Competition Law in Africa Conference

SimmonsCooper Partners (SCP) is proud to have been a Headline Sponsor at the recently concluded Competition Law in Africa Conference jointly presented by the International Bar Association (IBA) Antitrust Section, IBA African Regional Forum and the Federal Competition and Consumer Protection Commission (FCCPC) around the theme Regulatory Developments and Enforcement Trends Across the Continent. The Conference held on 24th and 25th November 2022 at the Federal Palace Hotel & Casino, Lagos.

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S.C.P Think Series

Towards a Post COVID-19 Regeneration…

Much of the world is grappling with the unprecedented disruption that the COVID-19 pandemic has brought about to lives, livelihoods and national economies. The combination of a severe health and economic crisis at the same time, on a global scale, spread in record time, has created a demand and supply side shock to national and local economies, to businesses and individuals.
For governments, corporate organisations and individuals, the capacity to reactivate, and in many instances, reinvent the wheels of progress will not only be tested in the days to come, but will prove critical to thriving in the face of such unsettling circumstances that have affected all facets of human endeavour.

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DISPUTE RESOLUTION REGULATORY COMPLIANCE FILINGS

(ADOPTING TECHNOLOGY FOR EFFECTIVE & EFFICIENT RESULT - Way to go)

The Nigerian judicial system has not been spared the disruptions and challenges caused by the pandemic. The initial announcement by the Honourable Chief Justice of Nigeria regarding closure of all Courts has been lifted to accommodate the gradual ease of the lock down declared by the Federal Government. Most Courts have circulated their respective Practice Direction Guidelines for remote and physical sittings.

HIGHLIGHTS OF CIRCULATED PRACTICE DIRECTIONS

There is no doubt that all Courts have embraced digitalized technology rather than its prior manual process causing delay in administration of justice. Hopefully, we envisage that pending matters will be heard timeously once the judiciary can fully embrace the use of technology in its proceedings.

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SECTORAL OUTLOOK ON ECONOMIC AND TAX MEASURES IN NIGERIA, POST COVID-19.

As the cliché goes, there are only two inescapable realities to life: death and taxes. Thus, tax is viewed as an essential civic duty that is sacrosanct and unavoidable except to the extent permitted by law. It is not hard to figure why this is so, as it is through the instrumentality of taxation that government generates revenue and deliver on its mandate to its citizen. For this reason, governments are usually uncompromising in their enforcement of tax provisions, as well as intent on applying the full weight of law on defaulters.

The significant reduction in economic activities nationwide appears impracticable for the Nigerian Government to achieve its targeted revenue fixed at N8.5 trillion for the current fiscal year. Most of the applicable taxes in Nigeria are chargeable on profits for companies, and income for individuals. With the current Covid-19 pandemic, it may be easy to predict that just very few companies will break even during this crucial period.

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