CLIENT ALERT – Untapped opportunities in the african capital market through the AfCFTA – the place of Wacmic

The recent signing of the African Continental Free Trade Area (AfCFTA) Agreement by Nigeria has opened the doors to intra-African trade. Although the AfCFTA is expected to facilitate imports and exports among member countries – with lower or no tariffs, free access to the market and market information, we can safely posit that its impact should also be felt within the African Capital Markets.

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E-commerce and Cyber Security Regulation in Africa

The advent of the internet and the dotcom era has strengthened the notion that the world is a global village. The internet has simplified human activities which could have been cumbersome.

The use of the internet has surge astronomically. Over 3,440,839,840 people are connected to the internet, accounting for 40% of the world population, and more than 1,070,397,120 websites have been created.2 The world internet usage and population statistics as at June 30, 2016 showed that Africa with a population of 1,185,529,578 has 339,283,342 internet users3.

The internet has provided easy access to information, simplified investigation for security agencies, enhanced social network, and advanced business to consumer sales (e-commerce).

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Jumping the Gun on Service Marks!

The innocent salvo of a gun usually signifies the beginning of a race and if a contestant moves before the shot is fired, he is recalled and cautioned by the umpire before the race is restarted. A second false start inevitably disqualifies the competitor.

The same principle holds true for any practice or procedure that requires a person to refrain from taking or instigating an action until legislation permitting that action is properly enacted, otherwise an undue advantage arises in favour of the instigator to the detriment of those who observed the law.

This analogy serves to provide the background to the present debate amongst Intellectual property practitioners and businessmen alike regarding the registration of service marks.

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CLIENT ALERT: What happens after the re-introduction of Value Added Tax on Commissions From the Stock Exchange Transactions?

Value Added Tax (VAT) exemptions on commissions from stock exchange transactions will cease to apply effective 25Value Added Tax (VAT) exemptions on commissions from stock exchange transactions will cease to apply effective 25th July, 2019. This is due to the expiration of the five-year exemption periods set under the Value Added Tax (Exemption of Commissions on Stock Exchange Transactions) Order of 2014.

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Listing of a company connotes that its securities are traded publicly on thesecondary market and referred to as a quoted company. Companies listed onthe securities market are typically public companies. The Nigerian StockExchange (“NSE”) is the foremost securities market for trading of equity anddebt instruments in Nigeria.

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Recession and Redundancy in Nigeria

Nigeria, a pre-dominantly monolithic economy which generates majority of herearnings from the sale of crude oil suffered a mammoth decline in its foreignreserves when global oil prices crashed in 2015. The Central Bank failed todevalue the currency which led to the shortage of forex earnings to fund importswhich led to investors struggling to get forex for their imports.

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The Land Use Charge Amendment Law of Lagos State: An Appraisal

The Lagos State Land Use Charge1 is a consolidation of all property and land based rates and charges erstwhile payable under land rates, neighborhood improvement charge and tenement rates laws of Lagos State.

The Land Use Charge as the name implies is a novel imposition2 on the owner of a property for the use and enjoyment of the property with the primary aim of improving the internally generated revenue of the State.

This is especially instructive in the light of the steady population growth of the State and decline in the funds allocation from the federation account.
However, notwithstanding its laudable objectives, the Land Use Charge Law has engendered controversies since its enactment especially as relates to its implementation and enforcement.

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Legal Regime of FinTech in Nigeria

FinTech is an acronym for Financial Technology. FinTech connotes the use of technology to develop innovative financial products for the purpose of simplifying financial transactions.

FinTech provide services which are typically within the purview of traditional financial institutions, hence disrupting established banking systems, and transforming the financial sector. The financial products offered by FinTech include money transfer, investing, lending, crowd funding, digital currency, and peer-to-peer payments amongst others.

The emergence of FinTech as a means of conducting financial transactions has been regarded as a benefit of the modification of financial regulation after the global financial crisis.

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Swimming Through Shallow Waters: The Lagos State Waterways Authority Act (2008)

The Lagos State government recently through its House of Assembly enacted the Lagos State Waterways Authority Act. The law established the Lagos State Waterways Authority and saddled the agency with inter alia the regulation and management of the internal waterways of Lagos State.

The Lagos State Government claimed that it exercised its powers pursuant to the provisions of Section 315 of the Constitution of the Federal Republic of Nigeria, 1999 (the Constitution) which purportedly empowered it to repeal an existing law.

The Lagos State government argued that by the said provision, it had the power to repeal the National Inland Waterways Authority Act, Cap N47, LFN, 2004 (NIWA Act) which vested the powers over the inland waterways of Nigeria in the National Inland Waterways Authority. (NIWA)

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A Guide To Ship Registration In Nigeria

This Memorandum is intended to set out the principal Nigerian legislation and guidelines which an investor needs to address if he wishes to register a Nigerian Shipping Company and to consequently be accorded National Carrier Status by the Nigerian Maritime Authority.

It also seeks to provide general guidance on related issues such as safety requirements as well as an overview of the Nigerian national Petroleum Corporation (NNPC) crude oil shipping procedure. It will also consider the topical issue of Bareboat Charter registrations.

The registration vessels under the Nigerian flag is governed by the Merchant Shipping Act, (MSA) CAP 124 of the Laws of the Federation of Nigerian 1990 and its subsidiary legislation.

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