₦airaland Forum

Hi guys i studied Tokumbology with a 3:1

Elia, iam surprise to hear this. which part of Nigeria are you? if you are in lagos, i guess you have not been diligent enough to look for law firms. there are many of them to employ you. If i may ask what was your grade in school. if you made a 2-1 then there is no reason why you should not have gotten a place by now this is because most law firms, esspecially those on the island that pay very well require 2-1. But even at that so many of them take 2-2 as well. send your cvs to these firms
1 Banwo&Ighodalo- 168 awolowo Road Ikoyi lagos
2Aluko&Oyebode-35 molonu street Obalande lagos
3Ikeyi&Arifayan-8th floor, 21 boyle street onikan lagos
4Olaniwun &Ajayi-uba house
5.Udo udoma&bello osagie- st nicholas house, catholic mission str. lagos
6.paul usoro &co union bank house 9 oyin jolayemi str. vi, lagos
7Templers-13/15 AJ Marinho drive vi, Lagos
8.Ealex- marble house besides church of assumption falomo


and so many of them. By the time you have sent in your cv to all these law firms, bet me you will be called before you know it. All the best.

Joy heaven and success are your for sure.
Thanks for your breaking news.

I have also recieved an invitation letter, but mine is for 31st and i am a lawyer. Umu Africa, can some one please gives us an idea of the nature of the test at this stage? Is it going to be based on your area of study? if that is the case, then, no cause for alarm. or are they going to give us quantitative and spartial kiniko? That will be suicidal, but all the same, we dey kankpe under the protection of the ALMIGHTY GOD. They should come from any angle, there is no changing an idea whose time has come. God has set aside the LNG job for us so we are just going through the normal process. Remain blessed, and have faith in GOD.

We are solicitors and transaction advisers to Nadabo energy in respect of the usan project. because of this and my professional to hold my client's confidential matters in confidence, i may not be able to volunteer any further information on my client's business. If wish to transact any business in relation to the usan project and you believe that my client would have any role to play, i advice you send a proposal to them for discussion. i will also advice that you act fast cos the transaction is at its pick stage now. Kind regards.

I confirm that Nadabo Energy is a reputable energy company. they are into all kinds of oil business. As a matter of fact they have currently a huge equipment supply deal with Elf Nigeria Limited in relation to the USAN Development Project. I wish you luck in your interview.

young man, which state of resident did you supply to lng when you applied ? If you have received any invitation spcifying that state, then write you test there. If not, arm yourself with one of the letters and write the test at the centre neares to you.

It might just a mistake on their part and it should in no way prejudice your chances. All d best.

Hi great nairalanders, i am as woried as any one of you, but lets be patient. I dont think they have called any body in furtherance of the test. May God help us.

I know Templers is a good law firm but for internal working environment, i dont know because i dont work there. most law firms pay 13th month and other bonuses. All the best.

I claim it in JESUS NAME AaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaMmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmEeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeNnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnn!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!.It is well with all of us.

You may send your cv to Aluko & Oyebode, 35 moloney street, lagos, Olaniwun & Ajayi, UBA house, marina, Udoudoma & Belo Osagie, St Nicholas House, catholic mission street lagos, Banwo& Ighodalo, 168 Awolowo Road Ikoyi, lagos, Ikeyi Egudu & Co. 6a Lalupon close SW Ikoyi Lagos, G Elias & Co. NRC Building, 6 Broad street Lagos.
Good Luck.

Hey, what grade did you come out with from the university and at the law school?

Dear Tonwe,

Greeting.

Well your question is quite tasking and technical. However, i will give you some tips if i have further information from you.

In the first place, is your employer a company duly registered in Nigeria under the Companies and Allied Matters Act 1990? This is because under section 54 of the Act it is illegal for a foreign not registered in Nigeria to carry on business in Nigeria. If your answer to above question is yes, then the company will be exposed to the following Nigerian taxes i) Value Added Tax 5%- for the supply of goods and services,ii)Company income tax @30%- for the annual profit of the company after all deductibles, PAYEwhich graduates to an upper limit of 25% for the staff, and then withholding staff @ 10%-deductible @ source for its payments. the operation of these taxes is a full lecture, which requires at leaset 2 months intensive training.

