PC Obutte[1] and Jerome Okoro[2] Abstract The Federal Government of Nigeria in the 1990s, took steps to develop Nigerian marginal fields by mandating transfer of the fields by the IOCs to other companies interested in acquiring them. The new policy saw the emergence of several indigenous players in the Nigerian upstream petroleum industry as…
Abstract The marginal field programme in Nigeria commenced with the legislative recognition of these fields in the Petroleum Act, 1996 and provision for their farm out to indigenous companies. One of the major goals of this programme was to bring the marginal fields into production, and increase Nigeria’s daily oil and gas output and the…
The Federal Inland Revenue Service (FIRS) has, through a Public Notice, announced the creation of a new tax office to attend exclusively to the tax affairs of non-resident persons in Nigeria. The Non-Resident Persons’ Tax Office (NRPTO) is located within the International Tax Department of FIRS in Ikoyi, Lagos. However, the office would not commence…
INTRODUCTION The Federal Government of Nigeria, through the Nigerian Investment Promotion Commission (NIPC), recently granted pioneer status tax holiday to 25 companies – https://punchng.com/fg-grants-three-year-tax-holiday-to-25-companies/. With this development, it is sought here to critically examine the law and procedure applicable to pioneer status, while analyzing the impact of the latest grants on the concerned industries and…
INTRODUCTION The doctrine of legitimate expectation demands that a public authority respects and applies its stated position or sustained practice in exercising its powers. It is a principle of fairness in the exercise of public powers which is recognised and applied by the courts on the rationale that public authorities are bound by the impression…