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News & Updates
We regularly issue announcements covering important legal issues and news from the firm.
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EXPATRIATE QUOTA ADMINISTRATION IN NIGERIA: Curbing Expatriate Quota Abuse
Under existing legal regulations, an Expatriate Quota (EQ) must be issued to the company employing an expatriate by the Federal Ministry of Interior (FMI) before it can employ such an expatriate to work in Nigeria.
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FCCPC AMENDS PROCESSING FEES APPLICABLE TO NOTIFIABLE TRANSACTIONS
The Federal Competition and Consumer Protection Act, 2018 (the Act) vests the Federal Competition and Consumer Protection Commission (the Commission or FCCPC) with powers to make regulations relating to imposition and collection of fees. Accordingly, the combined provisions of Regulation 15 and Schedule 1 to the Merger Review Regulations 2020 (the 2020 Regulations) lay out different fees payable to the Commission for the transactions requiring its approval. The fees provided in Schedule 1 of the 2020 Regulations include Application, Expedited Procedure Service, Negative Clearance Procedure and Notification Fees.
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ANNOUNCEMENT OF THE PETROLEUM INDUSTRY ACT
President Muhammadu Buhari has signed into law the much-awaited Petroleum Industry Bill, now Petroleum Industry Act (“PIA”). Prior to PIA, there were different versions of the PIB. It started as an omnibus bill and was later divided into 4 separate bills before emerging in 2020 as a consolidated bill.
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Guidelines for Licensing and Regulation of Payments Service Holding Companies in Nigeria
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FIRS Directs Approved Enterprises to File Income Tax Returns
FIRS Mandates all Approved Enterprises Operating in Free Trade Zones, Export Processing Zones and Oil & Gas Free Zones to File Income Tax Returns
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SEC Proposes New Rules on Social Bonds
The Securities and Exchange Commission (SEC) on the 7th of June 2021 released its exposure rules on Social Bonds.
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IP NEWSLETTER: INTELLECT FIRST – 3rd Edition
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Intellectual Property Newsflash
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PENCOM Sets Group Life Insurance Deadline For All Employers
The National Pension Commission (PENCOM) in its recently issued circular has mandated employers to comply with the provisions of section 4(5) of the Pension Reform Act (PRA) 2014 by maintaining a Group Life Insurance Policy (GLIP) in favour of all its employees.
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SEC deadline for Compliance with Crowdfunding Regulations
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New CBN Licensing Requirements for Payment Service Providers
On 24th May, 2021, the Central Bank of Nigeria (“CBN”) issued a new circular on the licensing requirements for Payment Service Providers (“PSP”), indicating a definite resolve by the apex bank to regulate the sector.
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Removal of Bank Directors by the Central Bank of Nigeria: The Recent Case of First Bank of Nigeria Limited and FBN Holdings Plc
Last week, the Central Bank of Nigeria (CBN) approved and directed the removal of all directors of First Bank of Nigeria Limited (FBN) and its parent company, FBN Holdings Plc (FBN Holdings) and appointed new directors to replace the directors removed.
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NGX Amends Chapter 17 (Information Disclosure) of the Issuers’ Rules
The Nigerian Exchange Limited (NGX), formerly known as, the Nigerian Stock Exchange, amended Chapter 17 (Information Disclosure) of the Issuers’ Rules(‘Rules’). The amendments were approved by the Securities and Exchange Commission on 9th April 2021 and came into effect same day.
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CAC Extends Deadline for Issuance of Unissued Shares in Companies
In January 2021, The Corporate Affairs Commission (CAC) released the Regulations to the Companies and Allied Matters Act (Regulation 2021), requiring companies with unissued shares in their share capital to issue same on or before June 30, 2021.
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World IP Day 2021 – Intellectual Property Masterclass
A Jackson, Etti & Edu initiative organised in commemoration of World Intellectual Property Day 2021.
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Jackson, Etti & Edu is MIP Nigeria ‘Firm of the Year’ for the 2nd year running
For the second year running, JEE has won the Managing Intellectual Property (MIP) Nigeria Firm of the Year Award at the annual EMEA awards ceremony held online on 30 March 2021.
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Intellectual Property Newsletter – Intellect First (2nd Edition) Launched
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NITDA Extends Deadline for Filing of 2020/21 Data Audit Report
The National Information Technology Development Agency (NITDA) has extended the deadline to file 2020/21 NDPR audit report from 15th March 2021 to 30th June 2021.
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