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Nigeria: Several States Adopt Laws on Kidnapping

(Feb. 23, 2009) On February 19, 2009, Nigeria's Enugu State House of Assembly unanimously passed into law a bill making kidnapping with the use of a gun a capital offense in the State, an offense that previously carried a ten-year prison sentence upon conviction. Under this new law, kidnapping without the use of a gun […]

Nigeria: Law on Annual Presidential State of the Nation Address

(Feb. 20, 2009) On February 19, 2009, the Nigerian Senate approved the Bill for an Act to Enshrine an Annual State of the Nation Address and Other Matters Concerned. The new legislation would compel the President of Nigeria to give a “state of the nation address” once a year, on the first day of the […]

Nigeria: Petroleum Industry Bill Considered

(Jan. 27, 2009) The Nigerian National Assembly is considering a bill, An Act to Establish the Legal and Regulatory Framework, Institutions and Regulatory Authorities for the Nigerian Petroleum Industry, which seeks to restructure the Nigerian National Petroleum Corporation (NNPC) and make its operations transparent. Under its current structure, the NNPC is empowered to operate under […]

Nigeria: Act Outlawing Use of Electronic Devices to Commit Financial Crimes

(Nov. 19, 2008) It was reported on October 30, 2008, that the Nigerian Senate is working on a Bill for an Act to Provide for Prohibition of Electronic Fraud in All Electronic Transactions in Nigeria and for Other Related Matters, to outlaw the use of electronic devices to committee financial crimes. The bill prohibits: 1) […]

Nigeria: Bills Prohibiting Gas Flaring and Establishing Desertification Control Commission

(Oct. 14, 2008) On October 7, 2008, the Nigerian Senate debated a bill that if passed would outlaw the flaring of natural gas. The bill requires the Minister of Environment, who will be directly accountable to the National Assembly on this matter, to revoke the license or lease on a field in which gas was […]

Nigeria: Work on Financial Bailout Plan

(Oct. 9, 2008) It was reported on October 7, 2008, that officials of the Nigerian Stock Exchange (NSE) and the Nigerian Securities and Exchange Commission were meeting to develop a plan to inject private funds into the stock market to bail out the bourse's meltdown. The Federal Government had introduced recovery measures in August 2008 […]

Nigeria: SEC Issues Two New Stock Market Rules

(Oct. 2, 2008) The Securities and Exchange Commission of Nigeria issued new rules on September 15, 2008, in conformity with a Federal Government directive to stabilize the stock market. The rules follow the establishment of two technical committees, one to review the code of corporate governance for public companies and the other to review the […]

Nigeria: Asset Forfeiture Bill Proposed

(Sept. 25, 2008) It was reported on September 19, 2008, that the Nigerian Economic and Financial Crimes Commission has proposed a draft bill that establishes a civil legal regime for reclaiming unlawfully acquired public or private property. Under this bill, an application for forfeiture of illegally acquired assets could be brought before the appropriate court […]

Nigeria: Economic Laws Amended in Legislature

(Sept. 15, 2008) The House of Representatives, the lower house of Nigeria's National Assembly, has amended some financial and economic laws in an effort to stabilize the business environment. Among the laws passed are the Personal Income Tax Amendment Act; the Petroleum Profit Tax Act; the Customs, Excise Tariff, and Amendment Act; and the Companies […]

Nigeria: Bill on Establishment of Financial Crimes Court

(July 2, 2008) It was reported on May 12, 2008, that Nigeria's Senate would approve the establishment of a special court for financial crimes, through the enactment of the “Financial Crimes Court 2008” bill. According to Senator Simeon Oduoye, Vice Chairman of the Senate Committee on Security and National Intelligence, the new body will have […]