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Oct 30, 2015

TWO OPTIONS FOR CONVERTING NPDC’S UNINCORPORATED JOINT VENTURES TO INCORPORATED JOINT VENTURES



Credits - www.channelstv.com

In a recent article, it was announced that President Buhari had given the Nigerian Petroleum Development Company ("NPDC") the approval to corporatise its joint venture assets and convert them into Incorporated Joint Ventures (“IJV”). The IJV structure has been floated at least since 2008 when the first draft of the Petroleum Industry Bill (“PIB”) was issued. That draft of the Bill mandated the formation of IJVs with respect to joint ventures between the Nigerian National Petroleum Corporation ("NNPC") and its partners (mostly international oil companies). The IJV was seen as a solution to the perennial difficulties faced by NNPC in financing its share of the joint venture cash calls. This was based on the theory that an IJV was likely to be in a better position to raise money from loan and equity markets. This concept, loosely based on the NLNG model, was resisted by the joint venture partners for a variety of reasons and was removed from subsequent drafts of the PIB.

BEFORE YOU SIGN THAT DOCUMENT by Feranmi Akinluyi.

 
Credits - www.budapesttelegraph.com
 
INTRODUCTION
Generally, all oral contracts for sale of land are prohibited and where such contract exists, it will not be enforceable. The reason for this is because of the provisions of the Statute of Fraud 1677 which requires that there must be some memorandum or notes in writing in respect of contract for sale of land, otherwise such contract is unenforceable. It must be noted that regardless the relationship between the vendor (seller) and the purchaser (buyer), the contract must be in writing.
Black’s Law dictionary 2nd simply states:
|”The word “land” includes not only the soil, but everything attached to it whether attached by the course of nature, as trees, herbage, and water, or by the hand of man, as buildings and fences. Land is the solid material of the earth, whatever may be the ingredients of which it is composed, whether soil, rock, or other substance.”
It could also mean “a well-defined geographical location which can be located physically, or through the help of a map, it may or may not contain a structure and which has been properly documented with the appropriate authorities.”
POSITION OF LAW

Oct 23, 2015

WHY WE NEED STATE POLICE



Credits - punch.com

 We have all heard the arguments, we know the immense advantage establishing state police in Nigeria will bring. Nigeria is a country with a population of over 170 million people, compare that with the measly 500,000 man strong Nigerian police force and it’s obvious to everyone that there is a huge imbalance with the numbers. Our Police force is stretched out to the maximum with one police man having to cater to 340 people. This system is definitely not sustainable

I could posit that employing more men in the federal police force would be a solution but adequately managing and equipping the current number seems to be enough of an herculean task currently for the institution.  Though the police have always been funded, it is yet to reach its potential and provide adequate protection for the teeming populace. For instance, currently in Lagos State, hoodlums and thieves assaulting motorist in traffic and robbing them of their possessions is quickly becoming a fad.

Oct 21, 2015

COMPLIANCE CHALLENGES OF LAGOS STATE CONSUMPTION TAX by Sogo Akinola


Credits - www.govtoday.com.ng

The World Travel and Tourism Council, WTTC, has projected that the travel and tourism industry in Nigeria would contribute 1.6 per cent directly to the Gross Domestic Product of the country by 2024, which represents N1.366 billion. The Council also projected that the travel and tourism industry would support direct employment to the tune of 1,194,000 employees in the next decade, which represents 1.4 per cent total employment in the country.

In the wake of the fall of oil prices which is seriously hitting the country’s financial muscle, the need to diversify the country’s income cannot be understated. The enforcementand strict compliance of existing tax laws to generate larger revenue also cannot be undermined; for example the Iranian government is earning more from tax than oil as a result of its policy to shift its traditional reliance on oil money to taxes in the face of plummeting oil prices, thus the possibility of earning from taxes in Nigeria is important.

Oct 19, 2015

ARBITRATION CLAUSE IN DOMESTIC AND INTERNATIONAL COMMERCIAL TRANSACTION





INTRODUCTION
Arbitration is "a method of dispute resolution involving one or more neutral third parties who are usually agreed to by the disputing parties and whose decision is binding” (as defined by Black’s Law Dictionary 119,9th ed. 2009). It is a form of alternative dispute resolution (ADR), a technique for the resolution of disputes outside the courts. Arbitration has become very important in the business world and certainly a common feature in international and domestic commercial transactions. It is therefore not unusual to find an arbitration clause in most commercial agreements as a key component of how disputes are to be resolved.

PURPOSE:
The purpose of an arbitration clause was well enunciated in the case of SINO-AFRIC AGRICULTURE & IND COMPANY LTD V. MINISTRY OF FINANCE INCORPORATION & ANOR (2013) LPELR-22370 (CA) where the learned judge stated that:

Oct 15, 2015

Doing Business in Nigeria: A Brief Legal Guide by Babatunde Ibidapo Obe

Credits - ngex.com

Company structure
The primary law governing companies and businesses in Nigeria is the Company and Allied Matters Act (CAMA). It deals with the various types of company structures, eligibility, process for registration, and rules for operation. The regulatory body that is in charge of implementing the provisions of the CAMA is the Corporate Affairs Commission (CAC).
The various business structures allowed in Nigeria are – registered business name, company limited by shares, company limited by guarantee, unlimited company (all companies may be private or public), and incorporated trustees For the purposes of this guide, we will deal with only a private company limited by shares.

