Collins Okeke & Mary-Cynthia Okundaye INTRODUCTION Aviation is one of the most fascinating industries in the world. It is a means of transportation that connects people, cultures, and businesses across continents. It also facilitates international trade and promotes tourism. With more than 5000 airlines that operate over 25,578 aircraft at more than 41, 500 airports,…
Retrospective operation of Statute is an application of the law to actions, which existed prior to the enactment of the said law. That is, such laws change or alter the legal consequences of acts that took place prior to its enactment. A retrospective law impairs an existing right by creating or imposing a new liability for an act committed before the enactment of a law. A retrospective legislation is contrary to the general principle of prospective operation of law; which provides for and, regulates the future acts of men, and does not interfere in any way with what happened in the past. The question that we face during the applicability of retrospective law is whether a statute or law, should be given a retrospective effect, which takes away or impairs an existing right or impose a new liability.
By Arthur Marcus Obiene Law firm marketing in Nigeria has been quite challenging, especially when it comes to complying with Rule 39 of the Rules of Professional Conduct (RPC) as enacted by the General Council of the Nigerian Bar. Rule 39 of the Nigerian Rules of Professional Conduct for Legal Practitioners regulates the way in…
There are different arrangements as it relates to employment. It is important to understand the different types of employment statuses that exist, and the differences in obligations for employers and recruiters e.g. wages, and entitlements for each arrangement. This article will explain the different work arrangements and the entitlements under each.
Chief Awolowo and Olusegun Obasanjo exchanged some testy epistles reproduced in Musikilu Mojeed’s The Letterman, in which Awolowo effectively alleged that the appointment of Fatayi-Williams as CJN in 1979 came with an implicit bargain concerning the determination of the election petition of that year. He also suggested that days before the Supreme Court announced the decision on 26 September 1979, Chief Justice Atanda Fatayi-Williams leaked the decision of the Court to General Obasanjo, who desired to be reassured that he could proceed with the inauguration date of 1 October 1979 as planned. Forty-four years later, the current incumbent travelled to India with the assurance of a man who knew that the imminent announcement of the PEPT judgement did not threaten his position.
The consequence of the amendment is that public companies can no longer appoint a minimum of three (3) independent directors. The new requirement compels public companies to appoint not less than one-third of their board members as independent directors. So, for instance, if an affected public company has 18 members on its board, six (6) of them are required by the amendment to be independent directors. Under the old law, it would have been three (3). The impact of 275 (1) & (2) of CAMA (as amended) is that some public companies may need to replace Non-Executive Directors or Executive Directors on its board with independent directors to maintain the threshold of one-third of the board members provided by the new section 275 of CAMA. Some boards of public companies may lose policy control of their companies.
When dividends are declared, ordinary shareholders are the last set of persons to be paid. The amount paid will differ from one month to another depending on the profits declared by the company. Preferred shares on the other hand, often have a fixed dividend rate specified at the time of issuance. The dividend is usually expressed at a percentage based on the face value or par value of the shares. Unlike ordinary shareholders, preferred shareholders typically receive their dividends before ordinary shareholders receive theirs, and the dividend amount is predetermined and unchanging throughout the duration of that investment.
By Esther Odunze & Collins Okeke On a mission to spur economic integration and growth in Africa, African nations have joined hands to create the African Continental Free Trade Area (AfCFTA). According to Investopedia, a free trade area is a region in which two or more nations have signed a free trade agreement to reduce barriers…
Hot pursuit is the right of a coastal state to continue, outside its territorial sea, contiguous zone, or certain adjacent areas, the pursuit of a foreign vessel that has violated its laws and regulations while in its internal waters or territorial sea, contiguous zone, or certain adjacent areas. The pursuit must, however, have started as soon as the violation occurred and not been aborted.
“Taxable person” includes an individual or body of individuals, family, corporations sole, trustee or executor or a person who carries out in a place an economic activity, a person exploiting tangible and intangible property for the purpose of obtaining income therefrom by way of trade or business or a person or agency of Government acting in that capacity.
In delivering its judgment, the Court of Appeal held that a lawyer or firm of lawyers in private practice provides legal services for a fee, and so are taxable persons bound by sections 1, 2, 14(1), 15(1) and 46 of the VAT Act to pay VAT to the FIRS for legal services they provide. In the words of the Court of Appeal,…