Author: Lawbreed Limited

The Finance Act 2023 in Nigeria, which becomes effective on September 1st, 2023, brings forth several significant changes to the country’s tax and financial landscape. Here’s a detailed analysis of the key amendments: 1.Taxation of Digital Assets: One of the most notable changes is the introduction of a 10% tax on gains from the disposal of digital assets, including cryptocurrencies. This signifies a move by the Nigerian government to regulate and capture revenue from the burgeoning cryptocurrency market. 2.Capital Losses Carryforward: The Act allows for the carryforward of capital losses on assets for capital gains tax purposes for up to…

No fewer than eight people have been convicted and jailed for fraud in Sokoto and Abuja.Justice M.U. Dogondaji of the Sokoto State High Court convicted two of the suspects, Sanni Dikko and Naabu Umar, on two counts of conspiracy and cheating. Dikko conspired with Umar to fraudulently obtain the sum of N1, 500,000 from the complainant, Mustapha Mudashir, in a land deal. “Investigation revealed that Dikko, having previously sold the plot of land to one Ashiru Muhammed, got Umar to present himself as the owner of the land to convince Mudashir to buy the property at the rate of N1.5m.…

Receiving the leadership of the Nigerian Bar Association (NBA), led by Yakubu Maikyau (SAN), the President said the battle against corruption necessitates a comprehensive review of the salaries and allowances of judicial officers, an issue that is well known to him, given his landmark success in reforming justice administration in Lagos State. “We must deal with the review of remuneration if we truly want to fight corruption in the Judiciary. We will look at the cost as well as the consequences,” he said in response to a request by the NBA president. President Tinubu equally acknowledged the importance of addressing…

Exactly 84 days after he assumed power, President Bola Tinubu’s cabinet took off yesterday, with the president asking his 45 ministers to serve the country with “integrity, dignity and deliver” in their different assignments, instead of serving their states and regions. Speaking at the swearing-in ceremony of the 45 ministers at the State House Conference Centre (Old Banquet Hall), Abuja, Tinubu said the country is currently battling “daunting” challenges, adding that the ministers must implement “long overdue” reforms and restore the citizenry’s belief in government. Tinubu said the assignment before the ministers begins immediately and that they must meet the…

The Federal Government has withdrawn the contempt charge against Nigeria Labour Congress, NLC, Trade Union Congress of Nigeria, TUC, and their leaders four days before the expiration of the ultimatum by NLC to the government to withdraw the contempt summons or face indefinite nationwide strike. In a letter to Messrs Falana & Falana’ Chambers, Counsel, to NLC, Solicitor-General of the Federation and Permanent Secretary, Ministry of Justice, Mrs B.E. Jeddy-Agba, said “The attention of the Federal Ministry of Justice has been drawn to the Communiqué issued by the Nigeria Labour Congress, NLC, on August 3, 2023, wherein NLC announced the…

A Justice of the Supreme Court, Centus Chima Nweze, has died at 64. Mr Nweze, who still had six years before attaining the statutory retirement age of 70, died on Saturday, according to Supreme Court sources. The circumstances of his death are unclear, as the Supreme Court has yet to make an official announcement. Mr Nweze, until his death, ranked the fifth most senior among the 13 judges of the Supreme Court. Mr Nweze, elevated to the Supreme Court bench in 2014, participated in various panels that gave consequential judgements, some of which were his lead decisions. Born 25 September…

resident Bola Tinubu has appointed a man who his predecessor fired over multiple allegations of corruption, abuse of office, federal racketeering and convicted of sexual harassment to lead a probe of the Central Bank of Nigeria and other federal agencies. Jim Osayande Obazee was tapped as a special investigator with the mandate to uncover vast corruption at the nation’s main banker and other institutions suspected of entrenching a culture of public graft, according to a July 28 letter signed by the president for the new appointee. The president said Mr Obazee, who was controversially removed from office in 2017 by…

A Court of Appeal ruling in Jos chastised an appellant’s lawyer for what it termed as an attempt to “mislead” the Courts by relying on conflicting decisions, noting that the decision cited “rather damns his contention.” In an appeal case before the Court of Appeal, Jos Judicial Division with APPEAL NO CA/J/40C/2018 between, Alhaji Abdullahi Adamu Usman Solid Unit Nigeria Ltd v. Federal Republic of Nigeria, wherein the appellants dissatisfied with the interlocutory ruling of the lower court instituted the appeal. At the lower court, the appellants were arraigned before the lower Court on a two count charge of conspiracy…

Keynote Address By Chief Bolaji Ayorinde SAN, FCArb., OFR Delivered At The 1St Annual General Conference Of The Nigerian Law Society ON THE 28TH OF JULY 2023 (VIA ZOOM WEBINAR) Topic: Freedom of Association of Legal Practitioners: Navigating The Web Of Statutory Professional Regulations Introduction The concept of Freedom of Association has been in existence from time immemorial due to the social nature of man. This stems from the fact that every man is born free and should be allowed to form and belong to lawful organizations, associations and unions without interference. Freedom of Association is a right to associate…

The Hon. President of the National Industrial Court, Hon. Justice Benedict Kanyip, Ph.D, OFR has graciously appointed Four (4) prominent jurists to serve as vacation Judges from 31st July 2023 to 26th September 2023 for this year’s Annual vacation of the Court. While Hon. Justice O. O. Arowosegbe and Hon. Justice O. A. Ogunbowale will serve in Abuja and Lagos Judicial divisions respectively from Monday 31st July 2023 to Monday 28th August 2023; Hon. Justice Mustapha Tijjani and Hon. Justice A. A. Adewemimo will also serve in Abuja and Lagos Judicial divisions respectively from Tuesday 29th August 2021 to Tuesday…