In recent years the Nigerian government has strengthened its tax collecting agencies, which saw total taxes collected rise to 5 trillion naira in 2012 (compared with 454 billion naira in 2002). The 2014 federal budget proposes policy actions that will improve the value chain on key automobile products, encourage the local production of rice and the local production and assembly of vehicles in Nigeria. In this chapter, we identify four leading lawyers.
As Nigeria’s economy continues to thrive, foreign investors and businesses are increasingly looking to capitalise on opportunities in the region. These incoming companies are bringing with them experienced foreign employees, creating additional work for the country’s immigration experts. In this chapter we feature six practitioners who each come highly recommended for their work in this area.
Due to its wealth of natural resources and recent establishment as Africa’s biggest economy, Nigeria is experiencing a surge of investment in energy and infrastructure projects. African real estate equity funds are attracting major interest from European and US investors who sense opportunities in the real estate market – where a successful investment can bring returns as high as 35 per cent, according to Reuters. Our research identifies four individuals who stand out for their work in the sector.
Despite investor wariness in recent years, the market has recovered well from the financial crisis under the regulating apex of the Securities and Exchange Commission (SEC). The All Share Index has, this year, exceeded its pre-meltdown peak. The Nigerian capital markets are now among the most promising in the emerging world. For this edition we have identified 17 expert lawyers: a significant increase on last year, exemplifying the recent growth of the market.
In February 2014, the Central Bank of Nigeria effected a new monetary policy which saw the cash reserve ratio rate increase to 75 and 15 per cent for public and private sector deposits respectively, withdrawing close to 1 trillion naira from the economy. The policy aims to curb spikes in the demand for dollars and reduce excessive cash flows in the system. Our research identifies 15 lawyers who possess the expertise and skills to advise clients on banking and financial law matters.
The aviation industry in Nigeria has faced many recent challenges. A Dana Air plane crashed in 2012, followed in late 2013 by a crash involving an Associated Airlines plane, which claimed 16 lives. The industry also saw the controversial departure of aviation minister Stella Oduah in early 2014. Against this backdrop, our research picks out nine practitioners who stand out for their knowledge of this sector.
Arbitration remains a popular choice for dispute resolution in commercial cases, and the trend for upholding a party’s right to arbitrate has been affirmed by the higher courts. In 2013 the Nigerian Court of Appeal confirmed that Nigerian courts may not injunct arbitration proceedings, having taken a strict interpretation of section 34 of the Arbitration and Conciliation Act. It is anticipated that this pro-arbitration stance will continue for the foreseeable future. This year we recognise 26 outstanding experts.
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Nominees have been selected based upon comprehensive, independent survey work with both general counsel and private practice lawyers worldwide. Only specialists who have met independent international research criteria are listed.