The following are steps necessary to be taken by a prudent prospective Buyer
- GET PROFESSIONAL ADVICE – The essence of professional advice cannot be underestimated. Professionals involved in real estate practice include – Lawyers, Estate Agents and Manager, surveyors etc. A lawyer gives a distilled and holistic advice on the transaction. He monitors and guides the buyer to secure thebuyer’s investment.
- DUE DILIGENCE INVESTIGATIONS – These include pre-contract inquiries undertaken by a professional to gain assurances upon which the Buyer may base his judgment to proceed. His investigations will reveal defects if any, in the title to the property. To achieve this, a lawyer would conduct searches atthe relevant Land Registries to verify the authenticity of original documents ofthe property; where the property to be acquired has been subject of litigation, itwill be necessary to also conduct searches at the relevant courts to confirm the status of such suit. Continue reading
The National Agency for Food and Drug Administration and Control (NAFDAC) is the equivalent in Nigeria of the US FDA. Established by Decree 15 of 1993 as amended by Decree 19 of 1999 and now Cap N1 of the Laws of the Federation of Nigeria (LFN) 2004.
NAFDAC undertakes registration of food, drugs, medical devices, cosmetics, agrochemicals and other similar products in Nigeria. At the end of the process, a registration number is given to the product and a registration certificate is issued to the applicant. Continue reading
COMPANIES INCOME TAX
The principal law governing the taxation of Companies is the Companies Income Tax Act 1961, CAP.C21,Vol.3 LFN, 2004.
Under the Act, every registered company is required to file tax returns within six (6) months after its financial year-end with the Federal Board of Inland Revenue. Tax returns include audited accounts of the company and completed self-assessment forms.
Newly registered companies have up to 18 (eighteen) months after registeration or not later than 6 (six) months after the end of the first accounting period, whichever is earlier, to file its tax returns. The rate of corporate income tax is currently 30% of net profit and the basis of assessment is the profit for the preceding year. Assessable profit for newly incorporated companies for the first year is the profits of that year. Continue reading
Individuals desirous of applying for Certificates of Occupancy (“C of O”) over land acquired from native land owners in Lagos State are expected to satisfy the following requirements for the processing of their applications: Continue reading
The following are persons eligible to register a Nigerian Vessel:
- Nigerian Citizens;
- Duly registered Nigerian Companies;
- Such other persons as may be permitted by the Minister for Transport.
Procedure for Registration
- Letter of application from owners of the ship or their agents addressed to the Director General, Nigerian Maritime Administration and Safety Agency (NIMASA)1 indicating the company’s interest in registering a vessel in Nigeria.
- Letter of Application for approval of vessel’s name. This is done by completing and submitting the required Form at the Ship Registry.
- Letter of Application for condition survey – Application for condition survey shall be made to the Director General, NIMASA upon payment of a statutory fee – fees payable depends on the gross tonnage of the vessel. A surveyor would be nominated by the Registrar of Ships for the survey.
- Completion and submission of forms Continue reading