In August 2024, the Supreme Court of Nigeria introduced the Supreme Court Rules 2024 (the “New Rules”), replacing the 1985 Rules.

The Federal Government of Nigeria (FGN) has rolled out two fiscal measures to ease economic pressure and stabilize energy costs: the Value Added Tax (VAT) Modification Order 2024 and the Notice of Tax Incentives for Deep Offshore Oil and Gas Production.

Arbitration is crucial for resolving cross-border disputes, especially for businesses involved in international investments.

The Securities and Exchange Commission (SEC) has announced plans to relax crowdfunding regulations, aiming to provide greater access to capital for Micro, Small, and Medium Enterprises (MSMEs).

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.