sp_doing business in nigeria updated.pdf

STRACHAN PARTNERS 1

Doing Business

in Nigeria

2 STRACHAN PARTNERS

Contents

STRACHAN PARTNERS 3

A. INTRODUCTION 7

1. General overview 7

2. Sources of Nigerian Law 9

3. Political system 10

4. Economic Outlook 10

5. International relations 14

B. LEGAL AND REGULATORY REGIME 15

1. Key laws and regulatory agencies 15

2. Foreign exchange control 18

C. KEY AUTHORISATIONS AND APPROVALS AND 19

OTHER RELATED MATTERS

1. Incorporate a separate entity 19

2. Foreign investment approvals 20

• BusinessRegistration

(Certificateof Registrationof CompanywithForeignParticipation)

• BusinessPermit

• ExpatriateQuotaApproval

• ResidentPermitsandVisas

• Certificateof CapitalImportation

• NationalOfficeforTechnologyAcquisitionandPromotioncertification

3. Sector-regulator approvals 22

4. Taxregistration 22

5. Miscellaneous – opening a bank account 22

D. LEGAL PROTECTION FOR FOREIGN INVESTORS 23

E. NIGERIAN CONTENT POLICY IN THE 25

OIL & GAS INDUSTRY

4 STRACHAN PARTNERS

F. OTHER PROTECTIONS - INTELLECTUAL PROPERTY 29

1. TheTrademarksAct29

2. ThePatentsandDesignsAct29

3. TheCopyrightAct 30

4. Priority of registration 30

5. Judicial Interpretation of IP Laws 30

G. FISCAL INCENTIVES 31

1. Pioneer Status 31

2. Export Incentives 32

3. TaxIncentives 32

4. Taxrelief forResearchandDevelopment 32

5. TheDebtConversionProgramme32

6. ApprovedUserScheme 33

7. TheDutyDrawbackScheme 33

8. DownstreamGasSub-sector 33

9. Export processing zones 33

10. DoubleTaxationTreaties 34

H. FISCAL REGIME – ADMINISTRATION OF TAXES 35

1. CompaniesIncomeTax

2. CapitalGainsTax 36

3. ValueAddedTax 36

4. PersonalIncomeTax 36

5. EducationTax 36

6. StampDuties 36

7. WithholdingTax 37

8. CustomsandExciseDuty 37

9. InformationTechnologyDevelopmentLevy 37

10. Contributions 37

STRACHAN PARTNERS 5

I. NIGERIAN EMPLOYMENT LAW 40

1. Outline of Nigerian employment law 40

2. Collective agreements with trade unions 42

J. DISPUTE RESOLUTION 43

1. Thecourtsystem 43

2. Alternativedisputeresolution–arbitration 44

3. Enforcement of foreign judgments 44

K. CONCLUSION AND RECOMMENDATION 45

L. STRACHAN PARTNERS 46

1. Firm Overview 46

2. Key areas of expertise 47

3. Rankingandinternationalrecognition 48

4. Contact information 50

6 STRACHAN PARTNERS

STRACHAN PARTNERS 7

1. INTRODUCTION

1. General overview of Nigeria

NigeriaislocatedinWestAfricaontheGulf of GuineabetweentheRepublic

of BeninandCameroon.ItsharesitslandborderswithCameroonintheeast,

Nigerinthenorth,Republicof Benininthewest,andChadinthenortheast,

anditscoastinthesouthliesontheGulf of GuineaontheAtlanticOcean.

ThecountrybecameanindependentStateon1stOctober,1960,havingbeing

colonizedbyBritainin1861.Itisamulti-lingualsocietywithover250languages.

The3majorlanguagesspokeninNigeriaareHausa,IgboandYoruba,while

theofficiallanguageisEnglish.ThemainreligionsareChristianity,Islam,and

indigenousbeliefs.ThelatestdatapublishedbytheNationalBureauof Statistics

in 2011 on the national population of the country puts the total population of

Nigeriaat164million.ThelargestpopulationconcentrationisinLagoswhich

is also where most of the economic and industrial activity takes place in. Other

majorcitiesandindustrialcentresincludePortHarcourt,Onitsha,Kano,and

Aba.Thefederalcapitalterritoryof NigeriaislocatedinAbuja.

SECTION A

8 STRACHAN PARTNERS

Thecountry’snaturalresourcesincludenaturalgas,petroleum,tin, iron,ore,

coal,clay,limestone,niobium,lead,zinc,bitumen,bauxiteandfertilearableland.

Agricultureisanimportantcomponentof theeconomyandthecultivationof

cashcropslikecocoa,peanut,palmoil,rubber,isextensivelyexploited.

Thecountry’smonetaryunit isNaira(N).Thecurrentofficialexchangerate

publishedbytheCentralBankof Nigeriaasof 22September,2014is=N=

199.55toEUR1.00,=N=253.67toGBP£1.00and=N=155.25toUS$1.00.

Nigeriantimeisonehouraheadof theGMT.

STRACHAN PARTNERS 9

2. Sources of Nigerian law

Nigeria can be described as falling within what is generally called a “common

law”system.Morespecifically,thesourcesof Nigerianlaware:

a. TheConstitutionof theFederalRepublicof Nigeria,(ChapterC23)

Lawsof theFederation(“LFN”)of Nigeria2004(the“Constitution”).

TheConstitutionisNigeria’ssupremelawfromwhichallotherlaws

derive their validity;

b. Statutes passed by legislative bodies in Nigeria – i.e. the National

Assembly,whichmakeslawsfortheFederation,andwhichcomprises

of aSenateandaHouseof Representatives,andthevariousHouses

of Assemblywhichmakelawsforeachof Nigeria’s36States;

c. English Law comprising of the received English law (“Received

English Law”) and some English statutes made before October

1, 1960 thatwere extended toNigeria by an order-in-council.The

ReceivedEnglishLawcomprisesof:

• the Common Law of England;

• theDoctrinesof Equity;

10 STRACHAN PARTNERS

• Statutesof GeneralApplication inforce inEnglandonJanuary

1,1900.

d. Customary law of the various communities in Nigeria, including

Islamic Law which is accepted as the customary law of various

communities in the Northern part of the country; and

e. JudicialPrecedents. Nigeria, likemostcommonlawcountrieswith

ahierarchicalsystemof courts,operatesasystemof bindingjudicial

precedent where the decisions of a higher court are binding on the

courts that are lower in hierarchy.

3. Political system

Nigeria isafederationmadeupof thirty-six(36)federatingstates,aFederal

CapitalTerritory(Abuja),andacentralgovernmentthatisreferredtoasthe

FederalGovernmentof Nigeria(the“FGN”or“FederalGovernment”).Each

State of the federation is in turn made up of local government areas.

