Blog

24 Jul

HOW TO BUY A HOME WITH YOUR PENSION CONTRIBUTIONS.

Dear Subscriber, The National Pension Commission (PENCOM) has issued guidelines on how a pension contributor, can utilize his/her contributions to finance a mortgage. This innovation is possible as a result of the amendment of the original Pension Act to allow Pension Fund Administrators (PFA’s) invest directly in real estate, which was not permitted under the old pension law. With this development you can now utilize a percentage of your pension contributions to finance your home rather than just allowing it [...]

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16 Jul

INVESTING IN NIGERIA’S FREE TRADE ZONES

Dear Subscriber, A free trade zone is an area where trade barriers have been eliminated. In such selected areas goods may be landed, handled, manufactured or reconfigured, and re-exported without the intervention of the customs authorities. Free-trade zones are usually located around major seaports or international airports and the Nigerian Government through the Nigeria Export Processing Zones Authority (The Authority) has so far licensed about 33 Free Trade Zones located in different parts of the Country. Examples are the Lekki Free [...]

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02 Jul

NIGERIA: ACCESS TO FINANCE JUST GOT EASIER

Dear Subscriber, Recently the National Assembly passed into law the Collateral Registry Act,2017 and the Credit Reporting Act, 2017 which are geared towards making access to finance easier for Small and Medium Scale Enterprises. For instance, the Collateral Registry Act broadly provides that Entrepreneurs can now use movable properties like cars, jewelry, farm produce, livestock etc. as collateral for commercial loans as against the usual demand for landed property. In a bid to stimulate awareness, we bring you an article written [...]

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29 May

NIGERIA: THE EMERGING TIGER

Dear Subscriber, Nigeria is generally seen as a difficult environment to start and sustain a business. However, the story is gradually changing and Nigeria is now on a march to regain lost economic glory with the introduction of strategic policy reforms which will change the game for Africa’s most populous country. To celebrate Nigeria’s Democracy day, we bring you specific policy shifts that underline the fact that Nigeria is now open for business.   A: Starting a Business Company Registration timeline revised: [...]

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08 May

WHY YOU SHOULD INVEST IN NIGERIA.

Dear Subscriber, With a population of over 180 million and a gross domestic product (GDP) of $509 billion, Nigeria is one country that cannot to be overlooked. An indication that the country is open for business is the variety of business incentives and trade stimulants which the Government has put in place to support the development and growth of commercially viable and sustainable enterprises. In earlier posts we have explained Business Formation and Business Permits, now in continuation of our series [...]

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17 Apr

JUST DO IT.

Dear Subscriber, Easter symbolizes  hope, renewal, and a new life. At IOC Law we pray that in this season you will experience the hope of new beginnings and success in your endeavors. As we celebrate the death and resurrection of Jesus Christ we  are inspired by this short video of a speech given by Mr. Art Williams, which has over the years inspired business people. Mr Art Williams had no business education or corporate management experience when he formed A.L. Williams [...]

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Business Permits in Nigeria
10 Apr

DOING BUSINESS IN NIGERIA – A GUIDE TO FOREIGN PARTICIPATION (PART 2)

Dear Subscriber, In continuation of our series on Doing Business in Nigeria – A Guide to Foreign Participation we now discuss some of the essential Permits required for Foreigners to carry on business in Nigeria. A. Business Permit: Foreign nationals must obtain a business permit before beginning a profession, business or trade in Nigeria. This permit allows for the local operation of a business with foreign interest and this is issued by the Federal Ministry of Interior. Some of the requirements for obtaining  [...]

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03 Apr

DOING BUSINESS IN NIGERIA – A GUIDE TO FOREIGN PARTICIPATION (PART 1)

Dear Subscriber, In a bid to ease the hurdles associated with Doing Business in Nigeria , the Presidential Enabling Business Environment Council (PEBEC) recently approved a 60-day national action plan to be implemented across three priority areas – Entry and Exit of goods; Entry and Exit of people and Government Transparency and Procurement. We have since started seeing some of the effects of this plan especially at the Corporate Affairs Commission and Nigerian Customs Service. These efforts are part of the [...]

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Company registration in Nigeria
01 Apr

HOW TO REGISTER A COMPANY IN NIGERIA

Dear Subscriber, Starting a business begins with an idea to fulfill a need in return for compensation. As the idea takes form, the owner of the idea starts putting a structure around it by letting the world know what he/she is offering and how they can patronize the product or service. The business then progresses to the point where people start paying for the service or product and at this point it becomes obvious that for the business to be [...]

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12 Mar

HOW TO RECOVER DEBTS IN NIGERIA (PART 1)

The Blacks Law Dictionary defines insolvency as when a Company is unable to pay its debts. Once this is established it triggers a statutory procedure by which the Company is relieved of its debts by undergoing a judicial supervised winding up or liquidation for the benefit of its creditors. Unfortunately this procedure is not usually considered in the debt recovery process in Nigeria because of the perception of delay in getting justice, it however remains a veritable way of [...]

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