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 […]
2025 Power Sector Mid-Year Report
INTRODUCTION The year 2024 marked a pivotal moment for Nigeria’s Power Sector. The Sector witnessed sweeping reforms aimed at repositioning it for growth and sustainability. Notably, eight Sates took decisive steps toward decentralised electricity regulation, exercising their authority under the Electricity Act to transition to State-level oversight. In parallel, the Federal Government eliminated subsidies on […]
Nigeria Tax Act, 2025: An Outlook of Income and Profit Taxation under the Nigeria Tax Act
Introduction On June 26th, 2025, President Bola-Ahmed Tinubu signed into law a suite of four tax reform statutes, including: a) The Nigeria Tax Act, 2025 (NTA), which repeals and codifies existing tax laws, and amends various fiscal provisions to establish a single comprehensive legal framework for taxation in Nigeria; b) The Nigeria Tax Administration Act, […]
The 2025 Nigeria Oil and Gas Industry Mid-Year Report and Future Projections
INTRODUCTION In our 2024 Mid-Year and End-of-Year Report, we highlighted key infrastructural development, emerging investments, and regulatory reforms in accelerating Nigeria’s energy transition, particularly following the Federal Government’s declaration of the Decade of Gas initiative. We tracked the progress of strategic projects, policy interventions, and state-run refinery rehabilitation efforts, while also highlighting projections for Nigeria’s […]
The National Integrated Electricity Policy 2024
INTRODUCTION Following the enactment of the Electricity Act 2023 and its amendment in 2024, the Nigerian Electricity Supply Industry (“NESI”) has witnessed steady progress in implementation. Key developments include the transition to State-level regulation, the incorporation of the Nigerian Independent System Operator (“NISO”), and the establishment of additional successor companies. To support these reforms and […]
Land Tenure System in Benin – Where Does the Mace Lie, the Governor or the Oba?
INTRODUCTION: The Nigerian legal system operates a dual land tenure system, where statutory and customary laws govern land ownership. Before the promulgation of the Land Use Act (“the Act”) in 1978, Nigeria’s land tenure system was primarily governed by customary laws that differed across ethnic communities. In Benin, land was held communally under Bini native […]