Thereare,therefore,threetiersof governmentinNigeria,namely,federal,state

andlocalgovernments,witheachtierhavinglegislative,executiveand,inthe

caseof thefederalandstategovernments, judicialpowers,allocatedto itby

theConstitution.Theconstitutionisthesupremelaw,whichdistributespower

between the FGN and the federating States.

4. Economic Outlook

It is noteworthy that the attributes that make the Nigerian economy a good

destinationforinvestmentincludethefollowing:

a. Democratic Government: The country has a stable democratic

STRACHAN PARTNERS 11

government having now had democratic elections every 4 years since 1999.

b. Large Population: With a population size of over 164 million people and a

hugedomesticmarket,thereareinvestmentopportunitiesindiversesectors

of the economy such as agricultural; oil and gas; banking; manufacturing;

construction; transportation; information technology; telecommunications

sectors etc. There is growing consumerism resulting primarily from the

rapid expansion of the middle class with increased spending power.

c. Abundant Natural Resources: The country has abundant mineral,

agricultural and human resources that have yet to be fully utilized. It

is noteworthy that Nigeria is the biggest oil exporter in Africa, with

the largestnatural gas reserves inAfricawhichare still yet tobe fully

exploited.

d. Investment Incentives:The countryprovides attractive incentives to

encourage foreign investment.

Therearetaxholidaysforpioneercompaniesthatestablishnewindustries

or expand production in important sectors of the economy (please refer

tosectionF1).Alsonon-taxincentivesaregrantedtonon-pioneerfirms

(pleaserefertosectionF3).

A company grantedpioneer status is not required towithhold tax on

dividendspaidtoitsshareholdersduringthisperiod,andpersonsmaking

payments to the companywill not be required to deductwithholding

tax when they are making payments for services rendered to them by a

pioneer company. Losses made by the company during the tax holiday

can be carried forward indefinitely after the expiry of the 5 year tax

holiday and the company can also offset capital allowances in respect

of qualifying capital expenditure incurred by the company during the

tax holiday. Any unutilized allowances may also be carried forward

indefinitely.


Therearealsoexportincentivestomanufacturingexportersaimed

at encouraging and assisting the exporters to increase and diversify

thetotalvalueandvolumeof non-oilexportsfromthecountry.The

incentives are designed to address themajor problemsof supply,

demandandpricecompetitivenessof Nigeria’sexportandinclude

theExportDevelopmentFund,theExportExpansionGrantFund,

theExportAdjustmentSchemeFund,theDuty-Draw-backScheme,

theDutySuspensionSchemeandtheManufacture-in-BondScheme

(pleaserefertosectionF2).

Other incentives include the creation of export processing zones

for special development purposes, where manufacturing can be

undertaken under conditions that exempt entities operating within a

zonefromallFederal,StateandLocalGovernmenttaxes,leviesand

rates(pleaserefertosectionF9).

e. Infrastructure: Government infrastructure spending has increased

in the recent past and the federal government and state governments

are developing their infrastructure using public and private

partnership mechanisms.

f. Labour Force: Nigeria has a reasonably well educated labour force

and the cost of labour is relatively low.

Themajor economic risks that investors have however encountered in

thepastfewyears,however,consistof thefollowing:

a. infrastructural constraints; and

b. Corruption,whichhasbeenacknowledgedasthesinglemost

important factor militating against economic progress and democracy


in Nigeria.

Investorsshouldalsobeawareof thedevelopmentsinthefollowingsectors:

i. The Petroleum Industry

ThefederalgovernmenthasintroducedaPetroleumIndustryBill(the“PIB”)

totheNationalAssemblywithaviewtohavingitpassedintolaw.Itisexpected

that this legislation will revise, update and consolidate current petroleum

legislation in Nigeria, and also provide additional incentives for companies

operating in the oil and gas industry. · Nigerian Oil and Gas Industry Content

DevelopmentAct (‘LocalContentAct’):TheLocalContentActwassigned

into lawbyNigeria’sPresidenton22ndApril2010.Thegeneralphilosophy

of theAct is to increase and, in certain cases, tomake exclusive,Nigerian

participation and the use of Nigerian resources in the Nigerian oil and gas

industry.

ii. The Power sector

The Federal Government is currently implementing reforms in this sector

through the Electric Power Sector Reform Act and the institution of the

PresidentialTaskForceonPower.TheElectricPowerSectorReformActwas

passed into law in 2005 to allow private companies to invest in and operate

power companies in Nigeria. Prior to the enactment of the Electric Power

SectorReformAct(“EPSRAct”)inMarch2005,theFederalGovernmentof

Nigeriawaswhollyresponsibleforpolicyformulation,regulation,operation,

and investment in the Nigerian electric power sector.

TheEPSRActalsoprovidesforthecreationof institutionsrequiredtoprotect

consumers and stimulate investment in a power sector market with competing

firms.


5. International relations

Nigeria is a member of several international, regional, and sub-regional

organizations,which includes theUnitedNations (“UN”)andseveralof its

special and relatedagencies,WorldTradeOrganization (“WTO”), theNon-

AlignedMovement,AfricanUnion(“AU”),TheCommonwealthof Nations,

Organization of Petroleum Exporting Countries (“OPEC”), International

Maritime Organization and other organizations. It is also a member of the

Economic Community of West African States (“ECOWAS”), which seeks

to harmonize trade and investment practices for itsWest AfricanMember

countries and ultimately to achieve a full customs union. Nigeria has also has

consistently committed itself to the cause of peacekeeping.

NigeriahasalsoenteredintoBilateralInvestmentAgreements(“BITs”)witha

number of countries.


LEGAL AND REGULATORY REGIME

1. Key laws and regulatory agencies

TheprincipalstatutesthatgovernforeigninvestmentinNigeriaareas

follows:

a. Companies and Allied Matters Act (Chapter C20), LFN 2004

(“CAMA”)

Thisistheprincipalstatuteregulatingtheestablishmentandoperation

of companiesinNigeria.TheCAMAestablishestheCorporateAffairs

Commission (“CAC”) asNigeria’s companies’ registry, and the body

responsible for the regulation and supervision of the formation,

incorporation,registration,managementandwindingupof companies.

TheCAMAalsomakesprovisionfortheregistrationof businessnames

and the incorporation of trustees.

