News and Events 



Colloquium to celebrate 10 years of the World Bank’s two tier Sanctions system

Group photograph of Mrs Funke Adekoya SAN and other panel members during the Colloquium to celebrate 10 years of the World Bank’s  two tier Sanctions system, on 11th September in Washington DC”.

 

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Mrs ‘Funke Adekoya, SAN appointed into ICSID

The head of ǼLEX’s Dispute Resolution Practice, Mrs ‘Funke Adekoya, SAN has been appointed into the Panel of Arbitrators of the International Centre for Settlement of Investment Disputes (ICSID) for a period of 6 years, commencing on 16th September, 2017.

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CORPORATE AFFAIRS COMMISSION PROHIBITS DENOMINATION OF SHARE CAPITAL IN FOREIGN CURRENCY

The Corporate Affairs Commission (CAC) has prohibited entities seeking to do business in Nigeria from denominating their share capital in any currency other than the Nigerian Naira. Prior to this prohibition, the CAC permitted companies to denominate their share capital in foreign currencies, predominantly the United States Dollars.

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ISSUANCE OF NEW GUIDELINES FOR PIONEER STATUS INCENTIVE

The Federal Executive Council on 3^rd August 2017, lifted the suspension placed on the processing of pioneer status applications, recommended the addition of 27 industries to the existing pioneer status list, and the removal two industries – mineral oil prospecting and the manufacture of cement - from the list.

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A QUICK OVERVIEW OF THE NEW NATIONAL GAS POLICY

The Nigerian Federal Executive Council, on 28 June 2017 approved a new National Gas Policy (NGP) to replace the 2008 Nigeria Gas Masterplan.

In view of the volatility of crude oil price, it is apt that the NGP sets out quite clearly that the government is making a “gas play” and not an “oil play”. The NGP recognises that Nigeria has more gas reserves than oil. With proven gas reserves of 188 trillion cubic feet (tcf), Nigeria has the 9th largest gas reserve in the world. The NGP aims to move Nigeria from a crude oil export-based economy to a gas-based industrial economy.

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