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Dec 31, 2015

TAXATION OF FOREIGN COMPANIES IN NIGERIA by Odoemenam Chidi


The recent and drastic fall in oil prices in the global market has hit hard on oil revenue dependent nations, Nigeria inclusive. Thus, this has led the Government to create budgetary policies seeking to resort to other sources of revenue, taxation being at the forefront. However, if the Nigerian government is determined to increase its tax revenue base, then certainty of laws governing corporate taxation of both Nigerian and foreign companies carrying on business in Nigeria has to be at the premium. 

While a Nigerian company is taxable on its worldwide income, a non-resident entity is liable to tax in Nigeria on its profit attributable to the business or trade carried on in Nigeria. The issue of taxation of foreign unincorporated companies in Nigeria has often stirred up legal controversy.

HAPPY NEW YEAR



WE WISH YOU A HAPPY NEW YEAR AND A WONDERFUL 2016

CELEBRATING ONE NIGERIA by Chika Maduakolam


So, I will admit that this piece is inspired by the holiday season. In the midst of all 'jollyment', the winds of reflection blew my way. In this sombre spirit, family gatherings produced a ripe atmosphere for the usual 'Nigerian Complain Banter' (a staple meal in most Nigerian gatherings).

The difference is that this time, while everyone was giving their unsolicited 70 cents of opinions on topics ranging from religion to  politics to generational ills in the system, and what the like (oh, the richness of Nigerian gisting!), I watched. Just watched. Looking around at the array of people gathered. Let me throw a little more light on my thought process:

Dec 25, 2015

THE CHRISTMAS DEED


THIS DEED OF CHRISTMAS is made this 25th day of December 2015 BETWEEN 
JESUS CHRIST of Heaven (the Saviour) on the one part AND
ANYONE, of Earth ( the Saved ) on the other part.

 WHEREAS 
1, The Saviour the holder of Eternal Life .
2, The Saviour has agreed to dash life to anybody who wants for the sum of $ 0....

NOW THIS DEED WITNESS AS FOLLOWS. 
In consideration of life given by the Saved to the Saviour with no receipt but the Saviour still acknowledges.

THE SAVIOUR AS ETERNITY HOLDER ASSIGNS All That Eternity situated at Heaven .
TO HOLD to the Saved for the unexpired residue of The Saviours Life, the said right of Eternal life subject to the provisions of the Holy Scriptures.

IN WITNESS  OF WHICH the parties executed this deed after the Death of Christ in the Manner he was killed ( crucifixion ) the day and year first above written. 

SIGNED, SEALED AND DELIVERED 
By the within Name Saviour 
In the presence of:
Name: Angel Gabriel 
Address: No 2 God Road, Heaven. 
Occupation: Fighting Forces of Evil. 
Signature................. 


NOTE if you still a sinner you would need a Sinners Jurat.

Example: God Forgive Me Of My Sins and Accept Me In Jesus Name.  Amen 🙏🏼.

Merry Christmas...

Dec 16, 2015

Standard Bank $30 Million fine - the issues by Babatunde Akinyanju


On Monday 30th November 2015, in a crowded courtroom at the High Court in London, legal history was made when a senior judge ordered ICBC Standard Bank Plc to pay US$30 million to avoid a criminal conviction following a US$600 million bribery scandal in Tanzania.

Dec 6, 2015

ENHANCING QUALITY OF LEGAL PRACTICE IN NIGERIA: HOW G. ELIAS GOT ISO CERTIFICATION


Credits - Esqlaw.net

Editor's note: Interview by Lere Fashola as originally posted on www.esqlaw.net 
 
Your firm is relatively small in terms of number of employees or partners yet it leads the pack in most of the highly sophisticated finance transactions? Is there a deliberate decision to keep it small? 
No, we have no decision to be or not be any particular size in absolute terms. The decision is to have enough lawyers to be able to service our clients superlatively in the practices and sectors that we choose to be in at any given time. We have always had enough lawyers for that. Size is perhaps also relative to the beholder. With more than 30 lawyers today, there are observers who would say that we are not small.

APPRAISAL OF THE NIPC PIONEER STATUS INCENTIVE REGULATIONS 2014 by Micheal Dugeri


credits-www.google.com


Government in Nigeria has developed a package of incentives for various sectors of the economy as a way of promoting commerce and industry. One of such investment incentives is the Industrial Development (Income Tax Relief) Act, Cap 17, LFN, 2004 (“IDITRA”), which grants tax holidays to companies in industries that meet the conditions of being designated Pioneer industries. Pioneer Status companies are exempted from paying tax on their profits under the Companies Income Tax Act, for a stated period of time. This is usually for a period of three years at the first instance commencing on the production day.

 Section 1 IDITRA provides that the President may declare any industry as a pioneer industry and its products pioneer products, where he is satisfied that:

ENTERTAINMENT AND POLITICS: STRANGE BED-FELLOWS by Kayode Omosehin




Politics in Nigeria is taking a new dimension as power has changed hands from one political party to another. The new party is leaving no stone unturned in its efforts to sustain/succeed itself in power. The entertainment industry is the main focus to achieve the desired drive to control federal power in 2019 and beyond. The entertainment industry secured not less than 42% of the efforts that led to the emergence of the new political class in the last general elections. Most political rallies could not have been merrier and fun-filled except with super stars performing live on stage to a depressed population who saw it as a free ticket out of boredom and depression. Political rallies were music fiesta most times. 

