Nigeria: Accounting and Audit

In recent years, transfer pricing (TP) has emerged as a significant concern for multinational enterprises (MNEs) operating in Nigeria. With the Nigeria Revenue Service (NRS) (formerly Federal Inland Revenue Service) intensifying efforts to generate revenue through taxation, taxpayers face heightened scrutiny, prolonged audits, and increasing risk of double taxation.

Article 10 of the General Application and Implementation Directive 2025 ("GAID") requires data controllers and data processors to conduct periodic...

Nigeria's data protection landscape has entered a more robust and enforcement-driven phase. Following the issuance of the Nigeria Data Protection Act...

The decision of the Federal High Court ("the Court") in Shell Petroleum Development Company of Nigeria Limited v. Federal Inland Revenue Service (FIRS)1 has brought renewed attention to fundamental principles of Nigerian tax law, particularly regarding the proration of tax rates within an accounting year and the retrospective application of tax legislation.

The Nigeria Revenue Service (Establishment) Act, 2025 (the Act) has rebranded the Federal Inland Revenue Service (FIRS) as the Nigeria Revenue Service (NRS or the Service) as a centralised body for tax administration in Nigeria.

As an accountant working in a legal firm, I have a unique perspective on the financial and legal implications of central bank policies in Nigeria and Kenya.