SCUML Registration in Nigeria
SCUML registration is important and necessary for certain kind of businesses in Nigeria. SCUML stands for Special Control Unit Against Money Laundering. It is a unit under the Economic and Financial Crimes Commission (EFCC) established to monitor, register, and regulate certain categories of businesses in Nigeria. If you have tried to open a corporate bank
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The Roles and Responsibilities of Directors and Shareholders in Nigerian Companies
In corporate governance in Nigeria, Directors and Shareholders are the two principal stakeholders in a company. Although they often work in harmony, their roles, rights, and responsibilities are distinct and when misunderstood, can lead to conflicts, mismanagement, or even the collapse of a business. In this write-up we are going to examine the roles, responsibilities
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How to Protect Your Company from Being Struck Off by CAC
What does it mean for a company to be struck off by CAC? In Nigeria, when a company is “struck off” by the Corporate Affairs Commission (CAC), it means the company has been removed from the register of active companies. Legally, the company ceases to exist. Invariably when you search for the name of such
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Trademark Registration in Nigeria
A Trademark is a distinctive sign or mark that is used in relation to goods and services which helps to distinguish the products and services of one entity from that of another entity. It is a form of intellectual property that is used to distinguish the goods or services of one business from another. A
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Non-payment of Annual Returns and the Implications
Annual Returns is a yearly fee paid by companies (Business Name, Limited Liability, Limited Liability Partnership, Incorporated Trustees) registered with Corporate Affairs Commission. Once an entity is registered with CAC, the corporation gives the entity certain grace period after which the entity is expected to pay her annual returns yearly. The grace period for an
Read MoreOIL AND GAS COMPANY OPERATION IN NIGERIA
The oil and gas sector has been Nigeria’s major source of income from time immemorial. The sector contributes majorly to the economy of Nigeria. In Nigeria, both Federal and State government have special interest in oil and gas. In this write-up we are going to explore the steps one need to take in order to
Read MoreCompliances For Business in Nigeria
Compliances are those legal frame work a business must put in place before its operations. There are many compliances like Legal compliances, Regulatory compliances, Ethical Standards, Corporate Governance, Risk management, Corporate social responsibility etc. For the purpose of this write-up, we will only consider the Legal and Regulatory compliances. These are basically the certificate and
Read MoreCompany Compliance and work Ethics
What is Company or Corporate compliance and work ethics? Corporate compliance and ethics refer to the systems, policies, and practices that organizations put in place to ensure they operate within legal and ethical boundaries. It involves adhering to laws, regulations, industry standards, and internal policies, as well as promoting a culture of integrity and ethical
Read MoreDEFENSES TO CONTRACT ENFORCEMENT
Having known what a contract is and the elements of a valid contract together with types of contracts. In this post will discuss some defenses to contract. Defenses to enforcement of contract are legal arguments or reasons that a party may raise to avoid or limit their obligations under a contract. These defenses may render
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