The Igbinosa family recently found themselves at a crossroads following the passing of their patriarch, Chief Osazuwa Igbinosa, who left behind a substantial fortune. As the family gathered to address the matter of wealth succession, tensions arose, reflecting the delicate balance between tradition and modernity. Chief Osazuwa had not outlined a clear plan for the […]

In a landmark decision on October 19, 2023, the Tax Appeal Tribunal (TAT) in Lagos ruled that rental income derived from real estate properties is not subject to Value Added Tax (VAT). This ruling emerged from a case between NGX Real Estate Limited and the Federal Inland Revenue Service (FIRS), focusing on the applicability of

In the aftermath of recent economic challenges, businesses found themselves compelled to increase leverage for survival. This has underscored the longstanding imperative to fortify capital structures and diminish reliance on borrowing, especially for emerging corporates such as Small and Medium Scale Enterprises (SMEs) and early-stage startups. Governmental interventions, though aimed at aiding enterprises by facilitating

Certainly, due diligence is a critical aspect of various transactions in the business world, playing a pivotal role in ensuring informed decision-making, risk mitigation, and overall transaction success. As the business landscape becomes increasingly complex with factors such as intricate business structures, global expansions, heightened competition, and growing investments, due diligence has gained prominence among

In any organization, managing risk is crucial due to the inherent uncertainties in the dynamic business environment. To navigate these uncertainties effectively, companies must adopt a comprehensive Enterprise Risk Management (ERM) program that encompasses the identification, control, monitoring, and reporting of risks. This approach is essential for minimizing the impact of risks on the organization

The digital economy, powered by internet, mobile devices, and digital tools, encompasses economic activities supported by digital technologies. With constant advancements, this economy combines human expertise with technological capabilities, offering limitless, data-driven, and mobile-centric experiences. In Nigeria, recent attention to the taxing framework has emerged through Finance Acts, introducing changes to outdated legislative provisions. As

The widely accepted notion that personal data is the “new gold” has ushered in a wave of regulatory compliance obligations, both globally and domestically, under data protection laws like the EU General Data Protection Regulation 2016 (GDPR), California Consumer Privacy Act of 2018 (CCPA), and Nigeria Data Protection Regulation 2019 (NDPR). Organizations now face heightened

In today’s global landscape, the surge in technological advancements, including artificial intelligence and automation, has sparked questions and concerns across various sectors. The accounting profession in Nigeria stands amidst this transformative wave, where technology plays a pivotal role in reshaping traditional practices and introducing unprecedented efficiency. As with any technological evolution, a spectrum of opportunities

Financial reporting stands as a linchpin in facilitating global market access while ensuring transparency and accountability in the corporate realm. In recent times, a surge in emphasis on sustainability, encapsulating environmental, social, and governance (ESG) factors, has reshaped the landscape. Recognizing the significance of sustainable practices, the International Accounting Standards Board (IASB) and the International

The Central Bank of Nigeria (CBN) serves as the apex regulatory body for the financial services industry in Nigeria, wielding the authority to combat money laundering, terrorism financing, and proliferation financing of weapons of mass destruction. Empowered by the Banks and Other Financial Institutions Act 2020, the CBN Governor issued the Central Bank of Nigeria