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A Review of the Withholding Tax Regime for Bonds in Nigeria
0₦2,500.00Ayodele Ashiata Kadiri and Abdurrahman Nasir Salis, in their article, A Review of the Withholding Tax Regime for Bonds in Nigeria, examine the withholding tax regime for bonds in Nigeria. They underscore the state of tax exemptions for bondholder between 2011 and 2021. However, from 1st January 2022, the landscape for the taxation of income on bonds has undergone significant developments. First, a number of the exemptions enjoyed between 2011 and 2021, being time bound, ceased to be operative as of 1st January 2022. Second, each year between 2019 and 2022, a Finance Act was passed to make extensive amendments to extant tax statutes. Third, the Federal Inland Revenue Services (the “FIRS”) issued a notice in 2022 setting out changes to the withholding taxes payable under the various double taxation treaties which Nigeria is a party to. In order to provide clarity to bondholders, prospective investors and other stakeholders in the debt securities capital market, the authors have extensively reviewed the current withholding tax regime on bonds, with commentaries and suggestions as applicable.
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Mergers Capital Gains Tax Relief: CGTA Section 32A — Repealed, Untouched, Needed?
0₦2,500.00Professor Gbolahan Elias, SAN, Principal G.E. Elias & Co. in his article, Mergers Capital Gains Tax Relief: CGTA Section 32A — Repealed, Untouched, Needed? revisits the issue of Capital Gains Tax Reliefs in mergers and acquisitions. He explains the ambit of Section 49 of the Finance Act (2019) (“FA 2019”) which introduced a new head of capital gains tax relief in mergers and other corporate re-organizations contexts. He compares the provision with section 49 in the 1993 Capital Gains Tax Act and identifies ambiguity about whether or not the old relief in the contexts in Section 32A of the Capital Gains Tax Act (1993) still applies alongside the new changes. Professor Elias argues that the two regimes of relief from capital gains tax for mergers and other corporate re-organizations continue to apply side-by-side, and that more heads of relief from the tax would be welcomed. He analyzes the text, structure, aims and history of the statutory provisions and the example of other jurisdictions in support of his contention.
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A Bird’s Eye Rundown of Nigeria’s Data Protection Legal and Institutional Model
0₦2,500.00Olumide Babalola of Olumide Babalola LP, in his article, A Bird’s Eye Rundown of Nigeria’s Data Protection Legal and Institutional Model, provides a synopsis of legislation and regulations dealing with data protection in Nigeria. He chronicles the rather humdrum origin of data protection in the country vis-a-vis its current legal and regulatory enforcement mechanism. Through comparisons with the General Data Protection Regulation (GDPR) model, Olumide explains how the Nigeria Data Protection Regulation (NDPR) works or ought to work.
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A Critical Analysis of the Concept of Originating Process in Nigerian Arbitration
0₦2,500.00Abubakar Anafi, Senior Associate, G Elias & Co in his article, A Critical Analysis of the Concept of Originating Process in Nigerian Arbitration, observes that the concept of ‘Originating Process’ which is well known in litigation with its strict parameters and devastating consequences, is already percolating the calm, simple and flexible waters of arbitration. Anafi lists 10 reasons why the concept is inapplicable in arbitration. He cautions against imitation of rigid rules of litigation which would ultimately derail the flexibility of the arbitral process.
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A Critical Analysis of the Excess Dividend Rule in Nigeria: Oando Plc v. FIRS (Oando IV) Revisited
0₦2,500.00Dr Olumide Obayemi, Senior Lecturer, Lagos State University and legal practitioner with Ajumogobia & Okeke, examines whether additional tax on retained earnings of companies amounts to double taxation in “A Critical Analysis of the Excess Dividend Rule in Nigeria: Oando v FIRS (Oando IV) Revisited”.
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A Critical Examination and Effect of Public Policy on Settlement of Insurance Claims in Nigeria
0₦2,500.00Dr Ifeoma Oluwasemilore of the Department of Commercial and Industrial Law Faculty of Law University of Lagos, Akoka Lagos, Nigeriain her article, A Critical Examination and Effect of Public Policy on Settlement of Insurance Claims in Nigeria, attempts a critical look at the meaning of public policy as decided by the Nigerian and English Courts, and instances where the courts have refused to enforce contracts on the ground that they are contrary to public policy. Oluwasemilore further examines the effects of the application of the rules of public policy to first and third-party insurances and advocates a clear delineation and codification of what constitutes public policy to enhance uniformity in the effect of its application to contracts of insurance.
