• About Us
  • Terms & Conditions
  • Contact Us
Friday, September 22, 2023
Investogist
No Result
View All Result
  • Home
  • News
    • All
    • Africa
    • Nigeria
    • World
    Rwanda: Paul Kagame announces he will run for a fourth term

    Rwanda: Paul Kagame announces he will run for a fourth term

    Breaking: Tribunal Sacks Kano State Governor Abba Kabir of NNPP

    Breaking: Tribunal Sacks Kano State Governor Abba Kabir of NNPP

    Rivers State Police Command arrests Police Officers involved in alleged extortion and kidnapping

    Rivers State Police Command arrests Police Officers involved in alleged extortion and kidnapping

    Mass shootings in USA surpass 500 this year – Report

    Mass shootings in USA surpass 500 this year – Report

    Hakeem Baba-Ahmed to serve as Special Adviser to VP Kashim Shettima

    Hakeem Baba-Ahmed to serve as Special Adviser to VP Kashim Shettima

    Nine Appeal Court Justices to be sworn in Chief Justice of Nigeria

    Nine Appeal Court Justices to be sworn in Chief Justice of Nigeria

    “CBN plans to shut down financial transactions” – Apex Bank warns of fake news

    President Tinubu Nominates New CBN Governor and Management Team

    Zelensky’s virtual speeches to Parliaments around the world invoking history

    We will not hand over male refugees for military draft, EU States tell President Zelensky

    FG issues Flood Alert: 13 States, 50 Communities to be affected

    FG issues Flood Alert: 13 States, 50 Communities to be affected

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    Headline Inflation in Nigeria rose to 22.04% in March

    Food prices continue to soar in Nigeria as inflation hits 25.80%

    NERC hikes electricity meter price by 40%

    NERC hikes electricity meter price by 40%

    NNPC says no plan to increase petrol price in March

    Nigeria’s daily petrol consumption dropped by 16.8% in July – report

    Student Loan Act: How to apply for the loan, all you need to know

    Tinubu establishes presidential CNG initiative, targets nationwide adoption

    Subsidy Palliative: FG gives states N5bn to buy rice, maize

    Subsidy Palliative: FG gives states N5bn to buy rice, maize

    FG to streamline taxes from 52 to 10, rename FIRS

    FG to streamline taxes from 52 to 10, rename FIRS

    Student Loan Act: How to apply for the loan, all you need to know

    FG establishes ‘Infrastructure Support Fund (ISF) for the 36 States of the Federation’

    Headline Inflation in Nigeria rose to 22.04% in March

    Inflation in Nigeria rises to 22.79% in June 2023

    CBN extends Naira 4 Dollar Scheme for diaspora remittances until further notice

    CBN includes Naira as payout option for diaspora remittance

    • Policies
    • Budgets
    • Economic Data
  • Markets
    • All
    • Commodities
    • Cryptocurrencies
    • Forex
    • Rates & Bonds
    • Stocks/Equities
    NGX Daily Equities Market Report: Market gains for third consecutive days

    Nigerian Exchange: Stock Market report for week ended 15 September 2023

    MTN Nigeria to pay over N200 billion final dividend for 2022

    List of Dividends announced in 2023, qualification and payment dates

    NGX Daily Equities Market Report: Market gains for third consecutive days

    Nigerian Exchange: Stock Market report for week ended 8 September 2023

    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

    The NGX- ASI declined by 0.07% as VITAFOAM loses 10%

    Local Bourse closed in Bullish Territory… As NGX-ASI at 0.31%

    The NGX- ASI gained by 1.11% as Dangote Sugar rises another 10%

    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

    The NGX- ASI declined by 0.08% as TRANSCORP falls 9.99%

    TRANSCORP reports 528.45% rise in profit for 2021 FY

    The NGX- ASI gained by 0.51% as TRANSCORP rises above N7

    Nigeria’s GDP grows 5.01% YoY in real terms in Q2 2021

    The NGX- ASI gained by 0.90% as Dangote Sugar rises above N50

    NGX Daily Equities Market Report: Market gains for third consecutive days

    Nigerian Exchange: Stock Market report for the week ended 25 August 2023

    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Business
    • All
    • Agriculture
    • Companies
    • Industry
    • Technology
    AIICO Board of Directors approve Dividend Payment and  2021 Financial Statements

