Author: Lawbreed Limited

THE LEGAL FRAMEWORK AND ISSUES FOR RESTRUCTURING NIGERIA FOR DEVELOPMENT: THE CHALLENGES AND SUSTAINABLE SOLUTIONS PRESENTATION BY MRS ‘FUNKE ADEKOYA SAN – CLASS OF ’74* TO THE CLASS OF ’91 AT ITS 25TH YEAR REUNION HOLDING AT THE UNIVERSITY OF IFE ILE-IFE, OSUN STATE ON 7TH OCTOBER 2016 1.0 Protocols 1.1 ‘Restructuring Nigeria’ seems to be the latest ‘hot topic’ in  Nigerian discourse. With Nigeria celebrating yet another independence anniversary, the topic has again regained its position on the front burner. Everyone speaks about it, although it is not clear whether all contributors to the debate mean the same thing…

Address by Hon. Justice Benedict Bakwaph Kanyip PhD, FNIALS, FCArb President, National Industrial Court of Nigeria, at the Special Court Sitting to Mark the 2020/2021 Legal Year 5 October 2020 1. Protocols. 2. I welcome you all to the very first legal year celebration of the Court since its establishment under the Trade Disputes Decree No. 7 of 1976, although it became functional only in 1978. In its 42 years of existence, the Court has had 4 Presidents of the Court as Heads, my humble self inclusive. It is one year now since I took over the stewardship of heading the…

A Federal High Court in Ikoyi, Lagos, has delivered a landmark judgement that Nigerians who live in a residential estate cannot be compelled to be a member of the Community Development Association (CDA) popularly known as residents’ association of estate.This decision of the Court has put an end to any future arbitrariness of resident associations in Nigeria. By this decision, payment of dues is now voluntary and forcing residents to be members has now been declared unconstitutional. Residents in Lagos State will no longer be subjected and compelled to pay outrageous membership dues and other levies. The judgement was delivered…

The circular was issued for the information and guidance of the general public, taxpayers and tax practitioners in line with the provisions of the Value Added Tax Act. This instant circular amends, updates or replaces contents of any circular, notice or other publication previously issued by the FIRS that is inconsistent with its contents to the extent of such inconsistency. See and download Circular below: [pdf-embedder url=”https://lawbreed.blog/wp-content/uploads/2020/09/2019-FA-Information-Circular-VAT.pdf” title=”2019 FA Information Circular-VAT”] [mks_button size=”medium” title=”Download Circular Here” style=”squared” url=”https://lawbreed.blog/wp-content/uploads/2020/09/2019-FA-Information-Circular-VAT.pdf” target=”_blank” bg_color=”#000000″ txt_color=”#FFFFFF” icon=”” icon_type=”” nofollow=”0″]

The Executive Governors of the 36 states of the Federation have filed an action against President Buhari before the Supreme Court of Nigeria over the Presidential Executive Order No. 00-10 of 2020 which grants financial autonomy to the legislature and the judiciary in the 36 states of the federation. The suit signed by Aikhunegbe A. Malik, SAN; and filed on behalf of the 36 states via Originating Summons on 17th September, 2020 by their lawyers: Augustine O. Alegeh, SAN FCIArb [UK]; Babajide Koku, SAN; Solomon Umoh, SAN; Garba Tetengi, SAN; Tawo Eja Tawo SAN; Olaseni Adio SAN; Ekeme Ohvwovoriole, SAN;…

Following reports on Thursday that the Federal Inland Revenue Services, FIRS, directed all bank account holders to complete a certification form, the Federal Government has stated that the new procedure is not for all bank customers. In a statement on Twitter, the Federal Government said: “We apologize for the misleading tweets (now deleted) that went up yesterday, regarding the completion of self-certification forms by Reportable Persons. The message contained in the @firsNigeria Notice does not apply to everybody. FIRS will issue appropriate clarification shortly” FIRS Clarification The agency said the form is pursuant to the Income Tax (Common Reporting Standard)…

This is to clarify the publication for financial institutions account holders in Nigeria to complete the self-certification form, pursuant to the Income Tax (Common Reporting Standard) Regulations 2019 which is for the fulfillment of Automatic Exchange of Information Requirements. The Self Certification form is basically to be administered on Reportable persons holding accounts in Financial institutions that are regarded as “Reportable Financial Institutions” under the CRS. Reportable persons are often non-residents and other persons who have residence for tax purposes in more than one jurisdiction or Country. Financial Institutions are expected to administer the Self Certification form on such account…

STATEMENT BY NBA PRESIDENT ON THE PURPORTED AMENDMENT OF THE RULES OF PROFESSIONAL CONDUCT FOR LEGAL PRACTITIONERS 2007 I have seen and read Statutory Instrument No. 15 of 2020 (the “Instrument”), making the rounds on social media and which purports to amend certain provisions of the 2007 Rules of Professional Conduct for Legal Practitioners (RPC). Since the Instrument was released, I have received numerous calls and messages from lawyers across the country seeking clarification and guidance on the purport of the Instrument. By virtue of the Instrument, the following provisions of the RPC are to be deemed deleted: a) Rule…

Director-General Nigerian Copyright Commission (NCC), Mr. John Asein, has called on stakeholders in the book sector to work towards the formulation and adoption of a national book policy that will address emerging issues in the sector. He stated that the COVID-19 pandemic presented practitioners in the book industry with the opportunity to redesign their business models, stressing that it was imperative for all those concerned to go back to the drawing board and address the new realities of today in order to guarantee a better tomorrow. He spoke at a copyright webinar organised by the commission as part of the…

By M.T. Abdulrazaq The argument behind the removal of the fuel subsidy is simple. It is that the barrels of crude oil for domestic consumption which is not even part of the OPEC quota should be bought at the international market price and the “bridging payment” between the international price and what ought to be the “domestic pricing” to allow for the sale of petrol or premium motor spirit at a lower price called “subsidy” should be removed. Two tax principles are embedded in this argument. The first principle is that of discounts. The taxation of discounts in Nigeria is…