SECTION B


Foreign companies thatwish to do business inNigeria are required to

do so through a separate locally incorporated entity. Section 54(1) of

theCAMAprovides that every foreign company intending to carry on

business in Nigeria must take steps necessary to incorporate as a separate

legal entitywith theCAC.Section56of CAMAempowers theFederal

Executive Council to grant exemptions from the mandatory incorporation

requirementtoalimitedcategoryof foreigncompanies.Itisanoffence

for a foreign company to carry on business in Nigerian without being

formally incorporated.

b. Nigerian Investment Promotion Commission Act (Chapter N117),

LFN 2004 (“NIPC Act”)

The NIPC Act established the Nigerian Investment Promotion

Commission (“NIPC”) as an investment promotion agency of the

Federal Government, responsible for registering foreign investments

inNigeria. TheNIPCoperates as a “one-stop shop” for thegrantof

businesspermits,licensesandincentivesthatforeigninvestorsrequireto

do business in Nigeria.

c. Immigration Act, (Chapter I1), LFN 2004 (the “Immigration Act”)

Any foreigner wishing to take up employment in Nigeria (other than

employmentwiththefederalorastategovernment)isrequiredbySection

8(1)of theImmigrationAct,tohavearesidencepermitoraworkpermit

issued by the Comptroller General of Immigrations. Such persons are

alsorequiredundersection9of theImmigrationActtoapplyforvisasat

theappropriatediplomaticNigerianMissionabroad.Therequiredvisas

couldbeeitheraSubjecttoRegularizationvisaoraCombinedExpatriate

ResidencePermitandAlienCard(CERPAC).


d. Foreign Exchange (Monitoring and Miscellaneous Provisions) Act,

(Chapter F34), LFN 2004, (the “FEMM Act”)

The FEMM Act sets out the rules and regulations which govern the

operation of the foreign exchange market and provides a framework for

the remittance of interest, dividends andprincipal payments in foreign

currency by foreign investors.

e. Investment and Securities Act No. 29 of 2007 (the “ISA”)

TheISAgovernsinvestmentsinthecapitalmarketsgenerally,andprovides

for the establishment of the Securities and Exchange Commission (the

“SEC”)astheapexregulatoryauthorityfortheNigeriancapitalmarket.

Also relevant are the Securities and Exchange Commission Rules and

Regulations(the“SECRules”),whicharemadebytheSECpursuantto

powerswhich ithasbeengrantedbytheISAtoregulatecapitalmarket

activities and operators, includingmergers, acquisitions, take-overs, and

collective investment schemes.

f. The Industrial Development (Income Tax Relief) Act, Chapter I7

LFN 2004 (“Tax Relief Act”)

TheTaxRelief Actisthebasisforthegrantof PioneerIndustryStatus

(or“PioneerStatus”).

g. Central Bank of Nigeria Act, Act, No. 7 of 2007 (“CBN” Act”)

TheCBNActestablishedtheCentralBankof Nigeriaandconferredupon

ittheroleandresponsibilityastheapexregulatorof banks,thefinancial

system as manager of Nigerian’s foreign currency reserve. The CBN’s

majorfunctionistopromoteanefficientandeffectivefinancialsystemin


Nigeria and to act as banker to the Federal and State governments and also

tootherbanks.TheCBNalsoprovideseconomicandfinancialadviceto

the Federal Government.

2. Foreign exchange control

Nigeria’sforeignexchangecontrolregulationsarecontainedintheFEMMAct

(seesectionB1(d)above)andinregulationsissuedbytheCBNfromtimeto

time.TheFEMMActplacesnorestrictionsontheinflowof foreigncurrency

but requiresAuthorizedDealers (i.e.banks thatare licensedby theCBNto

dealinforeignexchange)tonotifytheCBNof anycashtransferstoorfrom

aforeigncountryof anysumexceedingUS$10,000(tenthousandDollars)or

itsequivalent.


KEY AUTHORISATIONS AND APPROVALS AND

OTHER RELATED MATTERS

1. Incorporate a separate entity

The principal legislation that governs the registration and activities of

companiesinNigeria istheCompaniesandAlliedMattersActChapterC20

Lawsof Federationof Nigeria2004(“CAMA”).TheCAMArequiresaforeign

company,which intends to do business inNigeria, to be incorporated as a

separate entity in Nigeria for this purpose or to operate subject to an exemption

grantedtoitbytheFederalGovernmentof Nigeria.Theexemptionisusually

grantedforspecificgovernmentrelatedprojects.

Foreign ownership of a Nigerian company

By virtue of the provisions of the Nigerian Investment Promotion

CommissionAct,CapN117,LFN2004 (the“NIPCAct”) it ispossible for

foreign investors toown100%of theequityof a limited liability company.

Accordingly, there is no requirement that the company to be established in

SECTION C


Nigeria should have Nigerian shareholders and other than certain matters set

outinthe“negativelist”,andregulatedsectorslikethebroadcastingandoiland

gassectors,aNigeriancompanythatis100%foreignownedmayengageinthe

same businesses as a Nigerian company that is wholly or partially owned by

Nigerians.Thereareareasof businessthatareprohibited-“thenegativelist”.

2. Foreign Investment Approvals

2.1 Business Registration (Certificate of Registration of Company with

Foreign Participation)

In order for a company registered in Nigeria with foreign shareholders to do

businessitmustregisteritsbusiness.TheNIPCActprovidesthatallcompanies

with foreign participation in their capital structure should register with the

NIPC after they are incorporated.

2.2 Business Permit

Followingtheregistrationof thebusinessattheNIPC,acompanyregistered

inNigeriawithforeignshareholders,mustapplyforabusinesspermitinorder

todobusiness.Abusinesspermitistheauthorisationthatmustbeobtainedin

order for the company to carry on business in Nigeria.

2.3 Expatriate Quota Approvals

Wherethecompanyintendstoemployexpatriates,itmustapplyforexpatriate

quotapositionsfortherelevantnumberof expatriatepersonnelitintendsto

employ.Anexpatriatequotaistheauthorisationthatestablishesthemaximum

number of expatriates that a company may employ.

2.4 Resident permits and visas


Afterthegrantof theexpatriatequotapositions,theexpatriateemployeesof

thecompanyplacedonthequotapositionswillneedtoobtainaSubject-To-

Regularisation(STR)visafromtheNigerianEmbassy/HighCommissionin

their country of usual residence to enable them to come into Nigeria for the

purpose of taking up employment.

2.5 Certificateof CapitalImportation(“CCI”)

Nigerian law permits foreign investors to purchase any amount of foreign

exchange for the purpose of remitting e.g. dividends and repatriating capital in

theeventof adisinvestment,subjecttoprovidingappropriatedocumentation.

Oneof suchdocumentsistheCertificateof CapitalImportation(the“CCI”))

required tohavebeenobtained fromanauthorizeddealer (aNigerianbank

orfinancial institutionauthorizedby theCentralBankof Nigeria toengage

inforeignexchangeactivities)asevidencethatithasactuallybroughtcapital/

funds into Nigeria at the time that the funds were brought in e.g. for making its

equitycontributiontoaNigeriancompany.TheCCIisnecessarytorepatriate

royalties,feesanddividends.