    Ellah Lakes Plc gets SEC approval to raise ₦2.9bn new capital via rights issue

    Kyari claims OVH acquisition grew NNPC Retail’s Q1 2023 profit to N18.4bn

    Kyari claims OVH acquisition grew NNPC Retail’s Q1 2023 profit to N18.4bn

    Fidelity Bank to issue 3.03 billion Ordinary Shares by way of Private Placement

    Fidelity Bank Plc completes acquisition of Union Bank Plc UK

    Zenith Bank posts N174bn profit, earns N28.14bn from Account Maintenance in 9 Months

    Zenith Bank Plc reports N291.73bn profit for Half-Year 2023

    Board of Directors UBA approve payment of a final dividend for 2022

    UBA Plc to pay 50 Kobo Interim Dividend for Half-Year 2023

    Dividend Stocks to watch on the Nigerian Exchange – The case for Zenith Bank Plc

    Zenith Bank Plc to pay 50 Kobo Interim Dividend for Half-Year 2023

    PZ Cussons UK to buyout minority shareholders of PZ Cussons Nigeria plc

    PZ Nigeria announces reason for delay in filing Audited Financial Statements

    MRS Oil’s Board meeting adjourned due to inconclusive discussions

    MRS Oil’s Board meeting adjourned due to inconclusive discussions

    Brent crude oil price rise above $70 on OPEC projections

    Crude prices hit 10-month high as Russia, Saudi extend crude oil supply cuts

    • Companies
    • Industry
    • Technology
  • Sports
    • Football
  • Opinion & Analysis
    • All
    • Columnists
    • Editorials
    • Investogist Business Saturday
    • Op-ed
    Security features of the new naira notes revealed by the CBN

    New hope for Naira fixed income savers?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Nigerian Exchange gains 5.37% in Tinubu’s first week, highest for any President since return to Democracy

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Just in: Bandits attack President Buhari’s convoy in Katsina, two injured

    2015 vs 2023 Data: Nigeria situation went from bad to worse under Buhari

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    APC won Abua-Odual and Ahoada East LGAs of Rivers State as announced – INEC’s IRev

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    North-West, South-West lead as INEC registers 96.2 million, Rivers overtakes Katsina

    ELECTION: How to check your polling unit, code online

    4 things to consider before buying a laptop

    4 things to consider before buying a laptop

    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Financial Education
  • Vacancies
  • Home
  • News
    • All
    • Africa
    • Nigeria
    • World
    Rwanda: Paul Kagame announces he will run for a fourth term

    Rwanda: Paul Kagame announces he will run for a fourth term

    Breaking: Tribunal Sacks Kano State Governor Abba Kabir of NNPP

    Breaking: Tribunal Sacks Kano State Governor Abba Kabir of NNPP

    Rivers State Police Command arrests Police Officers involved in alleged extortion and kidnapping

    Rivers State Police Command arrests Police Officers involved in alleged extortion and kidnapping

    Mass shootings in USA surpass 500 this year – Report

    Mass shootings in USA surpass 500 this year – Report

    Hakeem Baba-Ahmed to serve as Special Adviser to VP Kashim Shettima

    Hakeem Baba-Ahmed to serve as Special Adviser to VP Kashim Shettima

    Nine Appeal Court Justices to be sworn in Chief Justice of Nigeria

    Nine Appeal Court Justices to be sworn in Chief Justice of Nigeria

    “CBN plans to shut down financial transactions” – Apex Bank warns of fake news

    President Tinubu Nominates New CBN Governor and Management Team

    Zelensky’s virtual speeches to Parliaments around the world invoking history

    We will not hand over male refugees for military draft, EU States tell President Zelensky

    FG issues Flood Alert: 13 States, 50 Communities to be affected

    FG issues Flood Alert: 13 States, 50 Communities to be affected

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    Headline Inflation in Nigeria rose to 22.04% in March

    Food prices continue to soar in Nigeria as inflation hits 25.80%

    NERC hikes electricity meter price by 40%

    NERC hikes electricity meter price by 40%

    NNPC says no plan to increase petrol price in March

    Nigeria’s daily petrol consumption dropped by 16.8% in July – report

    Student Loan Act: How to apply for the loan, all you need to know

    Tinubu establishes presidential CNG initiative, targets nationwide adoption

    Subsidy Palliative: FG gives states N5bn to buy rice, maize

    Subsidy Palliative: FG gives states N5bn to buy rice, maize

    FG to streamline taxes from 52 to 10, rename FIRS

    FG to streamline taxes from 52 to 10, rename FIRS

    Student Loan Act: How to apply for the loan, all you need to know

    FG establishes ‘Infrastructure Support Fund (ISF) for the 36 States of the Federation’

