Ibrahim Moshood, Author at AfricaBusiness.com

27Apr

By Ibrahim MoshoodNo Comments

Nigeria News

A Re-Definition Of The Term “Public Character” And Its Impact On The Taxability Of Non-Governmental Organisations In Nigeria

By Ibrahim Moshood, Associate and Tozaye Balogun, Director of Tax Services, Centurion Law Group The Federal Inland Revenue Service (“FIRS”) recently issued a Revised Information Circular on the Tax Treatment of Non-Governmental Ogranisations (NGOs), hereafter referred to the as “Revised Information Circular” or “the Circular”. The Circular, published on 31 March 2021, amends, updates or replaces the FIRS’ initial information circular (issued in 2010) on the tax exemption status of NGOs - but only to the extent that the initial circular contains information that is inconsistent with the Revised Information Circular. The Revised Information Circular reiterates the tax-exemptions, filing and other compliances obligations of NGOs. It also provides clarification on the application of the term ...

The SEC’s Circular On The Trading Of Foreign Securities By Investment Platforms In Nigeria

By Ibrahim Moshood, Associate, Centurion Law Group The apex regulator of securities in Nigeria, the Securities and Exchange Commission (“SEC”) has issued a circular, with respect to technology investment platforms providing the Nigerian public with access to foreign securities. The circular dated 8 April 2021, issues a strong warning to these investment platforms and Capital Market Operators (“CMOs”) in partnership with them to provide brokerage services. Both categories of players in the financial space were warned to desist from providing the Nigerian public, with access to foreign securities. This is pivoted on the grounds that these securities are neither registered with the SEC nor listed on the Nigerian Stock Exchange (“NSE”). From 2018, technology start-ups have pioneered major disr...

The Central Bank Of Nigeria’s Naira For Dollar Scheme

By Ibrahim Moshood, Associate, Centurion Law Group The “Naira 4 Dollar” Policy With a considerable amount of its population in the diaspora[1], Nigeria is one of the top three African destinations receiving the largest inflow of foreign remittances at over USD 24 Billion in the last quarter of 2020.[2] In an effort to sustain and encourage the inflow of these remittances, the Central Bank of Nigeria has introduced the “Naira 4 Dollar Scheme” on 5 March 2021. This scheme is scheduled to take effect from 8 March 2021 to 8 May 2021. Foreign remittances are quite important to the Nigerian economy, contributing over 83% to the National budgets between 2018 and 2019. [3] Recall that in November 2020, the CBN had issued a circular to authorized dealers and the public stating principally that, be...