Insight type: Legal Alert

Globally, the rate of adoption of digital assets has been on a steady rise, and the growing interest and adoption of digital assets in Nigeria have attracted increased regulatory attention in recent times.

The Children (Guardianship) (Practice and Procedure) Rules, 2024 (the Rules) came into effect on October 2024. The Rules provide that a guardian can be appointed to look after a child during a parent’s lifetime, look after a child upon a parent’s death and/or manage a child’s estate and inheritance.

Pursuant to the Petroleum Industry Act 2021, the Nigerian Petroleum Regulatory Commission (NUPRC) has issued the Upstream Petroleum Decarbonisation Template (UPDT). The UDPT is a regulatory tool for promoting energy sustainability and environmental stewardship in Nigeria’s upstream operations. This is part of Nigeria’s commitment to net zero emissions by 2060 and in line with global energy transition plans. The UPDT will be implemented from 1 January 2025 as a mandatory component in applications for licences, permits, and approvals across upstream activities.

The Supreme Court recently issued a judgement in the case of Kwanza Estates Limited v Jomo Kenyatta University of Agriculture and Technology (Petition No. E001 of 2024) addressing early termination of fixed term commercial leases by tenants.

The Tax Laws (Amendment) Act, 2024 (the TLA Act) and the Tax Procedures (Amendment) Act, 2024 (the TPA Act) (together referred to as the Acts) were assented into law by the President on 11 December 2024 and came into effect on 27 December 2024.

The Acts have reintroduced some proposals contained in the Finance Bill, 2024 (the Finance Bill) which was withdrawn in June 2024 following countrywide demonstrations against the imposition of additional tax measures. A copy of our analysis of the Finance Bill can be found here. 

The Kenya Revenue Authority (KRA) recently published guidance on the Mutual Agreement Procedures (MAP) to help taxpayers address tax disputes under Kenya’s Double Tax Agreements (DTAs). These guidelines aim to align with the OECD’s BEPS Action 14 Minimum Standards, which promote efficient, timely, and effective resolution of tax disputes.

The CBN recently issued the Guidelines on Implementation of the Foreign Currency Disclosure, Deposit, Repatriation, and Investment Scheme, 2024 (the CBN Disclosure Guidelines). Prior to this, the Federal Government of Nigeria (FGN) had, on 19 October 2023, launched the Foreign Currency Voluntary Disclosure, Deposit, Repatriation, and Investment Scheme (the DDRI Scheme) pursuant to Executive Order No. 15 of 2023 (EO 15)[1]. Further to this, the Honourable Minister of Finance and Coordinating Minister of the Economy, on 8 April 2024, issued the Foreign Currency Voluntary Disclosure, Deposit, Repatriation, and Investment Scheme Guidelines, 2024 (the Scheme Guidelines), to operationalise EO 15.

In February 2024, the President of the Federal Republic of Nigeria, President Bola Ahmed Tinubu issued the Oil and Gas Companies (Tax Incentives, Exemption, Remission, Etc) Order, 2024 (the Order) pursuant to powers conferred on him by sections 23 (2) and 89 of the Companies Income Tax Act 2004 (as amended) which empowers the President of the Federal Republic of Nigeria to exempt from tax, all or any profits of any company or class of companies from any source, on any grounds which appear sufficient and to remit any tax payable by any company. 

The National Treasury has published the Tax Laws (Amendment) Bill, 2024 (the TLA Bill) and the Tax Procedures (Amendment)(No.2) (Bill), 2024 (the TPA Bill) which were gazetted on 1 November 2024. These Bills are an effort to reintroduce some proposals contained in the Finance Bill, 2024 (the Finance Bill) which was withdrawn following countrywide demonstrations against the imposition of additional tax measures.