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 […]

Introduction to the Revised CBN Guidelines On July 19, 2024, the Central Bank of Nigeria (CBN) issued new “Guidelines on Management of Dormant Accounts, Unclaimed Balances, and Other Financial Assets in Banks and Other Financial Institutions in Nigeria” (“the Guidelines”). These Guidelines replace the 2015 version and aim to enforce Section 72 of the Banks […]

Introduction: Landmark Decision in International Arbitration On June 14, 2024, the Commercial Court in London granted Zhongshan Fucheng Industrial Investment authority to seize two (2) properties in Liverpool, collectively worth £1.7 million, owned by the Nigerian government. This ruling marks a significant advancement in the enforcement of international arbitral awards. Background of the Dispute This […]

Introduction: Soil Health Card Scheme Launch The Federal Government of Nigeria has recently launched the Nigeria Farmers’ Soil Health Card Scheme (NFSHCS), inaugurating a 30-member National Executive Technical Committee consisting of agricultural experts and representatives from key organizations. This initiative, driven by the Federal Ministry of Agriculture and Food Security (FMAFS), introduces farming methods that […]

Recently, the National Pension Commission (“the Commission”) introduced new guidelines under the Contributory Pension Scheme, aiming to simplify processes and improve the benefits accessible through Retirement Savings Accounts (RSAs). These changes are designed to enhance the administration of retirement and terminal benefits by Pension Fund Administrators (PFAs). Highlights from the New Pension Circular How These […]

Introduction to the Crisis in Oil Production  During the 23rd Nigeria Oil & Gas Conference and Exhibition in Abuja, the Nigerian National Petroleum Company Limited (NNPC) declared a state of emergency on Nigeria’s oil production. Despite an official production quota of two million barrels per day, actual outputs have consistently fallen short, impacted by operational […]

Introduction  The Central Bank of Nigeria (CBN) has implemented a significant policy change to simplify foreign exchange transactions. As of July 1, 2024, the requirement to use the Price Verification System (PVS) portal for Form ‘M’ transactions has been discontinued. This move is intended to ease the process for authorized dealer banks and the public, […]

Introduction   The President of the Federal Republic of Nigeria, on 29th July 2024, signed the National Minimum Wage Amendment Bill, 2024 into law. This 2024 amendment aims to improve the living standards of workers’ by adjusting wage structures and intervals for their review.  Key Highlights of the New Legislation   The 2024 amendment modifies the previous […]