SUCCEEDING AS A 21ST CENTURY YOUNG LAWYER IN NIGERIA by Senator Ihenyen


Credits-www.linkedin.com

Editor's note: As posted on www.linkedin.com
In Nigeria, thousands of young lawyers are unemployed. Each year, at least up to 3,000 new wigs will join their colleagues in the labor market. Add to this growing number another army of young lawyers who are underemployed.

Most underemployed lawyers remain so for years. Underemployment does not only affect productivity but also professionalism. It is only a matter of time for many of these unemployed and underemployed lawyers to lose confidence in themselves and the legal profession.

Dec 2, 2015

CRIMINAL LIABILITY FOR SPREADING AIDS

Photo Credits- www.nakedlaw.avvo.com

As we look back to the celebration of the World’s AIDS day on 1/12/2015 and as we sympathize with Charlie Sheen who recently disclosed his HIV status, there is an issue which I believe must be very instructional to us. 

What happens if a person who is infected with HIV has unprotected sexual intercourse with another without disclosing his/her status. Should this act be considered as a crime? 

POLICE ACTING AS DEBT RECOVERY AGENTS

Photo credits - www.informationng.com

Have you noticed that the Police are our default go –to – persons whenever we have anyone of the myriad of issues we deal with on a daily basis. One act which I find most absurd is when we make them our debt collectors, this means the police in a way serve as contract enforcers, which I believe is not right.  A friend once recounted his experience with the police to me and explained how he had entered into a contract which did not work out so well, thus finding himself liable to his partner to the tune of a few millions.

Nov 28, 2015

LEGAL AGE FOR SEX IN NIGERIA


Credits-thegirlsshowng.blogspot.com

For the purposes of determining the legal age of sexual consent, we shall be relying on the provisions of the Child Rights Act (2003). However, we must understand that the in 2003, Nigeria adopted the Child Rights Act to domesticate the Convention on the Rights of the Child. Although this law was passed at the Federal level, it is only effective if State Assemblies also enact it. To date, only about 16 of the country's 36 States have passed the Act.  The Act aims to promote and protect the rights of children and it is quite important that other states in Nigeria yet to adopt same do so in the interest of the children of that state.

With regard to sexual intercourse with children, the Act provides in Section 31, that-

Nov 24, 2015

HOW SELF DEFENSE WORKS



 
credits-www.tes.com
What will you do if an angry colleague with whom you had a heated argument earlier in the day is running towards you with a knife, obviously with the intention of doing you harm? I am guessing if you do not have a way of protecting yourself, you had probably run away but what if you had a gun, would you shoot your assailant? And if you did shoot him, will self – defense avail you in court?

Let’s begin by delving into what the self –defense as a defense stands for?

Nov 23, 2015

QUOTE


Photo credit - www.3dprint-uk.co.uk


Of course people are getting smarter nowadays, they are letting lawyers instead of their conscience be their guides.

- Will Rogers
American Actor & Humorist.  

DID YOU KNOW: CYBER TERRORISM



 
photo credit -www.ngrguardiannews.com
Any person that accesses or causes to be accessed any computer or computer system or network for purposes of terrorism, commits an offence and is liable on conviction to life imprisonment.

Section 18, Cyber crime (Prohibition, prevention) Act 2015

ROBBING AN ATM

Photo credits - www.atm-link.com


I remember a scene from the movie Fast and Furious 6 where Ludacris, a member of Dominick Torredo’s team, manipulated an ATM (Automated Teller Machine) and money began spewing from it, you can imagine how people on the streets must have rushed to pick up the notes as they spilled out. So after hearing about a failed ATM burglary in the news someday, my friends and I debated how easy or difficult it must be to burgle one, a look at the metal machine seems to somehow say I am not giving up any money except you type in a password. Sadly, the reported thief in the news could not get any money out of the machine but ended up in a jail cell. 

Trying to break into or manipulate an ATM is a serious crime with serious consequences in Nigeria as espoused in the Cyber Crimes (prohibition, Prevention) Act, 2015. The law in Section 30 states that:

Nov 20, 2015

DID YOU KNOW:PENALTY FOR RAPE




A person commits rape when he or she intentionally penetrates the vagina, anus, mouth or any other opening of another’s person’s body without the person’s consent. Also if the consent was obtained by force, intimidation or threats or fear of any kind or by misrepresentation of the act

Such offender may be found liable to imprisonment for life, however when the victim is below 14 years, the offender shall be liable to a minimum of 14 years in prison, in other cases to a minimum of 12 years in prison without an option of fine. In the case of rape by a group of persons, such group shall be liable to imprisonment for a minimum of 20 years collectively.

DID YOU KNOW: LEGAL AGE FOR MARRIAGE IN NIGERIA

Credit- www.signupgenius.com






No person under the age of 18 years is capable of contracting a valid marriage, and accordingly a marriage so contracted is null and void and
of no  effect whatsoever.

- Section 21, Child Rights Act.