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Pro-rated Payment: How Nigerian Law Calculates Salary upon Termination of Employment
These salary disputes often find their way into the Nigerian courts, where the law is applied to determine the rights and obligations of the parties involved. This article examines a specific case in Nigeria — Mr. Abe Adewunmi Babalola v. Equinox International Resources Ltd. — decided recently by the National Industrial Court of Nigeria, where the issue of pro-rated or full monthly payment upon termination of employment was contested.
Practical Steps: How to Give Consent and Control Your Personal Data under Nigeria Data Protection Act 2023
Consent plays a crucial role in the processing of personal data under the Act. Data subjects have the right to control their personal data and must give their consent freely and intentionally. It is important to note that silence or inactivity cannot be considered as consent. To give valid consent, data subjects should follow these practical steps…
Nigeria New Data Protection Act, 2023: An In-depth Look into Key Provisions
The Act outlines the principles and lawful basis for processing personal data. Personal data must be processed in a fair, lawful, and transparent manner. It should be collected for specified, legitimate purposes and not further processed in a manner incompatible with those purposes. The processing should be limited to the minimum necessary data and retained for a duration aligned with the lawful bases for processing. Accuracy, completeness, and relevance of personal data must be maintained, and appropriate security measures should be implemented to protect against unauthorized or unlawful processing, access, loss, destruction, or data breaches…
Unveiling the New Education Loan Law in Nigeria: A Closer Look at its Provisions and Implications
To be eligible for a loan under this Act, students must have secured admission into a recognized Nigerian university, polytechnic, college of education, or vocational school. The annual income of the applicant or their family must be less than N500,000. The applicant must provide at least two guarantors who meet specific criteria.
The law establishes the Nigerian Education Bank as a body corporate with the functions and powers to implement the Act. The bank is responsible for receiving loan applications, screening applicants, approving and disbursing loans, monitoring loan accounts, and ensuring compliance with repayment.
Nigeria’s New Finance Act of 2023: Key Changes and Implications
Under the Nigeria Finance Act of 2023, a capital gains tax of 10% has been introduced for digital assets. This tax is applicable when selling or disposing of valuable digital items that result in a profit. The tax calculation involves deducting allowable deductions from the total earnings in a specific assessment year. It applies to a wide range of property types, including options, debts, and intangible assets, regardless of their physical location. The tax also covers foreign currencies, except for the Nigerian currency. Any property that is created or acquired without purchase is considered an asset for tax purposes. However, the Act does not provide a clear definition of what constitutes a digital asset, leading to controversies regarding its scope and intentions.
