Ease of doing business: The implications of Lekoil v. Ministry of Petroleum Resources
The Federal High Court, recently ruled that an indigenous oil exploration company could not deem the consent of the Minister of Petroleum Resources (the Consent) granted on default as recommended by the Executive Order One (EO1) signed in May 2017 by the Presidency.
Vacancies in the Nigeria Power Sector Program
We are pleased to announce some vacancies under the Nigeria Power Sector Program, a power sector transformation programme led by Deloitte. The Nigeria Power Sector Program was established by a development agency to support reform within Nigeria’s power sector.
Gas Flaring Charge in Nigeria – Is FHC’s decision in Mobil v. FIRS good law?
Exploration and production (E&P) companies often encounter challenges with the Tax Authority on tax deductibility of gas flaring expenses incurred in the process of their oil and gas production 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).
Ministry of Petroleum Resources Releases Draft National Petroleum Fiscal Policy
The Ministry of Petroleum Resources has released a draft fiscal policy for Nigeria’s petroleum industry. This is a fall out of the Ministry’s roadmap tagged “7 Big Wins” for the petroleum industry which was launched last year (Deloitte Tax Alert – FG launches new roadmap for Oil and Gas Sector).
IFRS 15 New Revenue Model: Spotlight on Power
The revenue and profit recognition profile of power companies may be significantly impacted by IFRS 15 as the new Standard is more detailed and more prescriptive than the existing guidance and introduces new complexities.
Directors’ Alert 2017 – Courage under fire: Embracing disruption
Disruption is a topic everyone is talking about. While many organizations fear it, others realize the many opportunities that disruptive technologies, processes, and social norms present. But with every opportunity comes an element of risk – not every disruption will positively impact your enterprise.
FIRS issues demand notices based on property valuation
In its drive to increase tax revenue generation, Federal Inland Revenue Service (FIRS) has started applying the value of property as a basis for assessing companies to income tax (CIT) rather than turnover basis of assessment. The FIRS recently issued notices to several companies demanding for payment of CIT assessed on this basis. The foregoing is a fall out of property valuation exercise carried out by FIRS in October, 2016.