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23 Jan DisCos: What is next?

Streaming from the reformation of the Nigeria Power Sector in 2005, the National Electric Power Authority (NEPA) was unbundled into autonomous companies, Generation Companies (GenCos), Transmission Companies (TransCo), and Distribution Companies (DisCos). The DisCos, which are now fully privatized and overseen by the private sector, were...

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22 Nov Making Staff Redundant

  Due to the present economic downturn in Nigeria, companies both in the private and public sector are resorting to cost-cutting measures to assist in the company’s sustainability. In addition, increases in global competition, technological advancement, shifts in consumer demands and greater efficiency are forcing organizations...

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04 Nov Nigerian Immigration Permits

Foreign owned companies require certain permits to engage foreign employees in Nigeria. We have set out below the key immigration permits required by foreign owned companies and non-Nigerian employees. Expatriate Quota Approvals Expatriate quota approvals permit a Nigerian company to employ expatriates to specifically approved job...

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17 Oct Foreign Exchange Framework in Nigeria

The foreign exchange regime in Nigeria is regulated by the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act Cap F34 LFN 2004 (FEMM Act), the Central Bank of Nigeria Foreign Exchange Manual (CBN Manual) and the guidelines/ circulars issued from time to time by the Central...

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29 Sep Certificate of Capital Importation (CCI)

Nigerian law and the Central Bank of Nigeria (“CBN”) Guidelines require every foreigner investing in a local business to procure a CCI on the in-flow of foreign currency into Nigeria to pay for the investment. The CCI is the evidence of capital in-flow/investment into a...

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15 Sep Perfection of Mortgages

The most common types of security used in banking transactions in Nigeria are mortgages, charges (fixed and floating), assignments, pledges, and liens. The standard security package depends on the type of financing. The security package favoured by banks in Nigeria would include an All Asset Debenture...

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23 Aug Does my Company need a Company Secretary?

All companies incorporated under the Nigerian Companies and Allied Matters Act 2004 (‘CAMA’) require a Company Secretary. Section 293 (1) of CAMA provides for and makes it compulsory for every company to have a company secretary and this must be from incorporation. This requirement applies...

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