Publications

Last week we reported that the President withheld his assent to the Petroleum Industry Governance Bill (PIGB).

An aggrieved person under the Oil Pipelines Act[1] who has a complaint on damages caused must comply strictly with the provisions of the Act and the claim must be for compensation and not damages or any other relief. This is the decision of the Court of Appeal, Port Harcourt Division in Appeal No. CA/PH/387/11: Nigerian Agip Oil Company Ltd v Mr Onyemaechi Ogbu delivered on Tuesday the 25th day of July 2017.

The benefits of advancements in information and communication technologies have until the enactment of the new Evidence Act in 2011 remained a matter of debate and judicial uncertainties.

Prior to the enactment of the Evidence Act 2011, it was contentious to tender an electronic mail, as the rules of hearsay most often than not stood as a brick wall against its admissibility.

 

The African Union (AU), at their annual meeting in March of this year (2018) signed a treaty to aid the free flow of trade within African countries.  This initiative would further the goals and tenets of the AU with a view to becoming a more cohesive union by reducing intercountry barriers.  The African Continental Free Trade Area Agreement (AfCFTA) was endorsed on March 21, 2018 by 44 African countries, save for 9 member countries, including Nigeria and South Africa. 

 

Under Nigerian law, the authority to allot shares is vested in the company which may delegate it to the directors subject to any conditions or directions that may be imposed by the company’s articles of association or from time to time by the company in a general meeting.[1]This power may be utilized by allotting shares for value to new shareholders, issuance of bonus shares to existing members or allotment of shares to existing members via a rights issue.

 

Nigeria's Petroleum Industry Governance Bill (PIGB) was recently passed by the National Assembly and forwarded to President Buhari for his assent. The Bill proposes to reform the Nigerian petroleum industry governing institutional framework by amongst others, setting up an independent regulatory agency, unbundling the NNPC into two limited liability companies and setting specific policy roles for the Minister of Petroleum Resources. Energy Partner, Dr.

The Nigerian Investment Promotion Commission (NIPC) in collaboration with the Federal Inland Revenue Service (FIRS), on November 3, 2017, jointly launched the first edition of the Compendium of Investment Incentives in Nigeria (the “Compendium”) which showcases all relevant and existing Nigerian tax laws to further promote the ease of doing business in the country.

The Nigerian mining industry, which remains a core sector yet to reach its full potential, has been beleaguered by the dearth of data on the various solid minerals available in the country. As a result, potential investors have little or no information required to make critical investment decisions.

Appreciating the necessity of an accessible data bank, on matters pertaining to the mining sector, the Federal Government, on Thursday, November 9, 2017 officially unveiled the Integrated Automated and Interactive GIS Web Portal of the Ministry of Mines and Steel Development.

The World Bank’s Ease of Doing Business Report for 2018 titled, “Doing Business 2018: Reforming to create jobs” published on October 31, 2017 placed Nigeria in the 145th position, up 24 places from its previous ranking positions of 169th in the 2017 ranking and 170th in the 2016 ranking.
The World Bank Doing Business project provides objective measures of business regulations and their enforcement across 190 economies worldwide.

INTRODUCTION:

A major objective of the current administration is to diversify Nigeria’s economy and the Federal Ministry of Mines and Steel Development (“FMMSD”) has been a key driver of this initiative.

 

The constitutional right of appeal and the well-entrenched principle of fair hearing are the foundation of modern legal systems across the globe. The principles as guaranteed under The Constitution of the Federal Republic of Nigeria (1999) as amended (“The Constitution”) ensure that in the conduct of judicial proceedings to determine the civil rights and/or obligations of the parties brought before any Court, the twin pillars of natural justice shall be adhered to and applied by the courts.

On the heels of this announcement, the Corporate Affairs Commission (“CAC” or the “Commission”) introduced a new pre-incorporation form (Form CAC1.1) (the “New Form”) which consolidates the traditional incorporation forms and reduces the number of forms to be completed by promoters of a company from 5 to 1. The rationale as disclosed by the CAC is to “reduce the cost and time needed to register a business”.

Highlights of the Framework

Principles on consumer protection
The Framework formulates nine (9) key principles for consumer protection which include responsible business conduct , financial education, adequate disclosure and transparency, fairness, competition, protection of assets, data and privacy  ,effective legal and regulatory structures, complaint handling/redress and  enforcement procedures.