8:00 - 17:00

Our Opening Hours Mon. - Fri.

07069279374

Call Us For Free Consultation

Facebook

Twitter

Search
Menu

Author: Barr Chinedu Okpi

Ibe, Chido and Associates > Articles posted by Barr Chinedu Okpi

How to Write a Cash Flow Statement

How to Write a Cash Flow Statement One of the most important aspects of running your business is managing the amount of money that comes in and goes out. Ideally, more will always be flowing in than flowing out, but it doesn’t always happen that way. You may have to pay your staff and suppliers while waiting to pay yourself.   No matter what your situation, it’s helpful to have a picture of where you stand at any given time, and a cash flow statement is the key. It gives you an overview of how money flows in and out of the...

Continue reading

STEP BY STEP GUIDE ON HOW TO OBTAIN AN OIL EXPLORATION LICENSE FROM DEPARTMENT OF PETROLEUM RESOURCES (DPR) IN NIGERIA

The Lucrative oil and gas industry of Nigeria has produced such industry heavyweights as African Petroleum Plc, Oando Group, and Capital Oil Plc etc. The Government of Nigeria Being reliant on revenue accruable from the Sector has made it compulsory for all participants in the oil exploration sub-sector of our economy to ensure that obtaining an OIL EXPLORATION LICENSE from DPR is mandatory for all stakeholders. Below is a step by step guide a Consultant must trail in order to secure the license for an Investor in the sector. The Investment company must indicate an interest to participate in the Oil...

Continue reading

PIONEER STATUS AND OTHER INCENTIVES AVAILABLE TO FOREIGN AND INDIGENOUS INVESTORS IN THE NIGERIAN

The successive and current governments of the federal republic of Nigeria has deemed it expedient to adopt the international best practice of introducing a wide range of economic incentive and reliefs that would motivate investors so as to make Nigeria an investment safe haven These incentives and reliefs are meticulously captured in various laws of Nigeria, but most specifically in the Nigerian Investment Promotion Commission (NIPC) Act, foreign exchange (monitoring and miscellaneous provisions) Act, customs and excise management Act, Industrial Development (Income Tax Relief) Act, Companies Income Tax Act and under the minerals Act etc. The Nigerian investment promotion commission, being a...

Continue reading

REGISTRATION REQUIREMENTS AND COST OF SECURITIES EXCHANGE IN NIGERIA.

Below are the requirements and fees payable prior to registration with Securities and Exchange Commission of Nigeria.FEES  N5,000:00 (Five thousand naira only) being an application fee. N200,000.00 (Two hundred thousand naira only) being registration fee for the Company and N1,000.00 (one thousand naira only) for each sponsored individual. REQUIREMENTS Duly executed Form SEC 5 for the Exchange (The Company)and Forms SEC 2(in duplicate) for sponsored individuals who shall be principal officers of the Exchange (i.e Managing Director and Principal Officers). Please note that you are to sponsor at least four officers; one of which should be a Compliance Officer who shall be responsible for monitoring compliance...

Continue reading

RELEVANT INFORMATION REQUIRED TO PREPARE A TENANCY AGREEMENT

The relevant information required to prepare a tenancy agreement.1. Name, address, and occupation of both the Landlord and tenants.2. Date the tenancy is expected to commence.3. A detailed description of the rented property.4. Duration of the tenancy.5. Rent to be paid and the method of payment, whether cash or online transaction.6. Any specific undertaking to be performed by Landlord and tenant.Thank you. ...

Continue reading

REQUIREMENTS FOR LABOUR/RECRUITERS PERMIT

The following are documents required for an application for recruiters license.1. Covering letter2. Pre-registration inspection report3. Application(to be downloaded from www.nelexnigeria.com or .org)4. Photocopy of revenue receipt5. Photocopy of certificate of incorporation6. Photocopy of memorandum and article of association which includes RECRUITMENT CLAUSE, very important7. Employee handbook8. Prototype offer of employment9. Management profile10. Photocopy of particulars of directors11. Photocopy of registration with a pension fund administrator(trust fund pensions)12. Training policy13. Notification of registration with NSITF14. Evidence of healthcare service for employees with Mediplan Health Ltd15. Strong worded original bond document in favour of Min. Of Labour( it must be with the sum of 5million...

Continue reading

REQUIREMENTS FOR PENCOM COMPLIANCE CERTIFICATE,NATIONAL SOCIAL INSURANCE TRUST FUND COMPLIANCE CERTIFICATE AND INDUSTRIAL TRUST FUND CERTIFICATE (ITF)

PENCOM COMPLIANCE CERTIFICATE Photocopy of CAC certificateFIRS Tax Identification Number (TIN)Processing of Employer Code with PENCOMRegistration of 3 staffs with Pension Funds Administration (PFA)Remittance of 18% of 3 staffs salaries for 36 monthsGroup Life insurance to cover the 3 staffs of the company. Duration will depend if the company already has an EMPLOYER CODE. If they have, the timeframe will be 3weeks,but if they don’t, it will last for at least 1month. NATIONAL SOCIAL INSURANCE TRUST FUND COMPLIANCE CERTIFICATE Tax Clearance CertificateCorporate Affairs CertificateRemittance of 1% of 5 staffs total salaries for 72 months  INDUSTRIAL TRUST FUND CERTIFICATE (ITF) Original copy of CAC certificate for sightingCurrent Audited...

Continue reading

HOW TO REMOVE A DIRECTOR FROM A CORPORATE LEGAL ENTITY

Companies and allied matters Act in Section 244(1) (2) describes a Director as a person or persons suitably appointed by the company to Direct and supervise the business of the company whether in executive or non-executive capacity. It is important to note that non-executive Directors can be told apart from the former based on the fact that they do not have contracts of employment with the shareholders (owners) of the company and do not have fixed salaries unlike their executive colleagues.  They are paid based on an amount agreed by members of the company at the annual general meeting through a...

Continue reading

HOW TO AVOID CORPORATE AFFAIRS COMMISSION (CAC) QUERY ON FILED APPLICATIONS

Applications filed in Corporate Affairs Commission (CAC) may well be for change in Directorship, transfer of shares (allotment of shares is no longer satisfactory), change of registered address, appointment of secretary, change of Company’s name etc. Once these applications are filed for verification at CAC as a fresh application, the internal management procedure of the commission entails that the application is assigned to a staff known as a verification officer. A verification officer is an experienced staff of the Commission who is not below the rank of a manager These are the steps every verification officer will take to ensure that all information submitted by an applicant in the course...

Continue reading

HOW A FOREIGN INVESTOR CAN PARTICIPATE IN THE GROWING NIGERIAN ECONOMY BY REGISTERING AT THE CORPORATE AFFAIRS COMMISSION (CAC) AND NIGERIA INVESTMENT PROMOTION COMMISSION.

A Foreign Investor can participate in the growth of the Nigerian economy. It is immaterial whether such investment drive is motivated by an individual or a foreign corporate entity.  It is relatable based on the topic of discourse to take a critical look at some of the legal requirements such investor must fulfill in order not to be in constant brush with law enforcement agencies. The first step a foreign investor has to take in order to participate in the bubbling Nigerian economy is to incorporate a company with the corporate affairs commission of Nigeria. The effect of carrying on Business without registration is that such investor will be guilty...

Continue reading