Iyiola Oyedepo & Company

27/04/2020

The Executive Chairman of Federal Inland Revenue Service (FIRS) recently made an appeal to Tax Payers to make remittances despite the Corina Pandemic.

This expectedly drew the wrath of Nigerians who protested the insensitivity of the remarks in view of the challenges faced by Nigerian businesses.

Whilst we may deride the timing, it is clear that the Government, more than ever, needs taxes in view of current revenue deficits and taxation might become a hot topic in the coming months.

Today we discuss Value Added Tax and Withholding Tax in Nigeria.

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Understanding VAT and Withholding Tax is crucial for Entrepreneurs doing business in Nigeria. This article explains their applications and differences.

14/04/2020

The COVID-19 epidemic continues to spread rapidly and affected countries have resorted to containment by enforcing lockdowns of all social and commercial activities. Nigeria is not left out as Lagos and Abuja are on a full lockdown whilst there is partial lockdown in several other states.

This is having a huge impact on businesses and Employers/Employees have been scrambling to adjust to these new realities and reactions have ranged from layoffs, reduction in salaries and remote work policies. In this article we answer 5 frequently asked questions (FAQs) relating to the disruptions in employment occasioned by the Covid-19 crisis.

Read more: https://ioclaw.com/covid-19-and-the-nigerian-workspace/

Dear Subscriber, The COVID-19 epidemic continues to spread rapidly and affected countries have resorted to containment by enforcing lockdowns of all social and commercial activities. Nigeria is not left out as Lagos and Abuja are on a full lockdown whilst there is partial lockdown in several other s...

22/01/2020

On the world scene, 2019 seemed to be a year of disputes and protests. Protests in Latin America and the Middle East; a trade war between the United States and China; Looming Brexit; US- Iran Tensions etc

In Africa a new economic bloc was born when 54 nations came together to form the Africa Continental Free Trade Area (AfCFTA).

In Nigeria it was an election year which made things kick off rather slowly and the biggest news was the closure of Nigerian land borders to tackle illicit trade and strengthen security in the country.

As is our custom, we now bring to you our analysis of major events that shaped business in 2019 and from which we make a rational forecast of what 2020 portends.

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The start of a new year is usually heralded by optimism about the future. The new year seems full of possibilities and there are many plans and to-do’s ready to be executed. As we wrap up festivities and we start the journey of a new year, it’s reasonable to keep in perspective the previous year...

14/10/2019

At inception businesses are typically financed by the 3 ‘F’s (i.e. Friends, Family and Fools) but at the point when a Company is desirous of scaling its growth it is common that it seeks Investors to bring in funds to help propel its growth in exchange for equity.

One of the common directions where founders source for capital is from Venture Capitalists who provide the funding knowing that there is a significant risk associated with the Company’s future profits and cash flow.

Today we explore the world of Venture Capital with an emphasis on seed rounds which are typically the first organized investment round received into a business from venture capitalists.

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Dear Subscriber, At inception businesses are typically financed by the 3 ‘F’s (i.e. Friends, Family and Fools) but at the point when a Company is desirous of scaling its growth it is common that it seeks Investors to bring in funds to help propel its growth in exchange for equity(certain number ...

01/10/2019

Best wishes from all of us at IOC LAW

30/09/2019

Statistics show that 50% of SME’s fail within the first five years of existence and one of the main reasons for this abysmal statistic is the lack of proper business structure also known as Corporate Governance.

Every Company desirous of sustainable growth should have a Corporate Governance Manual that defines the rights, roles and responsibilities of different groups within an organization.

This week our Iyiola Oyedepo (II) reviews the provisions of the Nigerian Code of Corporate Governance 2018: highlights the effect of adopting corporate governance ethos in a company and proffers implementation steps.

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The Financial Reporting Council of Nigeria recently issued a Code of Corporate Governance to regulate Corporate Governance in Public and Private Companies.

17/09/2019

Arbitration is a private process where disputing parties agree that one or several individuals can make a decision about the dispute after receiving evidence and hearing arguments.

Compared to traditional trials, arbitration can usually be completed more quickly and is less formal.

After the hearing, the arbitrator issues an award which is final, binding and enforceable on the parties. Also it can only be appealed on very narrow grounds.

This week our discusses the “Arbitration Clause” which is an essential trigger of the Arbitration process.

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Arbitration in Nigeria- Our Ayo Obisanya discusses Arbitration in Nigeria with emphasis on the Arbitration Clause which triggers the process.

19/08/2019

Bankruptcy is a situation where a person is publicly declared as insolvent and the consequence of this is that the bankrupt’s assets and liabilities are managed on his/her behalf until all creditors are fully paid.

Another implication of being adjudged bankrupt is that such a person is prohibited from holding political office and being admitted to practice any profession regulated by law.

Today we examine the use of bankruptcy proceedings as a tool for debt recovery.

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Bankruptcy is the situation where a person is adjudged as unable to pay his/her debt and the judicial procedure by which such debts are repaid by way of supervised reorganization or liquidation for the benefit of creditors. In developed climes, Bankruptcy is a serious matter as the debtor will have....

12/08/2019

05/08/2019

The end of life is something you probably don't want to dwell on, but thinking about what would happen to your loved ones and assets after your demise should inspire you to start making some important decisions.

Our Ayo Obisanya examines the concept of “Living Trust” as one of the ways you can preserve your Estate.

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Estate planning is the act of preparing for the transfer of a person’s wealth and assets after his or her death. The most common form of Estate Planning in this clime is a will which is a legal document that express the intentions of the deceased on the management, sharing and disposal of his or ....

29/07/2019

Intellectual property protection is critical to fostering innovation, enabling competitiveness and providing assurances to customers who rely on the quality of products.

Without protection of ideas, businesses and individuals will be unable to reap the full benefits of their inventions and would consequently focus less on research and development.

This article by our Adebola Adekoya (Mrs) broadly examines the Intellectual Property Protection framework in Nigeria.

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Dear Subscriber, The World Intellectual Property Organization (WIPO) defines Intellectual Property as “creations of the mind, inventions, literary and artistic works and symbols, names, images and designs in commerce”. With the world becoming a global village, the importance and reach of Intelle...

22/07/2019

On the 7th of July 2019, Nigeria became a signatory to the African Continental Free Trade Agreement which aims to bring together 1.2 billion persons with combined Gross Domestic Product estimated at $2 trillion in a single market.

Our Ayo Obisanya examines the implications for Nigeria.

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Globalization has led to the deepening of social, economic and cultural interactions among countries of the world through cross country flow of information, ideas, technologies, goods, services, capital, finance and people. With the advent of the African Continental Free Trade Area (“AfCFTA”) wh...