The Financial Reporting Council of Nigeria (FRCN) recently released its 2024 Corporate Governance Guidelines for Micro, Small, and Medium Enterprises (the “Guidelines”). These Guidelines aim to improve the governance framework for Micro, Small, and Medium Enterprises (MSMEs), enhancing their sustainability, access to capital, and overall contribution to Nigeria’s economy.

On September 2, 2024, the Chairman of the Presidential Committee on Fiscal Policy proposed a tax exemption plan to the Federal Government of Nigeria. The proposal includes removing taxes, such as Value Added Tax (VAT), on essential goods and services, including food, public transportation, housing and other necessities, aiming to alleviate the financial burden on citizens. 

On August 23, 2024, the Court of Appeal in Kano State delivered a significant judgment in Mohammed & Ors v. Mohammed & Anor (2024) LPELR-62831(CA), addressing the complex interplay of Islamic Personal Law and estate administration in Nigeria.  

The Federal Government of Nigeria is set to receive a $1.7 billion loan from the World Bank, with approval anticipated as of September 26, 2024. This loan is expected to be channeled into three key sectors of the economy: strengthening primary healthcare, enhancing human capital development, and promoting sustainable agricultural and industrial growth.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) recently relaunched the Alternative Dispute Resolution Centre (ADRC), with plans to expand its reach nationwide to resolve disputes in the upstream oil and gas sector.

The Federal High Court (“the Court”) in Abuja recently handed down a significant decision in the case of Primetech Design and Engineering Nigeria Limited & Julius Berger Nigeria Plc (JBN) v. Corporate Affairs Commission (CAC), Suit No. FHC/ABJ/CS/665/2023, regarding single-shareholder rights for private companies.

The Federal Competition and Consumer Protection Commission (FCCPC) recently issued a directive targeting price fixing and gouging practices.

Introduction to Windfall Tax A windfall tax is a special tax levied by governments on businesses that earn extraordinarily high profits due to favourable economic conditions, often beyond their typical/normal earnings. These “windfall profits” typically arise from unforeseen market shifts or exceptional conditions that a business did not directly influence. Globally, windfall taxes have been […]

Introduction to Nigeria’s Trade Milestone On July 16, 2024, Nigeria marked a significant milestone by completing its first shipment under the African Continental Free Trade Area (AfCFTA). This shipment involved ten (10) Nigerian companies, including prominent names like Dangote, Tolaram Group, and Flour Mills Nigeria, exporting locally made products to five (5) countries across East, […]

Introduction to the Renewable Energy Roadmap The Rocky Mountain Institute (RMI) and the Global Energy Alliance for People and Planet (GEAPP) have recently introduced an innovative roadmap to revitalize Nigeria’s energy sector. Aimed at generating a 20-gigawatt (GW) renewable energy market by 2034, this strategy focuses on enhancing Distributed Renewable Energy sources (DERs) and battery […]