Centurion Law Group Archives - 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 ...

13Apr

By Ibrahim MoshoodNo Comments

Nigeria News, Startups

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...

6Mar

By Caitlin NaidooNo Comments

South Africa News

Whatsapp’s New Privacy Terms: Data Protection And Privacy Laws In South Africa

By Caitlin Naidoo, Centurion Law Group In January 2021, WhatsApp announced that it would be altering its privacy terms to share data with Facebook causing panic among WhatsApp users. Users that want to continue using WhatsApp’s services have no choice but to agree to these new privacy terms. WhatsApp is a messaging platform used globally as an alternative to normal SMS or device-specific texting platforms such as iMessage or BBM, hence the hysteria causing millions of users to flee to alternative platforms such as Signal and Telegram. Much of the concern over these new privacy terms is due to a lack of understanding from the general public regarding privacy laws, particularly in relation to the internet and social media. Many people were under the impression tha...

16Feb

By Pablo MitogoNo Comments

Equatorial Guinea, Main

Reduction Of Personnel For Economic Reasons Vs Suspension Of Employment Contracts: Why Are Companies In Equatorial Guinea Spending Money In Times Of Crisis?

By Pablo Mitogo, Associate Attorney, Centurion Law Group Since the outbreak of COVID-19, many countries have been overwhelmed and the health systems of the most powerful countries have collapsed. The wave of chaos has also reached companies, especially in small economies such as Equatorial Guinea. Many companies have seen their volume of activity decrease drastically, with subsequent cost reductions. The question remains how does a company reduce costs without drowning the company? In recent months we have seen many processes of reduction of employee workforce. Careful observation revealed that companies that reduced workforce for economic reasons suffered penalties of 30 days of salary per year of work for each worker. Consequently, they increased costs rather...

A look at Angola’s new oil-licensing strategy (2019 – 2025)

18Mar

By Adriano Rioja CiprianNo Comments

Angola News, Energy

A look at Angola’s new oil-licensing strategy (2019 – 2025)

By Adriano Rioja Ciprian, Associate Attorney, Centurion Law Group (http://CenturionLG.com) In yet another landmark reform for its hydrocarbons sector, Angola released in February 2019 a new Presidential Decree detailing the country’s oil licensing strategy for the next six years. Published in February 2019, Presidential Decree No. 52/19 is a continuation of the Lourenço administration’s efforts to incentivize investments into exploration and arrest declining output. Angola’s oil production has been decreasing since its peak of almost 1.9 million bopd in 2008 to reach 1.478 million bopd last year. With the objective of “increasing the production of oil and gas” and “ensuring the substitution of reserves to replace the evident decline in production in recent years,” the new decree hence defi...

What Angola can learn from Nigeria as it creates remarkable opportunities for marginal oil production

15Jan

By NJ AyukNo Comments

African News, Angola News, Energy, Nigeria News

What Angola can learn from Nigeria as it creates remarkable opportunities for marginal oil production

The Nigerian experience with marginal oil field development had measurable success, with 24 licenses awarded to 31 companies, some as sole operators and others as joint-ventures With production declining and investment scarce, the Angolan leadership has put in place a number of new policies to reboot its oil industry and propel economic development. However, those changes take time and renewed deep-water oil and gas exploration for fresh reserves will take years to yield the desired results and stop the daily production crunch. In the meantime, the government is targeting what it already knows exists, the country’s multiple deposits of what has been dubbed marginal oil fields, which will go on sale this year during the Angolan Marginal Field Bid Round. Marginal fields are defined by ...