Blog – Page 17 of 20 – Lex-Praxis Legal Solicitors

August 20, 2021August 20, 2021

HOW TO DETECT PONZI SCHEMES IN NIGERIA

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Sometime in July 2021, the Vanguard newspaper headline bore the caption “ Victim of Ponzi Scheme commits suicide”. According to the article, the man the young man in question was a student who borrowed money from his friends in addition to his school fees to secure his investment in what turned out to be a fraud. It would interest you to know that the investment company in question, was registered with the Corporate Affairs Commission and as a result, the unsuspecting investors had no reason to question whether or not the activities of the company were legitimate. But when it...

July 29, 2021July 29, 2021

DUTY OF DISCLOSURE OF PERSONS WITH SIGNIFICANT CONTROL – WHAT SHAREHOLDERS AND OFFICERS OF PRIVATE COMPANIES SHOULD KNOW.

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By Cynthia TishionIn Business Law

The new Companies and Allied Matters Act, 2020 has made it mandatory for substantial shareholders of new and existing private companies or limited liability partnerships, as well as persons with significant control to disclose details of such control to the company within seven days of acquiring such control. In addition, the company in question must inform the Corporate Affairs Commission within one month after receipt of such information. Prior to this Act, the obligation of disclosure was restricted to public companies alone, but the increased abuse of corporate governance as well as shielding of assets in private companies has given...

July 26, 2021July 26, 2021

CAN A DIRECTOR OF A COMPANY BE APPOINTED BY A WRITTEN WILL?

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By Cynthia TishionIn Business Law

Mr Itam in his life time was the founder and Chief Executive Officer of Fank Ventures Limited, a private company duely registered in Nigeria. Before his demise, he left instructions in his will appointing his only surviving son Mr Emmanuel Itam, to take his position as Director and CEO of Fank Ventures Ltd. He passed on in 2018, and upon reading his will, other directors of the company became aware of his intention to include his son as a member of the board of directors. Mr Emmanuel Itam (his son) has been unable to assume his role as director and...

July 2, 2021December 15, 2022

CBN LICENSING REQUIREMENTS FOR OPERATING A FINTECH STARTUP IN NIGERIA.

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By Cynthia TishionIn Startup Law

The late 20th century has witnessed the rise of Fintech companies in Nigeria that offers financial services which were originally exclusive to traditional financial institutions. Taking bearing from the likes of Remita, Paystack, Flutterwave, PiggyVest, Kuda Bank, etc fintech companies are primarily known for using technology to improve financial services and increase access to finance. The Central Bank of Nigeria is the apex body responsible for regulating the formation and operation of Fintech companies in Nigeria. There are other agencies that regulate the operations of Fintech companies based on the nature of services carried out such as the Securities and...

June 18, 2021June 18, 2021

HOW TO RECOVER DEBT IN NIGERIA

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By Cynthia TishionIn Debt Collection

When it comes to business dealings, it is almost impossible not to encounter situations where goods and services will be given out with hopes of it being paid on a given date or loans being advanced to a person to be paid on a stipulated date. Where such dealings take place, the persons who receives the goods or services or the loan, to pay at a specified date, is called the debtor while the person advancing the loan or giving out such goods and services on credit, is the Creditor. Debts are meant to be paid back at the actual...

April 23, 2021April 23, 2021

HOW TO BUY A PROPERTY IN NIGERIA.

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By Cynthia TishionIn Property Law

No doubt, acquiring real estate is the best form of investment one could ever make. But with the alarming report of fraudulent property transactions, it’s important that anyone intending to acquire a property in Nigeria, take note of the necessary precautions needed to avoid buying a potential lawsuit. WHAT TO DO BEFORE BUYING A PROPERTY IN NIGERIA CARRY OUT A PHYSICAL INPSECTION OF THE PROPERTY. It is of utmost importance that before a purchaser acquires a property, he or she must first and foremost visit the location of the property in order to ascertain whether or not the physical aspects...

April 7, 2021April 7, 2021

WHAT IS THE PROCEDURE FOR REGISTERING A COMPANY IN NIGERIA?

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By Cynthia TishionIn Uncategorized

The introduction of the new Companies and Allied Matters Act in 2020 brought about changes to the administration of corporate affairs in Nigeria, and with the introduction of new procedures and processes to the registration of companies in Nigeria, I’ll be answering this question in line with these recent changes. Before i proceed, let me state the following; a) The Corporate Affairs Commission is the sole agency responsible for incorporation of companies in Nigeria. b) A company is different from a business name. c) In Nigeria, there are various types of companies provided by law. They include; Private company...

March 15, 2021March 15, 2021

CAN A FOREIGNER BE A DIRECTOR OF A COMPANY IN NIGERIA?

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By Cynthia TishionIn Uncategorized

Within this context, a foreigner is referred to as a citizen of any other country outside Nigeria. With globalization and technological advancement, a foreigner or any person living outside Nigeria can have his or her company set up in Nigeria. Furthermore, the Companies and Allied Matters Act, does not restrict foreigners from serving as directors of a company established in Nigeria. A foreigner could therefore be nominated or appointed as a director of a company in Nigeria regardless of whether or not he lives outside Nigeria. However, should the company see the need for such foreigner to live and work...

March 10, 2021March 10, 2021

HOW TO RECOVER PROPERTY FROM YOUR TENANT IN NIGERIA.

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By Cynthia TishionIn Property Law, Uncategorized

A tenancy relationship entails, a situation whereby a landlord hands over rights to occupy his property to a tenant over an agreed period of time, in exchange for rent. This implies that there are circumstances whereby a landlord may need to recover possession of the property from his tenant. In such cases, there are procedures set out by law for a landlord or his legal representative to follow and we’ll consider them in this article. WHO IS A LANDLORD? A landlord can be defined as one who owns a property or premises. He can further be said to be someone...

March 5, 2021March 5, 2021

HOW TO RECOVER RENT OWED BY YOUR TENANT.

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By Cynthia TishionIn Property Law

In our society today, every person must have a place called home, a shelter over his or her head. One may have either a house of his/her own or live in someone else’s apartment for a fixed period of time in exchange of an amount of money known as rent, thereby creating, a landlord and tenant relationship. Circumstances may however occur where a tenant fails to pay his or her due rent or money owed to the landlord at various stages of the tenancy relationship such as; i) Where the duration of tenancy still subsists e.g the case of Mr...