2.6 NationalOfficeforTechnologyAcquisitionandPromotion(“NOTAP”)

certification

If aforeigncompanyintendstoprovidetechnology,managementortechnical

assistancetoaNigerianentity,itwillbeadvisablefortheforeigncompanyto

enter into a technical services, training ormanagement agreementwith the

Nigerian company.This agreementwill have tobe registeredwithNOTAP

in accordance with the provisions of the National Office for Technology

AcquisitionandPromotionActLFN2004(the “NOTAP Act”).


3. Sector – regulator approvals

In addition to the authorizations and approvals discussed above, there are

sector approvals required in order to carry on business in those sectors,

suchasbutnotlimitedtobanking,securities,oilandgas,aviation,insurance,

telecommunication,manufacturingof foodandbeveragesandthehospitality

sectors.Intheoilandgasindustry,forinstance,approvalsarerequiredfrom

theDepartmentof PetroleumResources-whichregulatestheNigerianoiland

gas industry,andtheNigerianContentDevelopmentandMonitoringBoard

(the“NCDMB”)–whichisthebodythatisresponsiblefortheimplementation

of theprovisionsof theLocalContentAct.

4. Tax Registration

AcompanyincorporatedinNigeriaisrequiredtoberegisteredwiththerelevant

taxauthoritiesfortaxpurposes.Followingtheincorporationof thecompany,

anapplicationismadetoapplicabletaxofficerequestingtheissuanceof atax

clearancecertificateandvalueaddedtax(“VAT”)registration.

5. Miscellaneous – opening a bank account

Althoughthereisnolegalrequirementtodoso,forpracticalpurposes,itwill

be advisable for the local company to open an account with a Nigerian bank.

For instance, any capital in the form of cash that will be injected into the

localcompanybyanyoffshorepartnersthroughtheofficialforeignexchange

marketwillneedtobepaidintoabankaccountheldwithaNigerianbank,and

assuchitwouldbeneater(andcreateaproperdocumenttrail)if thosefunds

will be paid directly into an account held in the name of the local company.

Oncethelocalcompanyisincorporated,theprocessof openinganaccount

withaNigerianbankshouldbequitestraightforward.


LEGAL PROTECTION FOR FOREIGN INVESTORS

There are various levels of legal protection for foreign investors. Nigerian law

provides for compensation in the event of expropriation.

UnderNigerian lawnomovablepropertyor interest inany immovableproperty

may be compulsorily acquired except in accordance with a law which, among

otherthings,requirespromptpaymentof compensationandgivestoanyperson

claiming such compensation the right of access to a court of law or tribunal having

jurisdiction in the relevant part of Nigeria in order to obtain a determination of

therightandtheamountof compensationpayable.Thisrightappliesnotjustto

Nigeriancitizens,butalsotoanypersonowningorhavinganinterestinproperty

in Nigeria.

TheGovernmenthasalsoshownawillingnesstoenterintoinvestmentprotection

agreementswithprivateorganizationswishing to invest inNigeria, andhas also

entered into bilateral agreements to provide protection for foreign investors.

SECTION D


InadditionNigerianlawprovidesforalargemeasureof capitalmobility,forthe

protection for intellectual property, for dispute resolution through arbitration as

wellasinnationalcourts.Allthesearerightsthatareavailabletoaforeigninvestor

on a non-discriminatory basis.


SECTION E

NIGERIAN CONTENT POLICY IN THE OIL & GAS INDUSTRY

WithParticularreferencetooilandgas,aforeignconsortiumorajointventuremay

obtainqualificationacceptance,participatetotendersandthereaftercarryoutand

implement operations or transactions falling within the scope of the Nigerian oil

and gas industry. It is necessary to demonstrate local shareholding and compliance

with the Nigeria local content policy applicable to the oil and gas industry.

Foreaseof understanding,wehavebrokenthischapter intotwoparts; (i)Local

contentpolicy(ii)LocalShareholding.

(i) Local Content Policy

The Nigerian Oil and Gas Industry Content Development Act, 2010 (the

“ContentAct”)providesthelegalbasisforthedeterminationof localcontent

compliance of companies operating Nigerian oil and gas industry (“the

Industry”).Thelocalcontentpolicydriveof theNigeriangovernmentisaimed

primarily at building local competencies in the Industry by ensuring indigenous

participationthroughtheprovisionof manpower,servicesandtheownership

of interestsintheIndustry.Tothisextent,theContentActplacesemphasison

the promotion of “Nigerian Content” among companies bidding for contracts

in the Industry.


Highlights of Content Act

Followingoursummaryof thethrustof theContentActabove,wehavesetouta

synopsisof themajorhighlightsof theContentActasfollows:

•Alloperatorsandalliancepartnerstomaintainabiddingprocessforalljob

offers and the bid selection process shall not be based solely on principle of

thelowestbidderbutshall,wherethebidsarewithin1%of eachotheratthe

commercialstage,beconsideredwithpreferenceforthebidwiththehighest

Nigerian content.

•Whereapplicableorwheredirectedby theBoard, theoperator shallprior

tocommencingwork, establishaprojectoffice in theareawhere the job is

tobeexecutedandsuchprojectofficeshallhavestaff withdecision-making

authorityandtheBoardshallensurereasonablenumberof personnelfromthe

significantareasof operationof thecompanyaremaintainedbytheoperator

togetherwitha requirement thatNigeriansshallbegivenfirstconsideration

for employment and training in any project executed by any operator in the

Industry.

•OperatorsareencouragedtotrainanddevelopaNigerianlabourforceforits

operationsandallexpatriatepositionsshallafteramaximumfour-yearperiod,

be occupied by a Nigerian albeit that a maximum of 5% of management

positions may be reserved for protecting investor interests albeit that any

applicationforexpatriatequota forsuchpositionsmustbepre-approvedby

theBoard.However,staffinginthejuniorandintermediatecadreoranyother

corresponding grades shall be held exclusively by Nigerians.

• International/multinational companies working through their Nigerian

subsidiaries must demonstrate that a minimum of 50% of the equipment

deployed for execution of work are owned by Nigerian subsidiaries.


•Allinsurablerisksrelatedtooilandgasbusiness,operationsorcontractsare

requiredtobeinsuredthroughinsurancebrokersregisteredinNigeria.

• Only services of Nigerian legal practitioners would be permitted to be

retained by companies in the Industry.

• Except where impracticable only Nigerian financial institutions shall be

retained by companies in the Industry;

•Theconductof anyprojectcontrarytotheprovisionsof theContentActis

anoffenceforwhichtheoperatorwouldbepunishablebyafineof 5%of the

value of the contract or a cancellation of the project.

•Afiscalframeworkandtaxincentivesaretobeputinplaceforforeignand

indigenous companies that establish facilities, factories, production units or

other operations in Nigeria for providing support services to the Industry.