    Headline Inflation in Nigeria rose to 22.04% in March

    Inflation in Nigeria rises to 22.79% in June 2023

    CBN extends Naira 4 Dollar Scheme for diaspora remittances until further notice

    CBN includes Naira as payout option for diaspora remittance

    • Policies
    • Budgets
    • Economic Data
  • Markets
    • All
    • Commodities
    • Cryptocurrencies
    • Forex
    • Rates & Bonds
    • Stocks/Equities
    NGX Daily Equities Market Report: Market gains for third consecutive days

    Nigerian Exchange: Stock Market report for week ended 15 September 2023

    MTN Nigeria to pay over N200 billion final dividend for 2022

    List of Dividends announced in 2023, qualification and payment dates

    NGX Daily Equities Market Report: Market gains for third consecutive days

    Nigerian Exchange: Stock Market report for week ended 8 September 2023

    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

    The NGX- ASI declined by 0.07% as VITAFOAM loses 10%

    Local Bourse closed in Bullish Territory… As NGX-ASI at 0.31%

    The NGX- ASI gained by 1.11% as Dangote Sugar rises another 10%

    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

    The NGX- ASI declined by 0.08% as TRANSCORP falls 9.99%

    TRANSCORP reports 528.45% rise in profit for 2021 FY

    The NGX- ASI gained by 0.51% as TRANSCORP rises above N7

    Nigeria’s GDP grows 5.01% YoY in real terms in Q2 2021

    The NGX- ASI gained by 0.90% as Dangote Sugar rises above N50

    NGX Daily Equities Market Report: Market gains for third consecutive days

    Nigerian Exchange: Stock Market report for the week ended 25 August 2023

    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Business
    • All
    • Agriculture
    • Companies
    • Industry
    • Technology
    AIICO Board of Directors approve Dividend Payment and  2021 Financial Statements

    Ellah Lakes Plc gets SEC approval to raise ₦2.9bn new capital via rights issue

    Kyari claims OVH acquisition grew NNPC Retail’s Q1 2023 profit to N18.4bn

    Kyari claims OVH acquisition grew NNPC Retail’s Q1 2023 profit to N18.4bn

    Fidelity Bank to issue 3.03 billion Ordinary Shares by way of Private Placement

    Fidelity Bank Plc completes acquisition of Union Bank Plc UK

    Zenith Bank posts N174bn profit, earns N28.14bn from Account Maintenance in 9 Months

    Zenith Bank Plc reports N291.73bn profit for Half-Year 2023

    Board of Directors UBA approve payment of a final dividend for 2022

    UBA Plc to pay 50 Kobo Interim Dividend for Half-Year 2023

    Dividend Stocks to watch on the Nigerian Exchange – The case for Zenith Bank Plc

    Zenith Bank Plc to pay 50 Kobo Interim Dividend for Half-Year 2023

    PZ Cussons UK to buyout minority shareholders of PZ Cussons Nigeria plc

    PZ Nigeria announces reason for delay in filing Audited Financial Statements

    MRS Oil’s Board meeting adjourned due to inconclusive discussions

    MRS Oil’s Board meeting adjourned due to inconclusive discussions

    Brent crude oil price rise above $70 on OPEC projections

    Crude prices hit 10-month high as Russia, Saudi extend crude oil supply cuts

    • Companies
    • Industry
    • Technology
  • Sports
    • Football
  • Opinion & Analysis
    • All
    • Columnists
    • Editorials
    • Investogist Business Saturday
    • Op-ed
    Security features of the new naira notes revealed by the CBN

    New hope for Naira fixed income savers?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Nigerian Exchange gains 5.37% in Tinubu’s first week, highest for any President since return to Democracy

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Just in: Bandits attack President Buhari’s convoy in Katsina, two injured

    2015 vs 2023 Data: Nigeria situation went from bad to worse under Buhari

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    APC won Abua-Odual and Ahoada East LGAs of Rivers State as announced – INEC’s IRev

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    North-West, South-West lead as INEC registers 96.2 million, Rivers overtakes Katsina

    ELECTION: How to check your polling unit, code online

    4 things to consider before buying a laptop

    4 things to consider before buying a laptop

    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Financial Education
  • Vacancies
No Result
View All Result
Investogist
No Result
View All Result
Home Opinion & Analysis Investogist Business Saturday

Barr. Amaka discusses Nigeria’s Business Laws and Tax System: What every Business Owner should Know – Part 5

On Investogist Business Saturday Forum

Thursday, 7 May 2020, 5:36 am
in Investogist Business Saturday, News, Opinion & Analysis
0
Barr. Amaka discusses Nigeria’s Business Laws and Tax System: What every Business Owner should Know: Part 3
Share Share Share Share Send as Email

Hi everyone. I am Barr. Amaka Obizolu, the principal partner of Amaka Obizolu & Co., today we continue our discussion on Nigerian Business Law and Tax System.

