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20 January
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HOW TO PROCESS A TEMPORARY WORK PERMIT (TWP) IN NIGERIA.

Posted by Barr Chinedu Okpi
in General Articles

Temporary work permits, also known as temporary foreign worker visas or short-term visas, are documents that allow individuals to work in a foreign country for a limited period of time. In Nigeria, temporary work permits are typically issued by the Nigeria Immigration Service (NIS) to individuals who wish to work in the country on a temporary basis. These permits are typically valid for a specific period of time and may be issued for a variety of purposes pertaining to specialized skilled services, such as after sales Installation /Commissioning/ Upgrading/Maintenance/Repairs of equipment and machinery, Training /capacity building for Nigerian staff, Audit...

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09 October
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HOW TO PROCESS A SPECIAL CONTROL UNIT AGAINST MONEY LAUNDERING (SCUML) COMPLIANCE CERTIFICATE

Posted by Barr Chinedu Okpi
in Business Articles, Corporate Matters, General Articles

The Money Laundering (Prohibition) Act and the Terrorism (Prevention) Act (TPA) all of 2011(as amended) are laws put in place to prohibit Money laundering in Nigeria and the Special Control Unit against Money Laundering is the governmental unit which collaborates with the efforts of the Economic and Financial Crimes Commission (EFCC) in implementing Nigeria’s Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) regime. To further guarantee that money laundering is reduced to the barest minimum, the above-stated laws assigned some businesses the appellation of a Designated Non-Financial Institutions (DNFIs) and one of the cardinal statutory obligations of the DNFIs after...

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02 September
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HOW TO PROCESS ALL RELEVANT GOVERNMENT CONTRACT DOCUMENTS (PENCOM, ITF, NSITF) AND A COMPREHENSIVE LIST OF ALL GOVERNMENT TENDERS AND BUSINESS OPPORTUNITIES

Posted by Barr Chinedu Okpi
in Business Articles, Corporate Matters, General Articles

The economic system of Nigeria being a blend of Government and private participation calls for synergy between both partners in progress to formulate a course of action that will ensure the best-qualified contractors, firms, and companies in line with the Public Procurement Act (PPA) 2007 secure the right or license to implement Government projects that best suits public interest. On the strength of the above premise, below are the eligibility requirements prospective bidders are obligated to present for a successful bid. Firstly, before an entity can be classified as a company capable of processing a PENCOM, ITF, and NSITF Compliance certificate for...

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07 August
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A STEP BY STEP GUIDE ON THE REQUIREMENTS, PROCEDURE AND CLASSES OF TRADEMARK REGISTRATION IN NIGERIA.

Posted by Barr Chinedu Okpi
in Corporate Matters

The idea behind the concept of Trademark is for the protection of the ideas, inventions, designs and trade secrets of Investors and by so doing, ensure that their rights are not infringed upon by Competitors. Once a Trademark is registered, it enables the owner to take legal actions against anyone who exploits benefits associated with the use of the registered mark without the consent or the authorization of the owner of the mark. Upon completion of the registration process, the Owner of the mark assumes exclusive ownership to the exclusion of all others and his right will be deemed to have...

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12 June
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HOW TO PROCESS AN EMPLOYER’S PERMIT/ RECRUITER’S LICENSE IN NIGERIA.

Posted by Barr Chinedu Okpi
in Corporate Matters

The norm in Nigeria with regards to the recruitment of unemployed persons is that majority of recruitment agencies make promises of employment to unsuspecting job seekers which in most cases are non-existent and demand a high consulting fee for such unscrupulous service. It is then crucial for companies or organizations keen on operating recruitment service as a recruitment agency or to function as a recruiter in any capacity in Nigeria to comply with the provisions of the Labour Act, CAP L1, LFN 2004, and obtain a RECRUITERS LICENSE from the Ministry of Labour and Employment. The Federal Ministry of Labour and...

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20 May
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How to Process a PENCOM, ITF, NSITF Compliance Certificates, Register with BPP and Successfully submit a Tender/Expression of Interest to Execute a Government Contract in Nigeria

Posted by Barr Chinedu Okpi
in Business Articles, Corporate Matters

The economic system of Nigeria being a blend of Government and private participation calls for a synergy between both partners in progress to formulate a course of action that will ensure the best qualified contractors, firms and companies in line with the Public Procurement Act (PPA) 2007 secure the right or license to implement Government projects that best suits public interest. On the strength of the above premise, it is paramount for us to delve into the eligibility requirements prospective bidders are obligated to present before their bid is said to have been successfully submitted. Firstly, before an entity can be classified...

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10 January
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How to Write a Cash Flow Statement

Posted by Barr Chinedu Okpi
in Business Articles

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...

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

Posted by Barr Chinedu Okpi
in Corporate Matters

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...

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10 January
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PIONEER STATUS AND OTHER MONETARY INCENTIVES AVAILABLE TO FOREIGN AND INDIGENOUS INVESTORS IN NIGERIA

Posted by Barr Chinedu Okpi
in General Articles

The successive and current government of the Federal Republic of Nigeria has deemed it expedient to adopt the international best practice of introducing a wide range of economic incentives and reliefs that would motivate investors 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 parastatal under...

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21 December
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REGISTRATION REQUIREMENTS AND COST OF SECURITIES EXCHANGE IN NIGERIA.

Posted by Barr Chinedu Okpi
in General Articles

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...

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