•1%of everycontractawardedistobedeductedatsourceforthefundingof

theNigerianContentDevelopmentFund.

(ii) Local Shareholding

TheContentActdoesnotprovideanythresholdof sharecapitaldistribution

as one of the Parameters. The Content Act however provides a definition

of a Nigerian Company as “a company formed and registered in Nigeria in

accordancewiththeprovisionof theCompaniesandAlliedMattersActwith

not less than 51% equity shares [held] byNigerians”.Notably, theContent

Actdoesnotindicatethatitwouldbeageneralrequirementforeligibilityin

respect of any company desirous of operating in the Industry to be a Nigerian

Company,eitheratcontractbiddingorcontractexecution.


It is however worth mentioning that the Content Act vests exclusivity for

certain contracts and services in the Industry on Nigerian indigenous service

companies,where suchNigerian indigenous service companiesdemonstrate

ownershipof equipment,(Nigerian)personnelandcapacitytobidforcontracts

and services on land and swamp operating areas of the Industry.

Consequently,acompanyoperating in theIndustrywouldbe incompliance

withtheContentActwhere:(i)itsoperationsmeettherequisiteParameters;

and(ii)atleast51%of itssharesareheldbyNigerians.


OTHER PROTECTIONS - INTELLECTUAL PROPERTY

Intellectual property rights are protected under statute and judicial decisions.

1. Trademarks

TheTradeMarksActChapterT13,LFN2004 regulates the registrationof

trademarks in Nigeria.

2. Patents & designs

PatentsandDesignsaregovernedbytheprovisionsof thePatentandDesigns

ActChapterP2LFN2004.TheActprovidesthatanindustrialdesignmust

beregisteredbythe issueof aregistrationcertificatecontainingthenumber

of thedesign,thenameandaddressof theregisteredowner,thedateof the

applicationandof issueof thecertificate,detailsof anypriorityclaim,if any,a

reproduction or representation of the design and an indication of products for

whichitwillbeused,andthenameandaddressof thetruecreator.

SECTION F


3. Copyright

CopyrightsinNigeriaaregovernedbytheCopyrightAct,ChapterC28LFN,

2004,(the“Copyright Act”).Generally,theCopyrightActprovidesthatthe

followingworksareeligibleforcopyrightinNigeria:literary,musical,artisticand

cinematographworks,soundrecordingsandbroadcasts.Thislistisconclusive

andassuch,copyrightcannotsubsistinanyothercategoryof works.

4. Priority of registration

Nigeria is a party to the International Convention for the Protection of

Industrial Property 1883, as amended (the Paris Convention). The Paris

Convention has been incorporated into local law in the case of patents and

industrialdesigns.Thismeansthatif X’scountryof origin/registrationisalso

apartytotheParisConvention,andif Xseekstofileanapplicationforapatent

oranindustrialdesign,itwillenjoyarightof priorityforaperiodof 12months

from the date on which it made an application for the registration of such a

patent or design in a Convention Country.

TheParisConventionhasnotbeenincorporatedintolocallawinthecaseof

trademarks.Consequently,althoughasamatterof lawnopriorityoughttobe

accordedinrespectof priorfilingsinaConventionCountryinpractice,the

Registrarof Trademarksaccordsprioritytosuchpriorfilings.

5. Judicial Interpretation of IP Laws

ThecourtsinNigeriahaveheldthat“‘trademark’,whenregistered,willentitle

the proprietor to sue or institute an action for any infringement of the trade

mark” and “registration entitles the proprietor to the exclusive use of the trade

mark and also the right to sue for passing off the goods of the proprietor”.1


FISCAL INCENTIVES

Duly incorporatedNigeriancompaniescanparticipate inanumberof programs

andtakeadvantageof certainincentives,someof whichhavebeendesignedwith

the foreign investor in mind.

1. Pioneer Status

AcompanyhavingPioneerStatusisexemptfromcorporateincometaxand

education tax foranon-renewablefive-yearperiod. Thecompanywillnot

berequiredtodeductwithholdingtaxondividendsduringthisperiod,and

personsmakingpaymentstothecompanywillalsonotberequiredtodeduct

withholding tax when they are making payments for the services. Losses

made by the company during the tax holiday can be carried forward for a

period of up to four years beginning from the date following the expiry of the

5-year period and the company can also offset capital allowances in respect of

qualifyingcapitalexpenditureincurredbythecompanyduringthetaxholiday

againsttheassessableprofitforthetaxyearfollowingthe5yeartaxholiday.

Anyun-utilizedallowancemaybecarriedforwardindefinitely.

SECTION G


2. Export Incentives

An exporter can take advantage of the incentives provided in theExport

(Incentives and Miscellaneous Provisions) Act, Chapter E19, LFN, 2004.

ThisAct provides for the establishment of various funds thatmay prove

useful toanexporter,suchastheExportDevelopmentFund,whichhelps

coverthecostsof exportpromotionactivities,andtheExportAdjustment

SchemeFund,whichsubsidizesproductioncostsof Exports.Thereisalso

anExportCreditGuaranteeandInsuranceScheme,whichinsuresexporters

against various risks including political risk and the risk of payment defaults.

Therearealsoanumberof taxincentives,designedtoencourageexports.

3. Tax Incentives

Thereareotherbonusesandincentives-mainlyarisingfromtheprovisions

of theCompaniesIncomeTaxAct,2007(“CITA”)-thatareavailabletoall

companies.Applicableincentiveswilldependonthenatureof theforeign

investor’sproposedactivitiesinNigeria.

4. Tax relief for Research and Development

Profitsreservedbyacompanyforpurposesof researchanddevelopmentare

from tax provided such reserves do not exceed 10% of the total assessable

profits of that company. Companies and other organizations engaged in

research and development activities for commercialization are allowed a 20%

investmenttaxcreditontheirqualifyingexpenditureforthatpurpose.

5. The Debt Conversion Programme

Acompanymaywishto takeadvantageof theDebt toEquityconversion

programme to finance its investment inNigeria. Under this programme,


the company would be permitted to redeem specified dollar-denominated

promissory notes and use the proceeds to finance the local costs of its

Nigerian projects.

6. Approved User Scheme

Manufacturersof certainitemsforwhichimportedrawmaterialsarerequired

maybegrantedeitheraconcessionaryrateof orcompleterelief from,import

dutyforaperiodnotexceedingthreeyears.Toqualifyforrelief theimporter

mustcomplywithcertainstatutoryrequirements.

7. The Duty Drawback Scheme

UnderthisSchemeimporterscanclaimarefundof importdutypaidongoods

usedtomanufactureproductsforexport.ThisSchemewassetupunderthe

CustomsandExciseManagementDrawback(Customs)Regulations,Chapter

C45,LFN2004.

