Introduction In the rapidly evolving world of finance and accounting, auditors have long been the guardians of trust and accountability. However, as we enter an era defined by unprecedented technological advancements, auditors are at a crossroads, where the integration of cutting-edge innovation into their practices is no longer optional but essential. The Intersection of Technology

Introduction On July 30, 2024, the Federal High Court (FHC) in Abuja delivered a significant ruling that confirmed the applicability of Section 18(2) of the Companies and Allied Matters Act (CAMA) 2020 to all private companies in Nigeria, including those incorporated before the enactment of CAMA 2020. The decision was reached in the case of

The Nigeria Customs Service (NCS) has announced the implementation guidelines for the zero percent (0%) duty rate and value-added tax (VAT) exemption on selected basic food items. This initiative is part of the government’s broader strategy to enhance food supply across the country and mitigate the rising prices of essential foodstuffs. The special tax concession

Introduction Closing down a company in Nigeria is a significant decision that requires following a structured legal process known as winding up. Governed by the Companies and Allied Matters Act (CAMA) 2020 and the Insolvency Regulations 2022, the winding-up procedure is overseen by the Corporate Affairs Commission (CAC). This article outlines the key steps and

Introduction One of the most contentious areas during a Transfer Pricing (TP) audit is the functional characterization of related entities, which is based on the functions performed, assets utilized, and risks assumed (commonly referred to as an FAR analysis) in relation to a controlled transaction. This characterization informs the expected returns and, subsequently, the taxes

Introduction Starting a business in Nigeria requires obtaining several legal documents and licenses, which are essential for legally establishing and operating a business within the country. These licenses and permits are provided by relevant government bodies, with the Corporate Affairs Commission (CAC) serving as the primary regulatory authority for business incorporation and registration in Nigeria.

Introduction Registering a private limited company in Nigeria is a structured process governed by the Companies and Allied Matters Act (CAMA). This article outlines the necessary steps and requirements for establishing a corporate entity. The Corporate Affairs Commission (CAC) is the sole government agency responsible for overseeing the incorporation of companies in Nigeria. This guide

Introduction Non-profit organizations, often referred to as Non-Governmental Organizations (NGOs), are entities that operate for purposes other than generating profit. In Nigeria, the establishment and regulation of NGOs are primarily governed by the Companies and Allied Matters Act 2020 (CAMA). These organizations are usually registered as “Incorporated Trustees” under Part F of CAMA 2020. NGOs