If your company is not registered in Nigeria, but however have some sort of business transactions in Nigeria determination of its tax liability in Nigeria would depend on whether it has a fixed base in Nigeria, or whether it has a dependent or independent agent in Nigeria, or whether it is engaged in a turn key contract.

If your company is not registered in Nigeria, you should know if it is in a country that has double taxation treaty with Nigeria. this is because the tax burden would be lower if its country has a DTT with Nigeria.

Ultimately, what determines your company's exposure to tax, greatly depends on the structure of the contracts and transactions it engages in. There are lots and lots of ways we structure agreements and contracts for companies to achieve tax efficiency for them without violating the relevant tax laws. This is by employing the tax planning mechanism contained in the law itself. Tonwe am sorry that you are not a lawyer, but all your company is to engage a good tax lawyer to advice and structure your transactions. I must tell you very few lawyers in Nigeria has this skill.

I will be able to give you more tips if i get to know exactly the status of your company even though time is my greatest problem. I pray that you will pass your probation in the company. Have a great day.

Thank you Lloyds, you and all nairalanders are blessed too.

Yes as i was saying, the deal could be structured in various forms.  i will illustrate these forms.

1.Triangular relashionship:  Under this structure, the supplier of the equipment sales to the lessor and the lessor in turn leases the equipment to the lessee.there is no contractual relationship between the supplier and the lessee (except by collateral contract)  this has some adverse consequences to the lessor, of which the details  may not be fully discussed here.

2.In another instance the lessee may purchase the equipment as agent of the lessor, and then take the equipment on lease.  Under this arrangement, the lessee negotiates for the price of the equipment, advises the lessor (the financial institution), who will then provide the funding. Here the lessee is acting as a disclosed agent for the lessor. In some cases the financial institution may not want its identity to be disclosed to the supplier, and hence authorizes the lessee to buy the equipment in its own name as an undisclosed agent ,and the lessor undisclosed principal.  this arrangement again has some risks for the lessor.

3. The lessee may have an option of sourcing fund from else where may be by a short term loan to purchase the equipment.  then enter into an agreement with the lessor or financial institution where by the lessee will sell the equipment to the financial institution and then lease the equipment back from the financial institution.  the advantage of this structure is that the lessee gets the equipment at a cheaper price and can make capital gains from the resale of the equipment. This is known as purchase, sale and lease back.

There are so many ways in which this finance lease could be structured.

It should be noted that in finance lease, there is no distinct interest or finance charge, the return on capital to the financier is subsumed within the rental payments. None the less these are calculated by reference to the financier's desired internal rate of return, and though this may not be furnished to the lessee he will usually be quoted in terms of so so amount per per mille of capital cost.

In all of the above there are various advantages and disadvantages including the tax implication and balance sheet issues to the lessor and the lessee.  However, ultimately, upon good structuring, the lessee company benefits form the arrangement,thereby solving its cashflow problem.  Just that you may need the services of a competent transaction solicitor to properly advise, guide and structure the agreements. we could discuss this further if you are keen to venture into it.  I wish your company the best in its businesses.

Yes as i was saying, the deal could be structured in various forms. i will illustrate these forms.

1.

Let me start by telling you that training of man power is the hub for the growth and succession strategies of a company, so that even if you decide to cut training and purchase the equipments you will find out that the equipments will be redundant without competent human capacity to utilise it. therefore, the issue of cuting down training to enable the company procure equipments should not be considered. there is meant to be a proper mix of the two.

coming to the core of your question, i will suggest that your company should try the option of a finance lease for the equipments. Finance lease is an arrangment whereby the purchase of an equipment is procured by a lease arrangement finaced by a financial institution. I will illustrate to you how it works.
Assuming the equipment in question is a crane, and mr A is a financial institution, while mr B is the company that requires the equipment but due to mr B's cashflow it can not afford the cash for an outright purchase of the crane. Mr B will now enter into an arrangement with mrA for mr, A to purchase the crane and then lease it out to mr B. mr B will be paying an agreed rent to mr.A . the deal will be structured in such a manner that the ultimate aim of the lease is for mr B to become the owner of the crane after the payment of agreed amount to mr A by way of rent.

Under this structure Mr, A could take delivery of the crane directly from the seller or mrA may instruct the seller to deliver the crane to MrB.

sorry my time has run out, i will discuss other options under this arrangment next time. But i assure you that your company could procure the equipment and work affectively without down sizing training. Enjoy yourself.