AVY Consults

07/02/2025

This position is based on the language of Section 4(1) (b) of the Business Facilitation (Miscellaneous Provisions) Act 2023 signed into law by President Muhammad Buhari on Wednesday, February 8, 2023 which amended the National Housing Fund Act, Cap. N45, 2004. Paragraph 45 of Part XI of the Schedule to the Act provides for the amendment of section 4 of the Principal Act by substituting it with a new section 4 which provides as follows:

4. (1) “Any employee earning the national minimum wage and above in the private sector in Nigeria may contribute 2.5% of his monthly income to the Fund”

05/08/2024

Federal Competition and Consumer Protection Commission (FCCPC) - Continued

Have you ever heard of the CPC (Consumer Protection Council) and then wondered why we have the FCCPC?

You have to read this.

The FCCPC and CPC are both Nigerian regulatory bodies responsible for protecting consumer interests, but they have different scopes, powers, and focuses:

CPC (Consumer Protection Council):

1. Established in 1992
2. Focuses on consumer protection and education
3. Handles consumer complaints and resolves disputes
4. Regulates goods and services quality
5. Enforces consumer protection laws and regulations

FCCPC (Federal Competition and Consumer Protection Commission):

1. Established in 2019 (merging CPC and the Federal Competition Commission)
2. Broader mandate: competition regulation, consumer protection, and market monitoring
3. Enforces competition laws, preventing monopolies and promoting fair competition
4. Regulates mergers and acquisitions
5. Has more extensive powers, including investigation and enforcement

Key differences:

- FCCPC has a wider scope, covering both competition regulation and consumer protection
- CPC focuses primarily on consumer protection and education
- FCCPC has more extensive powers, including investigation and enforcement

27/08/2023

Did you know that the FCCPA requires every business to register its sales promotion before releasing the ad to the public? Yes it does.

The Commission as part of its core mandate pursuant to Sections 11 and 12 of the Act is authorised to regulate any advertisement/statements directed at consumers for the purpose of affecting them with respect to purchasing and or using any product/service...

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03/05/2022

20/03/2022

There are two types of Mortgages;
1. Legal mortgage
2. Equitable mortgage

An equitable mortgage arises where the formalities to create a legal mortgage have not been completed or where the asset being mortgaged is only an equitable interest. As only the beneficial interest in an asset is transferred, an equitable (rather than a legal) security interest is created. Because a legal mortgage transfers the outright ownership in the land, it is easier for a mortgagee to enforce a legal mortgage.

11/03/2022

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09/03/2022

Believe me when I tell you there are several perks a registered Business has to offer but in order not to make this post a lengthy one here are some of them;

*Credibility

* Keeps you ahead of competition

*Access to Loans, Contracts, Grants, Legal Liability and Protection

*Protection of Business Name

Send a DM for all your CAC dealings.

26/01/2022

29/11/2021

I love Law

19/11/2021

BUSINESS NAME UPGRADE

This conversation ensued between me and a prospective Client:

Client: Goodday Barrister please can you help me upgrade my Business from a Registered Business Name to a Limited Liability Company?

Me: I can do that but why do you want to upgrade your Business?

Client: There is this Contract I am pursuing and they only want a registered Limited Liability Company and not a Business Name.

Me: When was a your Business Registered?

Client: 2012.

Me: Okay, have you filed your Annual Returns up to date?

Client: Annual Returns 🤔? What's that?

I will share with you what I shared with him after he asked me what Annual Return is:

Why settle for a Business Name Registration when what you want is a Limited Liability Company. I am just saying that if you build a proper Company where the interests and shareholding of members are clearly stated in the Company's official document, then it is best to just start TRT with a Limited Liability Company however small.

Business Name upgrade is not automatic, you would have to pay and apply for the Registrar General's consent to upgrade. Then a consent code will be issued for you to proceed. You will also be required to file your Annual Returns with CAC up to date. For a Business Name that was registered in 2012, payment for Annual Returns will commence from 2014 to 2021 (7 years). This must be paid and filed before the application for Consent to upgrade is made or any other post incorporation activity whatsoever.

Upon filing the Annual Returns and obtaining the requisite consent code, you can then commence the Company registration process. All necessary fees for the Company Registration must also be paid.

One major benefit of an upgrade is that it helps maintain the old Business Name you were using. For instance if the name of your Business is Javen & Jason Services, when you do an upgrade it becomes Javen & Jason Services Limited. The effect of a Business Name upgrade is that you cannot maintain both the Registered Business Name/Enterprise and the Limited Liability Company.

09/11/2021

Are you desirous of taking your Business to the next level? If Yes, then this post is the most important post you will read today.
A Client who finally registered his Business after so much procrastination had this to say; in his words 'I received my first Dollar payment from a high paying international Client only after I registered my Business Name with CAC'.

Believe me there are several perks a registered Business has to offer but in order not to make this post a lengthy one here are some of them;

*Credibility

* Keeps you ahead of competition

*Access to Loans, Contracts, Grants, Legal Liability and Protection

*Protection of Business name