News and Events 



ISSUANCE OF NEW GUIDELINES FOR PIONEER STATUS INCENTIVE

The Federal Executive Council on 3^rd August 2017, lifted the suspension placed on the processing of pioneer status applications, recommended the addition of 27 industries to the existing pioneer status list, and the removal two industries – mineral oil prospecting and the manufacture of cement - from the list.

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A QUICK OVERVIEW OF THE NEW NATIONAL GAS POLICY

The Nigerian Federal Executive Council, on 28 June 2017 approved a new National Gas Policy (NGP) to replace the 2008 Nigeria Gas Masterplan.

In view of the volatility of crude oil price, it is apt that the NGP sets out quite clearly that the government is making a “gas play” and not an “oil play”. The NGP recognises that Nigeria has more gas reserves than oil. With proven gas reserves of 188 trillion cubic feet (tcf), Nigeria has the 9th largest gas reserve in the world. The NGP aims to move Nigeria from a crude oil export-based economy to a gas-based industrial economy.

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AFREXIM BANK 24TH AGM

The African Export-Import Bank (Afreximbank) had its 24th Annual General Meeting (AGM) in Kigali, Rwanda from June 26 to July 1, 2017. On the side-lines of the AGM, the bank organised seminars with the following themes: Trade as a catalyst for industrialising Africa; Boosting Intra-African trade for regional integration; and Expanding African trade in a world of rising protectionism.

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Introduction of the Voluntary Assets and Income Declaration Scheme (VAIDS)

In February 2017, the Nigerian Federal Executive Council (FEC) approved the National Tax Policy which amongst others, prescribed the following recommendations regarding taxation in Nigeria:

a.             promoting tax culture;

b.             improving tax compliance;

c.             curbing tax evasion;

d.            widening the tax net as well as improving the tax to Gross Domestic Product (GDP) ratio as core objectives.

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AELEX Partner, Olufunke Adekoya (SAN) appointed as a member of Panel of Arbitrators of CIETAC

We are delighted to announce the appointment of Funke Adekoya (SAN), Partner & Head of Dispute Resolution Practice Group, ÆLEX as a member of the new Panel of Arbitrators of China International Economic and Trade Arbitration Commission (CIETAC), effective as from May 1, 2017.

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