8. Downstream Gas Sub-sector

TheCITAalsoprovidesspecificincentivesforcompaniesthatutilisegas.

9. Export processing zones

For special development purposes, the government has created export

processing zones where manufacturing can be undertaken under conditions

that exempt companies within a zone from all Federal, State and Local

Government taxes, levies and rates. This in effect means that companies’

income tax, value added tax, withholding tax, capital gains tax, customs

duties and all state taxes and local government taxes, levies and rates

will not apply to companies operating within an export processing zone.


10. Double Taxation Treaties

AsnotedinsectionA1(5),Nigeriacurrentlyhasdoubletaxationagreements

withCanada,France,Belgium,Romania,Pakistan,theNetherlands,theUnited

Kingdom and the Czech Republic, allowing persons liable to tax in those

countries to obtain credit for any taxes paid in Nigeria.


FISCAL REGIME – ADMINISTRATION OF TAXES

Theadministrationof tax inNigeria is vested in the three tiersof government.

TaxespayabletotheFederalGovernmentareadministeredbytheFederalInland

RevenueServiceBoard through itsoperational arm, theFederal InlandRevenue

Service (FIRS), while those payable to the StateGovernments are administered

by the Internal Revenue Boards of the thirty-six states of the Federation and

theFederalCapitalTerritoryof Abujathroughtheirrespectiveoperationalarms,

knownastheStateInternalRevenueService.LocalGovernmentsalsoadminister

taxescollectiblebythemthroughtheirvariouscouncils.StateBoardsapplyuniform

rules in respect of tax deductions and their activities are co-ordinated by the Joint

TaxBoard(JTB).

Severalcategoriesof taxarelevied.Thosethatarelikelytoproveof mostinterest

toaforeigninvestorarecompanies’incometax,personalincometax,capitalgains

tax,value-addedtax,educationtax,stampdutiesandthevariouswithholdingtaxes.

Other categories of tax include local government rates and levies. Penalties may be

imposed for failure to pay taxes when due.

Alltaxes,exceptforvalueaddedtax,stampduties,customsandexcisedutiesand

capitalgainstax,arecalculatedinaccordancewithataxyearthatrunsfromJanuary

1sttoDecember31stineachyear.Providedtaxesaredulypaid,ataxpayerwillbe

issuedaTaxClearanceCertificate.ThisCertificateconfirmsthatalltaxesdueinthe

threeyearsimmediatelyprecedingtheyearinwhichitisissuedhavebeenpaid.A

TaxClearanceCertificateisrequiredforvirtuallyallofficialtransactions.

SECTION H


Key taxes chargeable in Nigeria, their application and rates:

Applicable tax Tax rateGoverning legislation

and comments

Companies Income tax/

Corporate tax30%of “adjustedprofit” CompaniesIncomeTaxAct.

Capital gains tax10% of gains realised upon disposal of a business asset

CapitalGainsTaxAct.Taxmaybe deferred if gains are used to purchasereplacementequipment

Value added tax (VAT)5% on the supply of goods

and servicesValueAddedTaxAct

Education tax 2%of assessedprofit EducationTaxAct

Stamp dutyVariesdependingonnature of the document to be‘stamped’

StampDutyAct.

Import/Customs duty5% or 25% of assessed value of the goods

Customs and Excise

ManagementAct.

Personal Income Tax

ChargeableProfit Income Rate of tax

First 300,000.00 7%

Next 300,000.00 11%

Next 500,000.00 15%

Next 500,000.00 19%

Next 1,600,000.00 21%

Above 3,200,000.00 24%

1. Stamp Duties

Stampdutyisataxondocuments,whichispayablebyvirtueof theStampDutiesAct,

(ChapterS8),LFN2004(the“Stamp Duties Act”).Therateof stampdutiesdepends

onthetypeof document.Someexamplesof stampdutylevelsareasfollows:


Lease agreements 16kforevery=N=200.00(0.08%)

Mortgages 75kforevery=N=200.00(0.375%)

Incorporation of a Limited Liability Company

0.75% of the authorised share capital.

2. Withholding Tax

Nigerian’s tax lawsprovide for thewithholdingof tax frompaymentsdue to

anypersonorcompany(whetherornotresidentinNigeria)thatprovidesgoods

services to another person or company in Nigeria. Withholding tax is not a

separate category of tax but simply represents an advance payment of income

tax.

Please see the table below for the rates that are applicable to the various transactions.

Nature of payment Rate of tax

• Dividends,interestandrent 10%

• Royalties 10%

• Hireof equipment,motorvehicles,plantsandmachinery 10%

• Commission,consultancy,technicalandmanagementfees,legalfees,auditfees,andotherprofessionalfees 10%

• Construction 5%

• Alltypesof contractsandagencyarrangements,otherthansalesin

the ordinary course of business5%

Wheretherecipientof thedividends,interest,orrentsisanationalorcompany

fromacountrywithwhichNigeriahasadoubletaxationagreement,therateat

whichtaxwouldbewithheldfromthedividends,interestorrentswillbereduced

from 10% to 7.5%. In the case of non-resident companies the tax withheld from

dividends,interest,rentorroyaltypaymentsduetothemwill,whenremittedto

theFIRSberegardedasthefinaltaxduefromsuchnon-residentcompanies


3. Customs and Excise Duty

TheCustomsandExciseManagementAct(“CEMA”)ChapterC44LFN2004

imposescustomsdutyonspecifiedimportedgoodsandempowerstheCustoms

andExciseManagementAuthoritytorestrictthemovementof goodsintoand

outof Nigeria.AnycompanyoperatinginNigeriaisliableunderCEMAto

paycustomsdutyonallgoodswhichitimportsintoNigeriaforitsoperations,

forhiringorforsale.Theratesrangefrom5%to30%,dependingonthegoods

imported.

4. Information Technology Development Levy

TheNationalInformationTechnologyDevelopmentAgency(“NITDA”)Act,

2007imposesonthecompaniesandenterpriseslistedintheAct,andwhich

haveanannualturnoverof =N=100,000,000(onehundredmillionNaira)and

abovea levyamounting to1%of theirprofitsbefore tax.TheNITDAAct

alsoempowerstheFederalInlandRevenueService(the“FIRS”)toassessand

collect the levy and where a company fails to pay the levy within 60 days of the

beingservedwithnoticeof anassessment,apenaltyof 2%willbeaddedto

thelevy.Inaddition,failuretopaythelevywillattractafineof notlessthan

=N=1,000,000(onemillionNaira)onconviction.

5. Contributions

Although not taxes in the proper sense, below are certain categories of

mandatorycontributionsthatwouldapplytoacorporateemployer/investor,if

it were to set up a local entity in Nigeria.

