Legal Briefings

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The Implications of Nigeria becoming a Signatory to both the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting; and the Common Reporting Standard Multilateral Competent Authority Agreement

The Federal Government of Nigeria has taken further steps in pursuance of its objective to curb tax evasion, widen the tax net and improve the tax to Gross Domestic Product (GDP) ratio when on Thursday 17 August 2017, it signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (“MLI”) and the Common Reporting Standard Multilateral Competent Authority Agreement (“CRS MCAA”)

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AN OVERVIEW OF THE 2017 NATIONAL PETROLEUM POLICY

The National Petroleum Policy (the “Policy”), considered and approved by the Federal Executive Council in July 2017, highlights the government’s intention to transit the Nigerian economy from its dependence on crude oil exportation as its primary source of income to the use of crude oil as a tool for economic growth. Government seeks to create a market-driven petroleum industry and aims at developing the downstream sector, particularly the country’s refining capacity.

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ENABLING ACCESS TO CREDIT IN NIGERIA: AN OVERVIEW OF THE CREDIT REPORTING ACT 2017

The Credit Reporting Act 2017 (the ‘Act’) provides the framework for credit reporting, licensing and regulation of credit bureaux. The Act is in line with the Federal Government’s Economic Growth and Recovery Plan for 2017 – 2020 (the ‘Plan’) released by the office of the President in April 2017. The Plan recognises Nigeria’s need to become a competitive economy by improving the business environment.

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ENABLING ACCESS TO CREDIT IN NIGERIA: SECURED TRANSACTIONS IN MOVABLE ASSETS ACT 2017

On 30th May 2017, the Acting President of Nigeria, Professor Yemi Osinbajo, signed into law the Secured Transactions in Movable Assets Act 2017 (“the Act”). The Act seeks to solve some of the biggest challenges that Micro, Small and Medium Scale Enterprises (MSMEs) face in accessing credit facilities for their businesses. The Act makes provisions that aim at facilitating the creation, registration, and realisation of security interests in movable assets. Movable assets as defined by the Act are tangible or intangible property other than real estate. It also establishes a National Collateral Registry.

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