DCSL News Alerts

The Company Secretary - Supporting the Board Through A Crisis

As part of measures to curtail the spread of the global Covid-19 pandemic, the Nigerian Immigration Service (NIS) has ordered a one-month suspension of passport processing & Migrant e-registration exercises across all its issuing and Registration Centers in Nigeria.

Following misconceptions on the circular issued by the Central Bank of Nigeria (CBN) on 23rd February 2020 on the operation of Ordinary Domiciliary Accounts (ODAs) in Nigeria, the CBN has provided further clarification. The apex bank noted the need to set the records straight as Banks and their customers had interpreted the earlier circular as prohibiting the acceptance of foreign currency cash deposits by Deposit Money Banks

RE_EXAMINING THE NIGERIAN DATA PROTECTION REGULATION

President Muhammadu Buhari on February 4, 2020, officially launched the Nigerian Visa Policy (NVP) 2020 to support the ease of doing business agenda of his administration. The President, while making his presentation at the State House, Abuja, stated that the NVP would attract innovation, specialized skills and knowledge from abroad to complement local capacity.

UNITED STATES GOVERNMENT EXENDS VISA BAN TO MORE AFRICAN COUNTRIES

President Muhammadu Buhari signed the Finance Bill into law on Monday, January 13, 2020. The President announced the signing of the Bill via his twitter handle. The Bill, now an Act, reforms Nigeria’s tax laws, bringing them in tune with best practices in other countries of the world.

EXTENSION OF VISA ON ARRIVAL POLICY TO ALL AFRICAN NATIONALS

The Independent Director: Limitations to Effective Monitoring

The Federal Inland Revenue Service (FIRS) has established a specialised tax office for Non-Resident Tax Persons in Lagos. This is contained in a Public Notice signed by the Executive Chairman, FIRS, Mr. Tunde Fowler.

The Nigerian government has announced a reduction in the fee payable by citizens of the United States of America seeking Nigerian visas. This development came hours after the Trump administration imposed a “reciprocity” fee for all approved non-immigrant visa applications by Nigerians with effect from August 29, 2019.

The National Insurance Commission (NAICOM) in its circular referenced NAICOM/DPR/ CIR/25/2019 and dated May 20, 2019, announced a new recapitalization regime for insurance and reinsurance firms in Nigeria.