• Pension Contributions: The Pension Reform Act, 2014(“PRA”)

introduced a pension scheme whereby both employer and employee are

required to make a minimum of 10% and 8% respectively of the

employee’smonthlyemolumentstoaPensionFundAdministratorasa

contribution towards the employee’s pension upon retirement.


Emoluments include all items that are paid on a monthly basis (in addition to

basic,housingandtransport)..Theschemeiscompulsoryforallprivatesector

employersthatemployfifteenormoreemployees.TheActstipulatesthatwhere

an employer chooses to bear full responsibility, the rate of employer’s

contribution a minimum of twenty percent.

• EmployeesCompensationDeductions:TheEmployeesCompensationAct2010

(the“ECA”),whichwassignedintolawon17thDecember,2010imposesan

obligation on employers in both the private and public sector to deduct 1% from

themonthlysalaryof theiremployees,andremitthedeductiontoanEmployees

CompensationFund,establishedundertheECAforthecompensationof any

death, injury, disease and disability of an employee arising out of or in the

courseof employment..TheECAgivestheNigeriaSocialInsuranceTrustFund

ManagementBoard(the“NSITFBoard”)thepowertoimplementthefund.

• NationalHousingFundDeductions:TheNationalHousingFundAct(Chapter

N45),LFN2004requiresanemployertodeductanamountequalto2.5%(two

andhalf percent)of themonthlysalaryof anyemployeewhoseannualsalary

isup to three thousandNaira (=N=3,000aboutUS$20.02) and to remit the

amountdeductedtotheNationalHousingFundastheemployee’scontribution

totheNationalHousingFund.TheActmakesitanoffenceforanemployerto

fail to remit the appropriate amount as prescribed. It is also an offence not to

complywiththeActandanemployerwillbeliableuponconvictiontopayafine

of fiftythousandNaira(=N=50,000aboutUS$333.62).

• IndustrialTrainingFundDeductions:EveryNigerian company that employs

5 or more employees or having less than 5 employees but with a turnover of

N50millionandaboveperannum,isrequiredbytheIndustrialTrainingFund

(Amendment)Act, 2011, to contribute 1%of its total annual payroll to the

IndustrialTrainingFundnotlaterthan1stAprilof everyyear.Section16of

theActdefines“Payroll”tomeanthesumtotalof allbasicpayallowancesand

other entitlements payable within and outside Nigeria to any employee in an

establishment,publicorprivate.


NIGERIAN EMPLOYMENT LAW

1. Outline of Nigerian employment law

UnderNigerianlaw,therelationshipbetweenanemployerandanemployeeis

regulatedbytheCommonLawof contractasappliedbytheNigeriancourts,

andaraftof otherstatuteswhichinonewayortheother,affecttherightof

employees.Thesestatutesandotherlawsoperateagainstthebackdropof the

Constitutionof theFederalRepublicof Nigeria1999 (the“Constitution”)

andwillbevoidtotheextentthatanyof theirprovisionsconflictswiththe

provisions of the Constitution.

Theprincipalstatutesandlawsthatarerelevanttotheemploymentof persons

inNigeriaare:

a. LabourAct,(ChapterL1),LFN2004.

SECTION I


b. TheTradeUnionsAct,(ChapterT14),LFN2004asamendedbythe

TradeUnionAmendmentAct,No.8of 2005.

c. TheTradeDisputesAct,(ChapterT8)LFN2004.

d. The TradeDisputes (Essential Services) Act, (Chapter T9), LFN

2004.

e. The3rdAmendmenttotheConstitutionincorporatestheNational

Industrial Court into the Constitution, with powers to hear civil

andcriminalcausesandmattersrelatingto labour, includingtrade

unions and industrial relations, matters between employers, their

organisations, employees and their trade unions/representatives

respectively.

f. TheEmployeesCompensationAct2010.

g. The National Minimum Wage Act, (Chapter N61) LFN 2004

prescribes the minimum wage payable to employees regardless of

whether such persons are employed in the public or private sector

of the economy.

h. The Pension Reform Act, (Chapter P4), LFN 2004 establishes a

contributory pension scheme (the “Scheme”) for the payment of

retirement benefits to employees in both the public service and

private sectors of the Nigerian economy.

i. TheNationalHealthInsuranceSchemeAct, (ChapterN42),LFN

2004:Theunderlyingobjectiveof theNHISActistoensurethat

every Nigerian has access to good health care and to protect Nigerian

families from the rising cost of health care service.


j. NationalHousingFundAct(ChapterN45),LFN2004requiresan

employertodeductanamountequalto2.5%(twoandhalf percent)

of the monthly salary of any employee whose annual salary is up to

threethousandNaira(=N=3,000aboutUS$20.02)andtoremitthe

amountdeductedtotheNationalHousingFundastheemployee’s

contributiontotheNationalHousingFund.

k. TheEmployeesHousingSchemes(SpecialProvisions)Act,(Chapter

E8),LFN2004makesitobligatoryforanemployersodesignatedby

anorderof theMinisterof Employment,LabourandProductivityto

establish,executeandmaintainahousingschemeforitsemployees

if itemployeesnotlessthan500(fivehundred)employees.

l. TheIndustrialTrainingFund(Amendment)Act,2011regulatesthe

training and development of employees.

2. Collective agreements with trade unions

Collective agreements are not, in themselves, legally bindingunder

Nigerianlaw.Nigeriancourtswill,however,enforcesuchagreements

if,forinstance,acollectiveagreementorapartof itisincorporated

expressly or by implication into an executed contract of employment

between an employer and its employees, or into a company hand

book that is deemed to form part of the contract of employment.

Thecourtsmayalsoenforcetheprovisionsof acollectiveagreement

if it can be established that, in relation to its employees in other

matters,anemployerhashaddealingsinwhichitacceptedortreated

thecollectiveagreement(orcertainprovisionscontainedtherein)as

being legally binding.


DISPUTE RESOLUTION

1. The Court System

TheNigeriancourtshaveevolvedandtherulesof courtareconstantlybeing

modernised to achieve the expeditious trial of cases and to encourage the

amicable pre-trial resolution of disputes.

In2004,LagosState adoptednew rulesof court and thus set thepace for

othercourtsinNigeria.SeveralstatessuchasRivers,AkwaIbom,CrossRiver

andAbujaamongothershavefollowedsuit.The2004ruleshavenowbeen

repealedbynewrulesof courtadoptedbyLagosState in2012,witheffect

from1stJanuary,2012.

TheFederalHighCourtalsoadoptednewrulesof courtsin2009.Thenew

rules provide, among other things, for a detailed case management system

wherepartiesarerequiredtoprovideadvancenoticeof theevidencethatthey

willrelyonduringthetrial,atthetimetheyfiletheirsuits.Moststepsinthe

courseof aproceedingarerequiredtobetakenwithinspecifiedtime-frames,

with daily penalties that will be paid if a party fails to take the step.

