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Investor Presentaiton

The Country and its institutions Business Organisation Labour and Social and Regulation Security Regulations The Nigerian Financial Tax System Services Industry Foreign Exchange Transactions Investment in Nigeria Accounting and Auditing Requirements Importation of Goods Exportation of Goods COVID-19 Economic and Fiscal Measures 1.3 The Government 1.3.3 Legal System At independence in 1960, Nigeria consisted of three regions: the Western, Eastern and Northern Regions. In 1963, the Western Region was split into two regions, namely: the Western and Mid-Western Regions. In 1967, the four regions were split into 12 States, after which there was a civil war, arising from a military coup and counter coup. In 1976, 7 additional States were created, resulting in a total of 19 States. The number of States was increased to 21 on 23 September 1987, and 9 more States were created in September 1991, to make the country a federation of 30 States. Currently, there are 36 States in Nigeria following the creation of 6 additional States on 1 October 1996. Nigeria was under military rule from 1966 to October 1979, when the military government handed over power to a civilian administration. The civilian administration governed for four years, based on a US-type Presidential System of government, before it was toppled by a military coup on 31 December 1983. The army ruled the country from then until 29 May 1999 when they voluntarily handed over power to a democratically elected civilian government. This has been followed by elections in 2003, 2007, 2011, 2015 and 2019. The current Head of State is President Muhammadu Buhari, GCFR, who was sworn in on 29 May 2019 for a second term of four years. 1.3.1 1.3.2 The Presidency The President is the Head of State and Commander-in-Chief of the Armed Forces. He is elected for a four-year term, subject to a maximum of 2 terms. There is a Vice President, who is elected alongside the President. The Vice President may be empowered to act on behalf of the President, if he is unable to act. National Assembly The National Assembly is the legislative arm of the Federal Government. It comprises the Senate (Upper House) and the House of Representatives (Lower House). The Senate is headed by a Senate President, who is elected from among the Senators. The Senate is made up of 3 members each from the 36 States of the Federation, plus 1 member representing the Federal Capital Territory, Abuja. Apart from making laws, the Senate is empowered to approve certain political appointments proposed by the President. The House of Representatives comprises members elected from the Federal Constituencies in each State of the Federation. The House is headed by a Speaker, who is elected from among the members. The Nigerian legal system is modelled after the English Common Law, modified by statutes to meet local demands and conditions. Nigerian laws in areas such as patents, trademarks, copyrights and business associations, considerably reflect corresponding British statutes in these areas as at the dates of their first enactment. At the apex of the Nigerian judicial system is the Supreme Court, which presently consists of 13 Justices including the Chief Justice. The Supreme Court of Nigeria has original and appellate jurisdiction in certain constitutional, civil and criminal matters prescribed in the Constitution. There is also a Court of Appeal which hears appeals from the Federal High Court, High Court of a State, Sharia Court of Appeal of a State and Customary Court of Appeal of a State. Under the Constitution, the Federal High Court has jurisdiction in matters connected with the revenue of the Government of the Federation, admiralty, banking, foreign exchange and other currency and monetary or fiscal matters. At the State level, there is the High Court that has jurisdiction to hear and determine both civil and criminal proceedings. A Customary Court of Appeal of a State exercises jurisdiction in civil proceedings involving questions of customary law. A Sharia Court of Appeal has jurisdiction in cases involving questions of Islamic law. There are Magistrates' Courts in the States, which have original jurisdiction in civil and criminal matters specified in the appropriate legislation. "At the apex of the Nigerian judicial system is the Supreme Court, which presently consists of 13 Justices including the Chief Justice. The Supreme Court of Nigeria has original and appellate jurisdiction in certain constitutional, civil and criminal matters prescribed in the Constitution." KPMG Investment in Nigeria Guide - 8th Edition 10
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