DIRECTORS: LEGAL APPROACHES TO CONFLICTING CORPORATE INTERESTS by Adeleke Solanke

Credits - Bloomberg.com



Introduction
Who are corporate directors?
The phrase “corporate director” is a combination of the words “Corporate” and “Director”. The word “corporate” is defined as “of or relating to a corporation especially a business corporation”. The word “director” is also defined as “1. One who manages, guides or orders; a chief administrator. 2. A person appointed or elected to sit on a board that manages the affairs of a corporation or other organization by electing and exercising control over its officers”.

From the above definitions, a corporate director can be simply defined as one who directs, regulates, guides or manages the affairs of a business corporation and who sits on the board of such corporation.

Oct 8, 2015

Is Presumptive Tax the answer to Tax Evasion in Nigeria? by Sogo Akinola

Credits - Nigerianbestforum.com

Tax avoidance and evasion have become the culture of some individuals and businesses operating in Nigeria.One of the latest indexes, “Paying Taxes 2015”, which compares tax systems across the world, ranked Nigeria the 3rd worst globally in tax compliance. The assessment is based on three major indicators; total tax rate, number of payments and compliance time.

The survey reveals that it takes the Nigerian taxpayer an average of 908 hours to comply, followed by Bolivia about 1,025 hours, and the worst being Brazil- about 2,600 hours. Out of the 189 economies, Nigeria –Africa’s largest economy by GDP size, ranks low at 179 with total tax rate at 32.7 percent.

Oct 7, 2015

HOW TO REMOVE A MEMBER OF THE NATIONAL ASSEMBLY



Credits - Naij.com


Members of Jude’s community are not happy with Senator Bala and Honourable Tiwa, they believe that the politicians who rode to success at the last elections on the backs of the people’s vote have abandoned the agenda of the constituency and have begun to seek only personal gratification to the detriment of the people. Now the community will like to recall the Senator and Honourable.

Ever wondered what you can do if you are not satisfied with the conduct of your constituency’s representative in the National Assembly? I mean your Senator or Honourable? What if you elected him or her to the noble position but has now decided to work contrary to the interest of his or her  constituency, what do you do? Do you have to wait till the next elections before you can sack or recall your representative, the answer is no.

Oct 5, 2015

HOW TO AMEND THE NIGERIAN CONSTITUTION



Credits - Naij.com


Usman could not believe his ears as he listened to the morning news update in his Toyota Camry while driving to drop the kids off in school. According to the reporter, the Senate would begin the process of amending the Constitution to include a clause granting immunity from prosecution to the Senate President, the Speaker of the House and the Chief Justice. Usman immediately felt bitter, he and his friends had always concluded that the Senate only thought about themselves and never about the common man. They had always argued that there were a number of provisions in the Constitution which needed to be reformed to make the law more agreeable with the changing society but granting immunity to more public officials was not in their books, they were rather of the opinion that the immunity clause should be totally removed from the Constitution. 

Oct 4, 2015

NOT EVERY CHILD BORN IN NIGERIA IS A CITIZEN


Jane sat in the plane as it cut through the sky towards New York, her twin babies would be due very soon and she will most likely be delivering them in the United States. The trip cost her and her husband a lot of money but they believed it was well worth it. They trusted the foreign health care system better than the system back home and they believed the doctors would be more competent. The knowledge that her children will be U. S citizens also wasn’t lost on her.

Jane’s story is quite familiar; many parents always love to deliver their children abroad knowing they will be citizens of these foreign nations. This was also the case in England until the British repealed the law.

NETWORKING FOR THE NEW ATTORNEY - Findlaw.com



credits- scannewsnigeria.com

 Editor's note - This post was copied from the findlaw.com website.

Networking is an essential part of a lawyer's professional marketing efforts. Freshly-minted attorneys may be interested in finding the most effective ways to network. While there are many different approaches out there, here are nine tips for new attorneys wondering where to start on building their network:

Join a niche bar association
There are many great smaller bar associations, whether they are for women, minorities, are practice-specific, or have some other focus. Having a common connection and with a smaller group of people, it can be much easier to get to know people in the association, and likely much easier to feel comfortable getting involved in the association's activities.

INDEMNITY, GUARANTY AND WARRANTY: A COMPARATIVE ANALYSIS by Abimbola Laoye

Credits - www.william-pitt.com
Our ever evolving economic climate increases the pressure on us to protect their clients against the common ‘buyer beware’ concept. This means a necessary awareness and adoption of appropriate contractual, and negotiation skills. Client protection takes the form of Warranties, Indemnities and Guarantees. Although these concepts are similar in the sense that they all provide protection for parties, a closer look will reveal that each concept is very different and are all of tremendous importance were the protection of our interest is concerned.

1. Warranty
A Warranty is a tool used in a transaction to assure a party to a contract of the existence of a fact, often times relating to the title, quality, or quantity of the subject matter, upon which the other party may rely. A breach of a warranty gives the aggrieved party the right to claim damages but not to treat the contract as repudiated.