Is the Requirement of a “Cooling-Off” Period in Arbitration a Procedural Matter or a Strict Jurisdictional Issue?
Given the global economic realities, resolution of disputes has become a necessary aspect of commercial negotiations by parties. The outcome of these negotiations would usually culminate in the parties agreeing on the modalities for resolution of their disputes which will inform the fine print of the relevant dispute resolution provisions in their agreement. However, within […]
Sustainable Finance, Green Finance and Green Bonds a corollary to ESG
Introduction One buzzword that has permeated every industry in the last half a decade is clean energy, green bonds, green economy, sustainable finance and ESG. The growing lexicon reflects a collective recognition of the dangers posed by climate change resulting from the emission of greenhouse gases and environmental degradation, which jeopardizes our economy. As a […]
Unlisted Securities in Mutual Funds: Assessing Liquidity Prospects
Mutual funds have long been an investment vehicle for individuals seeking diversification in investments and professional management. Their objectives often revolve around capital appreciation, income, or a combination of both. In the world of capital markets, choices abound. Typically, securities in Nigeria are traded after being listed on formal exchanges such as Nigerian Exchange Ltd […]
Oil Licensing Regime Under the Petroleum Industry Act 2021 (Part 4): Petroleum Mining Lease
Having satisfied all conditions imposed on the licensee and contained in the Oil Prospecting Licence (OPL), and upon commercial discovery of oil, a holder of an OPL was required to obtain an Oil Mining Lease (OML). The OML not only entitled the holder to the right to win and work petroleum discovered but also the […]
Expropriation of Investments: Are There Any Remedies for Foreign Investors?
Introduction. Assets, in their various forms, are not just sources of investments in developing and developed countries but also vulnerable to the influence of state policies. These assets, often the result of significant investments and efforts by international and multinational companies, are particularly susceptible to state policies that may be detrimental to their economic interests. […]
Oil Licensing Regime Under the Petroleum Industry Act 2021: Grounds for the Revocation of a Petroleum Prospecting Licence (PPL) (Part
Under the Petroleum Act (PA), there were 5 major grounds on which an Oil Prospecting Licence (OPL) could be revoked. Following the enactment of the Petroleum Industry Act (PIA) 2021, the grounds for revocation of a Petroleum Prospecting Licence (hereinafter referred to as “PPL” or the “Licence”) have been expanded to include circumstances not withtin […]
Constitutional Amendment on the First Session and Inauguration of Members-Elect of the National and State House of Assembly.
Recently, the wind of amendment which greeted the Constitution of the Federal Republic of Nigeria, 1999 was received with pageantry and aplomb. The news broke when most media outlets in the country reported that President Muhammadu Buhari had assented to sixteen (16) Constitution Alteration Bills presented to him by the National House of Assembly. One […]
Raising Capital Through Commercial Paper: Why Corporations Should Adopt a More Cost-Efficient Option
Businesses seeking to raise capital have a choice between equity or debt financing. Given the increase in inflation and interest rates, it is commercially prudent to adopt short-term debt financing like commercial papers as an easy way to raise cost-efficient capital for a short term, usually less than a year. The money market is becoming […]
Oil Licensing Regime Under the Petroleum Industry Act 2021 (Part 2): Petroleum Prospecting Licence (Contd.)
In the preceding article of this series, we examined a number of modifications made by the Petroleum Industry Act (PIA) 2021 to the Oil Prospecting Licence (OPL) regime in Nigeria in terms of the granting authority, award process and duration of the licence. In the subsequent paragraphs, we shall review modifications relating to the assignment, […]
Oil Licensing Regime Under the Petroleum Industry Act 2021 (Part 2): Petroleum Prospecting Licence
Under the old regime of the Petroleum Act 1969 (PA), upon the grant of an Oil Exploration Licence (OEL) and subsequent discovery of hydrocarbon within the licence area, a licensee who intended to proceed to the next stage of upstream petroleum operations was required to obtain an Oil Prospecting Licence (OPL) from the Minister of […]