SECTION J


Therulesof Courtalsoprovideforamicablesettlementof adisputebeforethe

matterproceedstotrial,through‘pre-trialconferences’andforthesettlement

of issues prior to trial.

2. Alternative Dispute Resolution: Arbitration

The Arbitration and Conciliation Act Chapter A18, LFN 2004 makes

provision for the recognition and enforcement of arbitral awards by the

courts. TheAct incorporates the 1976UNCITRAL rules on International

CommercialArbitrationsothatonceobtained,aninternationalarbitralaward

may be registered and enforced in Nigeria by virtue of the Foreign Judgment

(ReciprocalEnforcement)Act–anactwhichmakesapplicabletheNewYork

ConventionontheRecognitionandEnforcementof ArbitralAwards1958.

3. Enforcement of foreign judgements

TheNigeriancourtsrecognizeparties’choiceof foreignlawandjurisdiction.

Theattitudeof theNigeriancourtsinmattersof choiceof lawandjurisdiction

has, generally, been to hold parties to their bargains. However, the courts

have demonstrated that in certain limited circumstances they will be prepared

to assume jurisdiction notwithstanding the express choice of some other

jurisdiction by the parties.


Conclusion andRecommendationNigeriaisripeforinvestment,longterminvestment.Ithasahugedomesticmarket,

anaggressiveprivatesector,andareasonablywelleducatedlabourforce.

Aslawyers,wewouldrecommendthefollowing:

a. a. Knowledge is key - necessary to seek legal advice from a reputable lawyer

on the type of business you need to register because the different types of

businesses recognized under Nigerian law, which we have mentioned have

different legal effect.

b. carry out thorough due diligence.

c. follow the rules - abide by laws and regulations and avoid shortcuts.

d. be ethical.

e. be apolitical; and

f. use trusted advisers with an established track record.

SECTION K


STRACHAN PARTNERS

1. Firm overview

Strachan Partners is a leading Nigerian commercial

law firm offering an array of legal services in

support of its local and international based

clientele, which ranges from local and national

corporations to foreign international undertakings

andforeigngovernmentalorganizations.Thefirm

maintainsofficesinLagos-Nigeria’scommercial

hubandAbuja-thecapitalcityof Nigeria.

From when it was established in 1991, by the

founding partner Charles Adeyemi Candide-

Johnson, SAN, Strachan Partners has consistently insisted on proffering

commercially-focused legal advice to facilitate legal solutions second to

none and as such is known for taking an innovative approach when advising

institutions on their most challenging commercial transactions and dispute

resolution matters. Such dedication has commanded a high success rate with

regardstomattersprosecutedbythefirm,andcommendableglobalrecognition

& awards.

Initsover20yearsof experience,StrachanPartnershasprogressivelybecome

a legal resource as it has garnered a wealth of in-depth knowledge and industry

know-howapplicabletonumerousfacetsof theNigerianeconomy,inparticular

thebuddingsectorsof theNigerianeconomytowhichthefinancialindustry

isoneof.Wechallengethe industrynormsanddeliveracustomizedquality

service to our clients laced with a cost-transparency policy.


2. Key areas of expertise

As a full-service commercial law firm, Strachan Partners specializes in the

followingareasof practice:

• bankingandfinance;

• business establishment and corporate immigration;

• corporaterestructuringincludingmergers,take-oversandacquisitions;

• corporatefinance;

• foreign investment;

• oil and gas;

• telecommunications;

• intellectual property;

• insolvency and debt recovery;

• power and energy;

• corporate advisory including due diligence reviews;

• public and private partnership;

• property,conveyancingandestates;

• tax;

• labour and employment;

• regulatory compliance;

• maritime and admiralty; and

• litigation and alternative dispute resolution.

Inadditiontolegaladvisorywork,thefirmhasadedicatedcompanysecretarial

arm,StrachanNomineesLimited,whichprovidescompanysecretarialservices

toseveralNigeriancompanies,ensuring thatall its retainerclientsareaware

of and comply with their respective reporting and record-keeping obligations

under Nigerian law.


3. Ranking and international recognition

Strachanis:

• rankedasaleadingNigerianfirminTheLegal500Series:Europe, MiddleEast&Africa2013.

• rankedasaleadingNigerianlawfirminbothLitigationandArbitration inthe“ChambersGlobal”:TheWorld’sLeadingLawyersforBusiness 2012.

• listedasarecommendedlawfirminthe2011IFLR1000series.

• listedasasecondtierlawfirminDisputeResolutionintheLegal500 Series:Europe,MiddleEast&Africa2011.

• rankedasaleadingNigerianlawfirminthe“ChambersGlobal”:The World’sLeadingLawyersforBusiness2009.

• rankedasaBand1leadingNigerianlawfirminDisputeResolutionin the“ChambersGlobal:TheWorld’sLeadingLawyersforBusiness2006.

• rankedasoneof thetop4leadingfirmsintheareaof General Commercial Litigation in Nigeria in Chambers & Partners “Chambers Global–TheWorld’sLeadingLawyersforBusiness2004–2005

• rankedbyChambers&PartnersasaBand2leadingNigerianlawfirm inCorporate/M&APracticeinthe“ChambersGlobal–TheWorld’s Leading Lawyers 2003”.


The firm is a legal awards winner of Corporate International 2013 & 2014,

respectively, and has received recognition in the Lawyers World Law Awards,

NigeriaawardsasthebestlawfirminNigeriainArbitration,LitigationandDispute

ResolutionLawfortheyear2011.

Inaddition,thefirm’sseniorpartner,AdeyemiCandide-Johnson,SANisrecognised

in the 2012 IFLR1000 series and described as “excellent” and “talented” in the

Legal 500: Europe,MiddleEast&Africa 2012 and 2013 editions, respectively.

MrCandide-Johnson,SANisalsorankedasatoptierindividualandisdescribed

byChambersGlobal2013asa“sticklerfordetail”.Heislistedasaleadingexpert

in theEmergingMarketsPractitioner (CommercialArbitration)categoryof The

Expert Guides.

In addition, the firm’s senior partner,Mr.Candide-Johnson is recognised in the

2012IFLR1000seriesanddescribedas“excellent”and“talented”intheLegal500

Series:Europe,MiddleEast&Africa2012.


LagosOffice:

5thFloor,AkuroHouse,

24,CampbellStreet,

LagosIsland,

Lagos,Nigeria

Tel:(+2341)2700721,2700722,8720107

Email: [email protected]

Web: www.strachanpartners.com

AbujaOffice:

Suite313,

2ndFloor,OaklandCentre,

48AguiyiIronsiStreet,

Maitama,

FederalCapitalTerritory,Abuja,

Nigeria.

Tel:(+2349)46029163

Email: [email protected]

Web: www.strachanpartners.com

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