NECA holds meeting to chart way forward on the abuse of pioneer status
The National Employers’ Consultative Association (NECA) recently invited its members to a meeting to discuss the recent investigative activities of the National Assembly on organised businesses in Nigeria and to take a position on a way forward in this regard.
Bridging the Gap between IFRS 17 and IFRS 9
As insurers begin to understand the implications of implementing IFRS 17, a key consideration is the interrelationships between IFRS 17 and IFRS 9 and how these can be maximised to their advantage. Key takeouts from this report IFRS 17, the new Insurance Standard focusing on insurance liability reporting, will have far-reaching consequences for an insurer in terms of modelling, data, processes and systems; ultimately resulting in a fundamentally different statement of comprehensive income and more onerous disclosure requirements. However, as insurers contemplate the expected impact of the Standard, they need to be aware of the interrelationship with the Financial Instruments Standard – IFRS 9 – which impacts the valuation of insurers’ assets for accounting purposes. The synergy between IFRS 17 and IFRS 9 needs to be considered in terms of: the changes required by the two Standards; and the complications arising from having two separate effective dates that may be…
Investor’s Dream: How Close is Nigeria to the “Ease Agenda”?
There are multiple regulatory agencies in Nigeria operating on the framework of various laws and practices, with administrative authorities constituted at different levels to enforce compliance. With such plethora of regulatory authorities, overlap and duplicity of functions, operational models, resulting in sometimes multiplicity of charges and bureaucratic bottlenecks become the daily experience of stakeholders.
Public Sector Insights: Reinventing the public sector landscape
It is said that no government can build credibility if it downplays the need to internalise efficient and effective mechanisms in steering the wheel of governance. Hence, it is the duty of government, public policy makers and other key stakeholders within the government landscape to stay focused on maximizing the gains of governance to the citizenry through transparency and efficiency in the governance process.
Regulatory Alert: Nigeria’s Business Climate and Ease of Doing Business Initiatives
Nigeria is viewed by many as a country with enormous opportunities and business potentials. The sheer size of the country’s population, human and natural resources as well as its diverse culture place the country in a class of potentially great nations. It is, therefore, a sad narrative when the challenges faced by businesses and entrepreneurs are considered. According to the World Bank Doing Business Report 2017, Nigeria is ranked 169 among 190 economies in the ease of doing business.
Sustainable Banking as a Driver for Growth: A Survey of Nigerian Banks
Financial services regulators in Nigeria increasingly see sustainable banking as an avenue to promote the sustainable development of the nation. As such, key regulators have established and continue to improve frameworks, guidelines and regulations mandating banking institutions to implement sustainability in their business operations and activities.
Nigeria’s Senate passes the Petroleum Industry Governance Bill
Nigeria’s Senate, during its plenary session on 25 May 2017, passed the Petroleum Industry Governance Bill (“PIGB” or “the Bill”) following the recommendation of the Joint Committee of the National Assembly on Petroleum (upstream, downstream and gas).
Voluntary Pension Contribution – Arresting the tax leakage from withdrawals?
The Pension Reform Act 2014 (“PRA” or “the Act”) and the repealed Pension Reform Act 2004 played a great role in ensuring employers and the employees in Nigeria save for employees’ retirement.
Regulatory Alert: National Assembly Investigates Abuse of Pioneer Status
The House of Representatives, in exercise of its powers under the Nigerian Constitution, has set up an ad-hoc committee (the Committee) to investigate perceived abuse of pioneer status tax incentive by companies operating in Nigeria.
Guidance with Ransomware attack (WannaCry)
One of the worst global cyberattack started on Friday, 12th of May 2017, and has affected more than 200,000 system in more than 150 countries across the globe. The attack is a ransomware (a malicious program that encrypts data on a system and demands for a ransom before the files are decrypted) variant which exploits Windows systems with an earlier reported vulnerability listed in one of Microsoft’s security bulletin, MS17-10. The ransomware dubbed “WannaCry” requests a ransom of USD 300 to obtain the decryption key. The European and America continent have been the worst hit by the ransomware, but lately, there have indications of infections within Nigeria especially around Lagos and Abuja, and more systems are getting infected by the minute. There have been efforts to takedown the attack but there have also been reports that a new variant of the ransomware has been developed to evade the current takedown…