ALLOTMENT OF SHARES.
Every company shall within 2 months of allotment of shares and 3 months of transfer of shares issue a share certificate to the owner otherwise the person entitled to share certificate may issue a notice to the company requiring it to issue and deliver to him the share certificate, and if after 10days of receiving the  notice, the company is still in default, he may apply to the federal high court for an order of delivery thereof.

WINDING UP
As a business owner, be informed that at a point, your business may cease to exist, dissolve and or wound up. When such is done, winding up can be by court, could be voluntary, and under the court supervision. A question to be asked at this juncture is whose duty is it to bring an application for winding up of a company by court?

The following persons can bring a petition to court for winding up; the company, a creditor, the official receiver, a contributor, or a personal representative, of creditor, and the commission.

  • Read also: Coronavirus Update- Death in UK Pass 30,000; Nigeria Records 195 new cases
  • The Ban on Flights to Nigeria Extended by Four weeks with effect from Thursday

Circumstances leading to winding up of a company by the court are as follows;

  • Where the company has by special resolution resolved that the company be wound up by the court.
  • Default in delivering the statutory report to the commission or in holding the statutory meeting.
  • Where the number of members of the company is reduced below 2.
  • Where the company is unable to pay its debt 21 days after a notice is served.
  • Where the court is of the opinion that it is just and equitable that the company should be wound up.

Voluntary winding up
Circumstances include:

  • When the period fixed for the duration of the company expires.
  • If the company resolves by special resolution that the company be wound up voluntarily

Note that voluntary winding up may either be members voluntary winding up and creditor voluntary winding up, and there  are specified procedures for both members and creditors winding up which may not be detailed here for the purpose of time.

After a company is wound up, an application by way of petition brought by the company or member(s) or creditor at the date of dissolution of the company or personal representation of a deceased shareholder, the application must be made within 20 years of the notice of dissolution.

If the court is satisfied that at the time of the striking off, the company was carrying on business or in operation or that it is otherwise “just” to restore it to the register, it may order the name of the company to be restored.

  • Read more: Barr. Amaka discusses Nigeria’s Business Laws and Tax System: What every Business Owner should Know: Part 1
  • Barr. Amaka discusses Nigeria’s Business Laws and Tax System: What every Business Owner should Know: Part 2

Mergers, takeover and acquisition:
Prior to the reforms in the banking industry in Nigeria initiated by the CBN, mergers and acquisition were not popular and they were hardly mentioned.

Merger means any amalgamation of the undertakings or any part of the undertaking or interest of two or more companies and one or more corporate bodies.

Acquisition on the other hand means the takeover by one company of sufficient shares in another company to give the acquiring company control over that other company.

Section 8 and 99 (2) of investment and securities Act (ISA) are vested with the power to review, approve, and regulate mergers, acquisitions and forms of business combination.

Any company so desirous to merge, acquire or combine shall:

  1. File with the commission a pre-merger notice.
  2. File with the commission a formal application for approval of the proposed merger.
  3. Comply with post approval requirements.

Note that there are specified procedure for each of the above steps which cannot be detailed here for the purpose of time.

TAKEOVER
Where a person or group of persons acquire shares in a target company with the intention of taking over control of that company, a takeover bid been incorporated in a document shall be made by such person.

A takeover bid shall not be made unless an authority to proceed with takeover had been obtained from the commission, and the said authority shall be for a period of 3 months subject to renewal by an applicant.

Application for renewal shall be made within 14 days prior to the expiration of the authority and such renewal shall be for a period of not more than 3 months.

It’s of important to know that the person making a take over bid shall lodge with the commission a copy of the proposed budget for registration before it is dispatched, and the commission has the discretion to accept or refuse to register the bid, and on refusal by the commission, the applicant has a right to appeal to the Investment and Securities Tribunal.

