Nigeria Social Insurance Trust Fund (NSITF): An Expert Guide
A Brief History of the Nigeria Social Insurance Trust Fund (NSITF) The NSITF was established in 1961 as the National Provident Fund (NPF) to provide a poverty alleviation measure as required by convention No.102 of the International Labour Organization (ILO). The scheme is targeted at protecting private sector employees (whose employers were then mostly multinationals)…
The Ultimate Guide to Trademark Registration in Nigeria
Understanding Trademarks A trademark is a word, phrase, design, sign, or symbol that distinguishes your goods or brand from that of another. The look, spelling, or pronunciation of your trademark must be distinctive and easily identified with your business. When you register a trademark, laws protect the articles (word, phrase, design, sign, or symbol) preventing…
Nigeria Start-up Act 2022: A Complete Small Business Guide
The Startup Act 2022 is a legal framework for tech startups. It provides for ease of business and a load of incentives for all labelled startups. Here’s what it means for you.
The Nigeria Money Laundering Act 2011/2022: An In-depth Guide for SMEs
What is Money Laundering? The term “laundering” means cleaning. This translates money laundering literally to “money cleaning.” Money laundering is, however, broadly defined as concealing the origin of illegally earned money by converting it into a legitimate source. The perpetrators get most of these funds from illegal activities; for example, embezzlement, corruption, drug trafficking, kidnapping,…
Tax Exemption for New Companies in Nigeria: A Concise Guide
What are Tax Incentives? By lowering the amount of tax paid to the government, a tax incentive is a policy the government adopts with the goal of motivating people and businesses to invest more money in their operations. Who is Entitled to Tax Incentives in Nigeria? For ease of reference, we will classify companies into…
The Tax System in Nigeria: A New & Updated Overview
Key Stakeholders in the Tax System in Nigeria The Government This includes the federal, state, and local governments with their respective ministries and agencies. The government is obligated to: The Taxpayer A taxpayer is a person or group of persons or an entity that pays or is liable to tax. As a taxpayer, you are…
Companies and Allied Matters Act (CAMA 2020): The Business Guide
As a business owner, it is important to understand the impact/implications and key provisions of Nigeria’s recent CAMA 2020. Let’s walk you through it.
