Business

16 May

WHY YOU NEED A NON DISCLOSURE AGREEMENT.

Ideas rule the world and most entrepreneurs have probably been faced with the fear of losing their business idea to potential investors/ partners. It’s in situations like these that a confidentiality agreement otherwise known as a Non-Disclosure Agreement (NDA) becomes applicable. Simply speaking it’s a contract that creates a legal obligation to privacy and compels parties to the agreement to keep any specified information top-secret or secured. NDAs are the first steps towards a commercial relationship and are fairly common [...]

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UNDERSTANDING VAT AND WITHHOLDING TAX
09 May

UNDERSTANDING VAT & WITHHOLDING TAX.

Dear Subscriber, Let’s face it: No one likes paying tax and this is exactly why taxes are one of the last things on the to do list of most businesses until they are visited by tax officials. Before the Finance Bill 2019, every business was mandated to have a Tax Identification Number (TIN) before opening a Bank account, but the bill now includes a requirement for Banks to request for Individual Tax Identification Number which would further expand the tax [...]

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29 Feb

4 WAYS TO DEAL WITH YOUR “IT GUY”

Dear Subscriber, The Internet has become a major part of our personal and business life and everyday people are looking for creative ways to leverage the internet to make their business more visible, efficient and profitable and it has now become a standard for most businesses to have a website, mobile app or at least a social media profile. Creating your website or mobile app requires the services of a Designer/ Developer who possesses the technical skills to bring your ideas [...]

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16 Feb

HOW TO BE AN EXPORTER.

  Dear Subscriber, In today’s global economy, exportation remains a guaranteed way businesses and government can sell their excess goods or services to other countries at prices higher than what is obtainable in their domestic market. Exporting also gives access to a larger number of potential customers, and creates employment which benefits the economy. The business of export all over the world is primarily about processes and documentation e.g. the buyer needs the assurance that he is getting what he is paying [...]

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08 Feb

2016: YEAR OF THE EXPORTER

Dear Subscriber, You might have noticed the absence of IOC Weekly for the past few weeks, it was as a result of the restructuring of our web presence to give our readers a more robust user experience (hope you like the new feel?) Whilst we were gone, the economic indicators have continued flashing red due to the persistent drop in oil revenue which has been the main stay of our economy. Whilst we were gone hundreds of Companies have shut down [...]

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24 Dec

ANNUAL RETURNS: CAC SET TO DE-LIST DEFAULTING COMPANIES

The Corporate Affairs Commission (CAC) of Nigeria has threatened that companies that have failed to pay annual returns could be removed from its register very soon. The Companies and Allied Matters Act (CAMA) provides that every registered company should file annual returns every year commencing from 18 months after registration. (more…)

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23 Nov

WHY YOUR BUSINESS NEEDS A LAWYER.

Businesses start with good ideas and little cash so it is common that entrepreneurs typically do not involve lawyers after business registration. It is also a fairly common perception that lawyers are only necessary when there is trouble rather than when everything is going right.  Whilst it might be understandable for businesses to limit their legal costs during the infancy of the business it is however wisdom to work with an attorney to help with the little things which [...]

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15 Nov

6 REASONS YOU NEED A SHAREHOLDERS AGREEMENT

You and your partners have finally incorporated a Company and put up a website to actualize the dream project you have been discussing for months. Your partners are great guys some of whom you might have known since secondary school and everything feels great as customers start patronizing your service.  Two years down the line the bubble has burst and partners are at daggers drawn over various issues bordering on the management of the Company. This surely is a familiar [...]

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30 Oct

6 BUSINESS LESSONS FROM THE ECONET NIGERIA SCANDAL.

Mr Strive Masiyiwa, a London-based Zimbabwean businessman, entrepreneur, and philanthropist is the founder and executive chairman of diversified international telecommunications group Econet Wireless and in October 2015 he took to social media to narrate the early days of Econet Nigeria including details of what eventually drove the Econet team out of the Country. We have identified 6 powerful lessons from Strives’ expose which every entrepreneur must give adequate attention in achieving success. Strive on the importance of having a Shareholders [...]

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23 Oct

KNOW AND PROTECT YOUR RIGHTS AS A CONSUMER.

“The Customer is King” is a popular refrain, but sadly this is not the reality in Nigeria where consumers are losing hundreds of millions of Naira to inferior products, overpricing, illegal charges, unneeded products or services etc. In today’s complex marketplace we, as consumers, often run into problems with products and services. The questions are: What do you do about them? What are your legal rights as a consumer? Who do you turn to for help? Where do you find [...]

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