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A Critical Examination of Forensic Evidence in the Trial of Drug Offences in Nigeria
0₦2,500.00Dr. Moses Ediru of the Benue State University, Makurdi, in his article, “A Critical Examination of Forensic Evidence in the Trial of Drug Offences in Nigeria”, unravels the nature , mode of procurement, and conditions for admissibility of circumstantial evidence required for conviction in a drug case. He considers salient evidential issues that should engage the attention of counsel in trial of drug offences including the role of the analyst as an expert, the laboratory as an institution, the techniques used in analysis, the report of the laboratory analysis, and persons qualified to testify on the Report.
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A Critical Examination of the Jurisdiction of Courts under the Lagos State Tenancy Law 2011
0₦2,500.00Against the background of the Tenancy Law of Lagos State 2011, Olagoke Odubunmi, Lagos based legal practitioner, in his article “Unmasking the Legal Complexities in the Termination of Fixed and Periodic Tenancies” seeks to unravel the complexities, technicalities and slippery landmines into which legal practitioners, property managers, agents and landlords, do unsuspectingly often fall into in the process of recovery of premises, most especially in the termination of fixed and periodic tenancies.
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A Critique of the Constitutional Jurisdiction of the National Industrial Court and Appellate Jurisprudence in Nigeria
0₦2,500.00Dr Judedavid Mbamalu, Managing Partner of Jumbo Chambers, in his paper, A Critique of the Constitutional Jurisdiction of the National Industrial Court and Appellate Jurisprudence in Nigeria, argues that while the appealability of the decision of the National Industrial Court (NIC), rendered in the exercise of its jurisdiction under section 254(C) of the 1999 Constitution of Nigeria has been resolved by the Supreme Court, it is not settled whether an appeal can lie as of right against the decision of the NIC in an interlocutory proceeding, assuming jurisdiction on matters extrinsic to section 254. Dr Mbamalu argues that the segregation of appeals into ‘interlocutory’ and ‘final’ is unknown to ‘our Statutes and Rules of Court’, and the competence of an appeal against a decision of a court on an interlocutory application ought not to be overarched by the intermediate nature of the Proceeding in which the decision was given. He elaborates on the principles for interpreting the Constitution in expounding the jurisdiction of the NIC amidst the provisions of the Constitution on appeal processes.
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A Critique of the Deposit Requirement in Order V Rule 1 of the Federal High Court (Tax Appeal) Rules, 2022
0₦2,500.00Muhammad Abdulmumin, Ayolola Ayodeji and Ijeoma Ubechu, all of Babalakin & Co, in their article, A Critique of the Deposit Requirement in Order V Rule 1 of the Federal High Court (Tax Appeal) Rules, 2022, examine the provision of the Federal High Court (Tax Appeal) Rules 2022 (the FHCTAR) which introduces the compulsory payment of security deposits by appellants (taxpayers/tax debtors) who seek to prosecute appeals from the Tax Appeal Tribunal to the Federal High Court. Abdulmumin et al in their brilliant article, critically review Order V Rule 1 of the FHCTAR, its constitutionality, and other relevant legal issues.
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A Critique of the Powers, Duties and Appointment of Directors in Nigeria
0₦2,500.00Odiaka Ngozi of the Department of Private and Business Law, Afe-Babalola University, Ado-Ekiti in his article “A Critique of the Powers, Duties and Appointment of Directors in Nigeria” analyses the appointment, powers and duties of directors and distribution of corporate powers in a company. He explores the historical basis of the modern board structure and argues that the legal position that the board manages the company does not reflect practical realities as real corporate powers are wielded by ‘higher executive directors’ while the board of directors plays mere supervisory roles. He recommends a reform of the law to make the board more proactive.
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A Decade After: Reflections on Some Salient Provisions of the Nigerian Oil and Gas Industry Content Development Act 2010
0₦2,500.00Dr Peter Oniemola of the Faculty of Law University of Ibadan Nigeria and Olusegun Gbede of the School of Business & Law University of East London the United Kingdom in their article, A Decade After: Reflections on Some Salient Provisions of the Nigerian Oil and Gas Industry Content Development Act 2010, review the provisions of the Nigerian Oil and Gas Industry Content Development Act against the essence and expectation of the Act. They consider the achievements of the Act and challenges in realising its objectives.
