Author: Lawbreed Limited

The United Kingdom will today enter into new economic and trade partnerships with Nigeria to facilitate new opportunities in sectors such as energy, legal and financial services. The British Business and Trade Secretary, Kemi Badenoch together with her Nigerian counterpart Doris Uzoka Anitie- the Minister for Trade and Investment will put pen to paper in the first of its kind “Enhanced Trade and Investment Partnership (ETIP)” trade partnership with an African country. This is according to a statement by the UK’s Department of Business and Trade detailing the activities of the visit of Business and Trade Secretary, Kemi Badenoch to…

The Registrar General of the Corporate Affairs Commission (CAC), Hussaini Ishaq Magaji, disclosed on Tuesday, February 13, that social media content creators, Instagram users with larger followers, and TikTok users will soon be forced to register as businesses so they can start paying taxes to the government. The RG disclosed this during a visit by the managing director, Opay, Dauda Gotring, and his team in Abuja, stating that the social media and content creators are generating a lot of money without paying any form of tax to the federal government. He said: “This cannot go on, these groups of people…

The Management of Alliance Hospital and Services Limited has sued Media Trust Ltd, the publishers of Daily Trust newspaper and owners of Trust TV, over its investigative report which exposed a black-market trade in kidney around the Federal Capital Territory. The hospital management together with its Medical Director, Dr Christopher Otabor, filed the suit before the FCT High Court in Abuja seeking redress over the publication in the Daily Trust newspaper December 10, 2023 with the title “Inside Abuja’s Kidney Market, Where the Rich Prey on the Poor.” The claimants alleged that the publication is a “complete fabrication and lies…

The Economic and Financial Crimes Commission has declared Margaret Emefiele, wife of a former governor of the Central Bank of Nigeria, Godwin Emefiele, and three others, wanted for money laundering. Mrs. Emefiele, Mr. Eric Odoh, Anita Omoile, and her husband, Jonathan Omoile, were declared wanted Friday night for allegedly conspiring with the former CBN Governor “to convert huge sums of money belonging to the Federal Government of Nigeria and committing felony to wit: obtaining money by false pretenses, and stealing, contrary to and punishable under Sections 411, 287, and 314 of the Criminal Law of Lagos State.” Details of their…

The United States Coast Guard USCG on Friday offered Nigeria a three-year plan to work with the Nigerian Maritime Administration and Safety Agency, NIMASA, for the removal of the Condition of Entry (CoE) placed on American-bound vessels from Nigeria. Cdr. Juliet Hudson at the USCG headquarters in Washington, DC, disclosed this on Friday during a peer review visit by a delegation from NIMASA. Hudson announced a bi-annual assessment of compliance level with ISPS implementation at Nigerian ports working with NIMASA. In her words, “We will work with NIMASA to review the compliance level of ports in Nigeria with the provisions…

President Bola Tinubu has signed the Electricity Act (Amendment) Bill, 2024, into law. Tinubu’s Special Adviser on Media and Publicity, Ajuri Ngelale, revealed this in a statement he signed Friday titled ‘President Tinubu assents to Electricity Act (amendment) bill.’ The Electricity Act (Amendment) Bill, 2024, seeks to “address the development and environmental concerns of host communities, and sets aside five percent of the actual annual operating expenditures of power generating companies from the preceding year for the development of their respective host communities,” the Presidency revealed. The bill, which was passed by the House of Representatives on July 27, 2023,…

The Central Bank of Nigeria, in its recently revised consumer protection framework, has mandated financial service providers to comply with minimum standards in their advertising and promotional materials. One of the requirements is that FSPs should not make reference to unaudited financial statements in their sales promotion. Unaudited financial statements are financial reports that have not been examined and verified for accuracy and completeness by an external independent auditor. Other requirements include disclosing contact details and its regulatory authority; disclosing cost of products, including all fees and other associated charges; the nature and value of benefits, where an advertisement refers…

The Council for Legal Education, the body that runs the Nigerian Law School, struck a deal for the transfer of the school’s land and buildings to the Nigerian Bar Association (NBA) in violation of the Public Procurement Act, the latest audit report of the Office of the Auditor-General of the Federation (OAuGF) has revealed. According to the Public Procurement Act “before slating any public property for disposal, the accounting officer in charge of any public property set for disposal shall authorise the preparation of a valuation report for such property by an independent evaluator.” But contrary to the legal provision,…

The Central Bank of Nigeria has instructed regulated entities to provide customers with notices of outstanding obligations before beginning debt collection. This is to ensure that the debt recovery process is transparent, courteous, and fair. CBN stated this in a document released on Thursday on its website titled “Revised Consumer Protection Regulations.” It noted that the essence of the document is to ensure financial institutions follow consumer protection principles. The regulations outline consumer rights and aim for better outcomes and access to financial services. The document states that foreclosures should only be initiated as a last resort after other recovery…

The Federal Government says it is working on plans to regulate social media to curb misconceptions and abuse. President Bola Tinubu said this at a presentation of a book, Nigerian Public Discourse: The Interplay of Empirical Evidence and Hyperbole, written by Mr Babatunde Fashola, a former Minister of Power, Work, and Housing in Lagos. Tinubu, represented by his Chief of Staff, Mr Femi Gbajabiamila, said that social media conveyed a lot of fake information, misleading the citizens, hence the need to regulate its usage. “In the world today, public discourse is driven by alternative facts, dropped with reckless abandon on…