  • Read further: Barr. Amaka discusses Nigeria’s Business Laws and Tax System: What every Business Owner should Know: Part 3
  • Barr. Amaka discusses Nigeria’s Business Laws and Tax System: What every Business Owner should Know: Part 4

Arrangement and Compromise
This deals on change in the rights and liabilities of members, debenture holders or creditors of a company or a class of them other than a change effected under the provisions of this Act. E.g. arrangement on sale of company’s property during member’s voluntary winding up.

After the company has resolved that the company be put into members voluntary winding up and that the liquidator be authorized to sell the whole or part of its undertakings to another company and to distribute the same in specie among the members of the company in accordance with their rights in liquidation.

Join us for the sixth instalment in the following day to discuss “The Nigerian Tax Systems”.

Presented by:

Amaka C. Obizolu Mrs. (LL.B, BL)

+234 803 5404 780

Related Posts:

  • Barr. Amaka discusses Nigeria's Business Laws and Tax System: What every Business Owner should Know: Part 1
    Barr. Amaka discusses Nigeria's Business Laws and Tax…
  • Barr. Amaka discusses Nigeria's Business Laws and Tax System: What every Business Owner should Know: Part 4
    Barr. Amaka discusses Nigeria's Business Laws and Tax…
  • Barr. Amaka discusses Nigeria's Business Laws and Tax System: What every Business Owner should Know - Part 6
    Barr. Amaka discusses Nigeria's Business Laws and Tax…
  • Barr. Amaka discusses Nigeria's Business Laws and Tax System: What every Business Owner should Know: Part 2
    Barr. Amaka discusses Nigeria's Business Laws and Tax…
Previous Post

Coronavirus Update- Death in UK Pass 30,000; Nigeria Records 195 new cases

Next Post

COVID-19 Impact: 33.3 Million Americans now Unemployed

Next Post
COVID-19 Impact: 33.3 Million Americans now Unemployed

COVID-19 Impact: 33.3 Million Americans now Unemployed

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Plugin Install : Widget Tab Post needs JNews - View Counter to be installed
  • Trending
  • Comments
  • Latest
MTN Nigeria to pay over N200 billion final dividend for 2022

List of Dividends announced in 2023, qualification and payment dates

How to recover unclaimed dividends in Nigeria

How to recover unclaimed dividends in Nigeria

AIICO Board of Directors approve Dividend Payment and  2021 Financial Statements

Ellah Lakes Plc gets SEC approval to raise ₦2.9bn new capital via rights issue

Custodian Investments Plc announces 10 kobo interim dividend for H1 2022

List of Dividends announced in 2022, qualification and payment dates

AIICO Board of Directors approve Dividend Payment and  2021 Financial Statements

Ellah Lakes Plc gets SEC approval to raise ₦2.9bn new capital via rights issue

Rwanda: Paul Kagame announces he will run for a fourth term

Rwanda: Paul Kagame announces he will run for a fourth term

Breaking: Tribunal Sacks Kano State Governor Abba Kabir of NNPP

Breaking: Tribunal Sacks Kano State Governor Abba Kabir of NNPP

Rivers State Police Command arrests Police Officers involved in alleged extortion and kidnapping

Rivers State Police Command arrests Police Officers involved in alleged extortion and kidnapping

Investogist
info@investogist.com

Follow us

Categories

  • Africa
  • Agriculture
  • Arts & Culture
  • Budgets
  • Business
  • Columnists
  • Commodities
  • Companies
  • Cryptocurrencies
  • Economic Data
  • Economy
  • Editorials
  • Financial Education
  • Football
  • Forex
  • Industry
  • Investogist Business Saturday
  • Job Opportunities
  • Markets
  • Nature
  • News
  • Nigeria
  • Op-ed
  • Opinion & Analysis
  • Places & People
  • Policies
  • Rates & Bonds
  • Sports
  • Stocks/Equities
  • Technology
  • Travel & Tours
  • Vacancies
  • World

Quick Links

  • News
  • Economy
  • Markets
  • Business
  • Opinion & Analysis
  • Travel & Tours

Newsletter

Copyright © 2023 investogist.com, All Rights Reserved

  • About Us
  • Terms & Conditions
  • Privacy Policy
  • Contact Us
No Result
View All Result
  • Home
  • News
    • Nigeria
    • Africa
    • World
  • Economy
    • Policies
    • Budgets
    • Economic Data
  • Markets
    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Business
    • Companies
    • Industry
    • Technology
  • Sports
    • Football
  • Opinion & Analysis
    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Financial Education
  • Vacancies

Copyright © 2023 investogist.com, All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist