Corporate Governance Code for the NESI: Implications for Power Sector Licensees
INTRODUCTION Pursuant to Sections 34 and 226(1) of the Electricity Act 2023 (the “Act”), the Nigerian Electricity Regulatory Commission (“NERC”) published the Code of Corporate Governance for the Nigerian Electricity Supply Industry (the “Code”) on May 30, 2025. The aim of the Code is to promote accountability and transparency of Licensees within the Nigerian Electricity […]
Policy Brief: Nigerian Insurance Industry Reform Act, 2025 (NIIRA 2025)
INTRODUCTION On 5 August 2025, the President of Nigeria signed into law the Nigerian Insurance Industry Reform Act, 2025 (NIIRA 2025). This landmark legislation repeals the Insurance Act, 2003, and consolidates related provisions, ushering in a modern regulatory framework designed to strengthen financial resilience, improve market conduct, enhance governance, and protect policyholders. It aligns Nigeria’s […]
Key Achievements and Challenges of the Nigerian Extractive Industries Transparency Initiative (NEITI)
INTRODUCTION Nigeria ranks as the 15th largest oil producer globally and the leading producer on the African continent. It also holds the largest proven natural gas reserves in Africa. The oil and gas sector constitutes the backbone of the Nigerian economy, reportedly accounting for approximately 65% of government revenue and over 85% of total export […]
The Hidden Threat to Sustainability: Corporate Abuse of Office
INTRODUCTION In the pursuit of sustainability, businesses often focus on balancing profit with environmental protection and social responsibility. However, one of the damaging impacts against these goals is corporate abuse of office, the misuse of power by those in positions of authority for personal or corporate gain at the expense of stakeholders. From inflated contracts […]
Nigeria’s Decade of Gas: NLNG’s Long-Term Gas Supply Agreements Signal a Turning Point
Dear Readers, In a decisive step forward for Nigeria’s gas industry, the Nigeria LNG Limited (NLNG) has entered into a series of landmark long-term Gas Supply Agreements (GSAs), with extension options, with six (6) third-party suppliers. Under the agreements, up to 1,290 mmscf/d (13.3 bcm/yr) of feed gas will be supplied to its Bonny Plant, […]
Forbearance with Strings: Lessons from the CBN’s 2025 Conditional Relief to Banks
Introduction When the Central Bank of Nigeria (CBN) released its June 13, 2025 circular—“Temporary Suspension of Dividend Payments, Bonuses and Investment in Foreign Subsidiaries”—it was not the first time Nigerian banks had seen forbearance linked to strict conditions. But the circular’s lasting impact has become clearer over the months since its release, particularly following the […]
Tax Reform 2025: How the current tax administration Reshapes Compliance, Enforcement, and Business Strategy
INTRODUCTION Amongst Nigeria’s tax reform acts are three major administration laws: the Nigeria Tax Administrative Act (NTAA), the Nigeria Revenue Service (Establishment) Act 2025 (NRSA or NRS Act), and the Joint Revenue Board (Establishment) Act (JRB Act). These laws replace older frameworks and establish a more unified, coordinated, and compliance-driven tax structure across federal, state, […]
Frequently Asked Questions on Nigeria’s New Tax Regime: Key Provisions and Innovations Under the 2025 Tax Reform Acts
INTRODUCTION The art of taxation, as Jean-Baptiste Colbert once remarked, consists in so plucking the goose to obtain the largest amount of feathers with the least possible amount of hissing. This timeless observation by Jean-Baptiste Colbert reminds us that effective tax policy must balance revenue generation with minimizing public resistance. We believe that this principle […]
Unpacking Nigeria’s Power Sector Investments: Are We on Track?
Dear Readers, In its “State of Africa’s Infrastructure Report 2025,” the Africa Finance Corporation (AFC) presents a stark outlook for the continent’s power sector, noting that electricity generation is growing at less than 2% annually, with only 6.5 gigawatts (GW) of utility-scale capacity added in 2024. This lags significantly behind other jurisdictions such as India, […]
2025 Mid-Year Report on the Nigerian Mining Sector
Introduction Following the close of 2024, when we reported bold steps towards sanitising and revitalising Nigeria’s mining sector, 2025 opened with even more determined activity. In our 2024 End-of-Year Report, we identified regulatory overhauls, strategic investments in lithium and gold, and a renewed focus on host community engagement. This mid-year report continues the narrative from […]
