Court Rules That Absence of Ministerial Consent Rendered Lekoil 310 Acquisition Of OPL 310 Inchoate & Invalid

Court Rules That Absence of Ministerial Consent Rendered Lekoil 310 Acquisition Of OPL 310 Inchoate & Invalid

The
Federal High Court, Lagos Division has today, March 28, 2019, dismissed the suit
filed by Professor Fidelis Oditah, QC, SAN on behalf of Lekoil 310 Ltd and
Afren Investment Oil and Gas (Nigeria) Ltd, against the Honourable Minister of
Petroleum Resources asking the Court to hold and deem as granted, and valid Lekoil’s
2015 acquisition of participating interest of Afren Oil & Gas in Oil
Producing Licence 310.

FIRS Lacks the Powers to Impose Turnover Assessment on the Value of Properties –  Federal High Court

FIRS Lacks the Powers to Impose Turnover Assessment on the Value of Properties – Federal High Court

On 29 November 2018, the Federal High Court (the Court) delivered a Judgment on the imposition of turnover assessment in a case between Theodak Nigeria Limited (Theodak) v Federal Inland Revenue Service (FIRS). Based on the Judgment, the FIRS acted ultra vires the powers granted to it under the Companies Income Tax (CIT) Act, by imposing turnover assessment on Theodak based on the value of its property.