry, and Cooperatives stands as the…
Recently, we marked the day of celebrating love and in recent times, we have seen a surge in the way love and celebration gift items are packaged. A major, in vogue choice of gift is the money bouquet or money…
The Central Bank of Nigeria (CBN) has announced a significant update to the financial regulatory framework, particularly affecting the capital requirements for commercial, merchant, and non-interest banks operating within the country. This move aims to fortify the banking sector against…
The Tax Clearance Certificate (TCC) is an official document issued by the tax authorities, usually the Federal Inland Revenue Service (FIRS) or State Internal Revenue Service (SIRS), certifying that an individual or organization has fulfilled their tax obligations. It serves…
IP encompasses intangible creations of the mind, such as inventions, artistic works, designs, images, brand names, amongst other examples. An IP maker is often described as a creator or author. An Intellectual Property Right grants creators exclusive rights to use…
In Nigeria, several laws and regulations are in place to safeguard children from exploitation, abuse, and neglect. We share this article to educate everyone as we commemorate another Children’s Day. Child Rights Act 2003 The Child Rights Act (CRA) incorporates…
Per the circular that was released by CBN on the 3rd of June, 2024, the Central Bank of Nigeria decided to revoke the license of Heritage Bank. This power stems from Section 12 of Banks and other Financial Institutions Act…
According to the Nigeria Civil Aviation Authority Regulations, 2023, the following must be followed for an airline to be licensed for business. Eligibility of the Applicant The applicant must either be: A Nigerian citizen, or A company or organization registered…
SCUML is an acronym for Special Control Unit against Money Laundering, a department of the Economic and Financial Crimes Commission (EFCC). In order to deal with situations in which businesses were used as conduits for carrying out financial crimes and…
Forming a Joint Venture (JV) or a partnership is a popular strategy for businesses in Nigeria seeking to combine resources, share risks, or access new markets. Here we discuss legal perspectives and implications that need to be understood, particularly intellectual…
In a landmark ruling on July 11, 2024, the Supreme Court, through a unanimous decision by a seven-member panel of justices, barred the governors of Nigeria’s 36 states from receiving, withholding, tampering with, or utilizing funds allocated to the local…
What is C-of-O Redefined? C-of-O Redefined is an initiative by the Oyo State Government to enable all property owners (commercial, residential, agricultural, industrial, and undeveloped land) to obtain their title documents within a short period. The goal of the government…
Winding Up or Liquidation of Banks in Nigeria: Legal Framework and Procedures The winding up or liquidation of a bank in Nigeria is a critical process governed by several key pieces of legislation, primarily the Companies and Allied Matters Act…
In Nigeria, businesses intending to operate in Nigeria must first cross the regulatory compliance threshold of the Corporate Affairs Commission (CAC). However, upon a successful registration with the CAC certain businesses require additional licenses and permits to fully operate. The…
A will is a testamentary disposition of one’s property, voluntarily made by the testator, signed by the testator by himself or the testator appointing someone to sign on his behalf in the presence of at least two witnesses and it…
Emekus & Sons Megastore is a popular shop in Alaba Market, Lagos State. They deal mainly in household electrical and cooking equipment. The business is duly registered with the Corporate Affairs Commission. Sarah and Dele are work colleagues. They are…
We are sharing an important update regarding the Corporate Affairs Commission’s efforts to address companies with outstanding annual returns. The Commission is taking the step to remove from their register companies owing 10 years and above in annual returns. Expectedly…
he world of commerce has undergone various transformations over time, and exportation has become the cornerstone of modern civilization for prominent countries. Exportation brings value to a country’s foreign exchange when more countries transact in its currency. It would be…
Workers’ Day, also known as International Workers’ Day or May Day, is a day that celebrates the contributions and struggles of working people around the world. It is observed on May 1st each year and is recognized as a public…
In business, the value of a contract cannot be overstated, especially when considering the resolution of disputes and preparedness for conflicts. This reality is highlighted in the case of Tinuke and Ngozi, business partners for over a decade, known for…
The Corporate Affairs Commission (CAC) has directed that all categories of fintech agents, including sole agents, super agents and point-of-sale (POS) agents, register on or before July 7th, 2024.To ease compliance with this directive, the CAC has deployed several registration…
Various international instruments and conventions aim to protect the rights of children, and the girl child in particular, from discrimination, violence, and other forms of abuse. Countries that are party to these conventions and agreements are expected to adopt and…
Value Added Tax (VAT) is a type of consumption multi level tax that is levied on goods and services at every stage of production and distribution. Here, we briefly discuss the basics of Value Added Tax (VAT) in Nigeria. The…
Starting a business is an exciting journey, but it can also be a daunting one. One of the most important decisions to be made when launching your venture is choosing a co-founder. Your co-founder will be your partner in the…
When a person dies without a will, also known as intestate, family members are often left wondering how they can gain access to the deceased’s assets. The only way to access the assets is by applying for letters of administration.…
The annual returns are a mandatory requirement for every registered corporate entity, whether or not the entity has commenced operations, and is payable to the Corporate Affairs Commission (CAC). It is not the same as annual tax returns. It is…
Entrepreneurs often find their innovative ideas requiring external financial support to grow or thrive. Third-Party Investment Agreements offer a structured pathway for entrepreneurs to secure funding from external investors. Exploring Third-Party Investment Agreements A Third-Party Investment Agreement as a formal…
Entrepreneurs and proprietors, directors, and trustees of registered corporate entities in Nigeria ought to be very well in the know of the need for compliance as regards the annual returns payable to the Corporate Affairs Commission. The value of the…
What is a Certificate of Occupancy?A Certificate of Occupancy, commonly known as a C of O, is a government-issued document that provides a person, a group of individuals, or a corporation the right to possess and occupy a specific parcel…
Endeavor, wherever possible, to see or interact with the landlord in person, and do not just deal with agents. Be as certain as possible about who to pay to. It is helpful to use agents who have well-known offices to…
It is a common misconception that only marriages conducted at federal registries like the Ikoyi Registry are recognized by the government and accepted at the embassy. In reality, as long as the local government or public place of worship is…
The Central Bank of Nigeria (CBN) has launched a new online portal named the CBN Licensing, Approval, and Other Requests Portal (LARP). This portal was specifically developed for the purpose of streamlining submissions of microfinance bank (MFB) licence applications. Historically,…
Employment Contracts: Employees resuming a new position need not let important details slip through the cracks and escape their attention. A lawyer can be a guide to help to spot potential pitfalls in an employment agreement, and to propose points…
Contracts in the music industry, speaking specifically about those made between music producers and artistes as foundations of professional relationships ought to protect the interests of both parties. Like bridges, they must be built on a firm ground of mutual…
Starting a business is an exciting journey, but it can also be a daunting one. One of the most important decisions to be made when launching your venture is choosing a co-founder. Your co-founder will be your partner in the…
On CAC Annual Returns Payable by Registered Corporate Entities The annual returns are a mandatory requirement for every registered corporate entity, whether or not the entity has commenced operations, and is payable to the Corporate Affairs Commission (CAC). It is…