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Tola Profile picture
Tola
@adetolaov
Eternal Optimist. Worked on Africa’s trade deal called the #AfCFTA agreement, co-founded @anafricanfuture, now building @norebase
Sep 21, 2023 • 11 tweets • 3 min read
One of the most under-utilized legal structures in the world are “companies”.

You can judge a businessperson by how much they understand companies.

Here are 7 ways that companies can change how you make money and live, regardless of the country you’re from or live in. 1. Globally, corporate taxes are generally lower than personal income tax.

Also, you can deduct expenses spent on your company from your profit.

What to do? Rather than take deals as individual, set-up a company, employ yourself, net off all expenses & pay yourself from company
Aug 12, 2023 • 6 tweets • 2 min read
It’s obvious too many Nigerians have never read the laws that govern the systematic institutions in Nigeria.

Read:
- Land Use Act,
- CBN Act,
- Personal Income Tax Act
- Company Income Tax Act
- Foreign Exchange Act
- Petroleum Act

Most problems start from the law itself At least understand the systems created, if you honestly want to have the framework to think about solving the issues.

Eg. What does the fact that all actual ownership land vests in the government (state or federal) means, and what impact does that have on property rights?
May 29, 2023 • 8 tweets • 4 min read
Today, I’m reminded of 7 years ago when at age 24, I returned to take a role as SA (Industry, Trade & Investment), and worked on EoDB and trade policy. Then became Assistant Chief Negotiator for Nigeria at 27 & worked on the AfCFTA negotiations & trade remedies.

Then left Govt. In those 6 years in government, humbled to have worked on trade policy, ease of doing business, the African Continental Free Trade Agreement and Nigeria’s first ever trade remedies mechanism.

But also reminded of things we didn’t succeed it & can’t help thinking of the what-it’s
Apr 13, 2021 • 58 tweets • 32 min read
13 days, 3 countries (or 4), nothing pre-booked. Let’s see how much we can wing this. 🚀 First location: Dakar, Senegal 🇸🇳 ImageImageImageImage
Nov 7, 2020 • 7 tweets • 2 min read
Peaceful protesters said #EndSARS. What was the response?

1. CBN froze bank accounts in Oct, then court gave 90-days freeze order (law says order should only be 7 - 14 days)

2. IGP told Police to respond with force & that they can deprive citizens of their right to life 3. Moe was stopped at airport and passport detained

4. Detention of persons (including infants) in Lagos on charges of looting (without evidence). Reported to be as much as 700, without feeding.

5. 6 non-violent persons remanded in Abuja till January 2021 & bail denied.
Sep 14, 2020 • 12 tweets • 3 min read
Regulation on crypto-asset in Nigeria

Nigeria’s SEC in a recent regulatory statement stated it classifies virtual crypto asset as securities (under s.13 of Investment securities act).

Meaning SEC has powers to regulate crypto asset investments (e.g crypto-token or crypto-coins) The statement defines issuing crypto assets as a regulated activity & specifically lists:
⁃Initial coin offering
⁃Digital asset token offering
⁃Security token offering

Gives existing digital offering 3 months to submit documents for initial assessment or registration
Sep 14, 2020 • 10 tweets • 3 min read
Reading a @TechCabal’s article and intrigued with some figures, which confirm massive role Fintech & digital payments will play in Nigeria’s economic future. Let me share some:

1. Between Jan - June 2020, GTBank processed $356.4m USSD payment & added 600,000 new USSD customers. 2. Mobile & Internet Banking: Jan - June 2020, GTbank processed 95 million mobile banking transactions worth ₦5.7 trillion, and internet banking transactions grew 14% to ₦1.2 trillion.

3. Nigeria’s fintech revenues is predicted to grow to as much as $543.3 million by 2022.
Aug 17, 2020 • 11 tweets • 2 min read
Quick observations for fintech businesses/digital banks from financial results of Monzo, Revolut & Starling

Lesson 1: LENDING HURTS. Starling earned 2.1m from interest but has 2.2m in bad loans. Monzo has an even riskier loan portfolio.

Thread Lesson 2: card transaction fees still makes up a large portion of the models for the 3 digital banks - about 63% of income for Revolution, 55% for Monzo & 45% for Starling.

So earnings are not so diversified as card transactions fees is main earner. This is a major income risk.
Aug 11, 2020 • 9 tweets • 3 min read
From August 20, Online car hailing business (Uber, Bolt etc) must pay Lagos state a fee of NGN 10 million for every 1,000 cars. Annual renewal fee is NGN 5 million.

10% of EVERY transaction paid by every passenger will be collected by Lagos state as service tax.

IT GETS WORSE!! The Companies must give Lagos state access to your Data and their entire database (section 4.2 of Guidelines).

The companies will push the 10% service tax to customers so the price of trips will increase.

These companies must still pay company income tax by the way.
Aug 7, 2020 • 5 tweets • 1 min read
BIGGEST REFORM IN NIGERIAN CORPORATE LAW:

Today, the amended Companies & Allied Matters Act was signed today by President Buhari.

Key reforms:
1. A company can now have only one shareholder
2. No need for company seal anymore
3. Incorporated Trustees (NGOs) can now merge

1/4 4. Prohibits anyone from serving as director in more than 5 public companies
5. Electronic filing, share transfer & e-meetings for private companies
6. Introduces Limited Liability Partnerships (LLP) & Limited Partnership
7. Small companies no longer need to appoint auditors

2/4
Jul 28, 2020 • 9 tweets • 5 min read
Let me tell you a story about @OlumideAkpata, candidate for @NigBarAssoc president. In 2018, we had negotiated #AfCFTA & I was moving to Geneva to work with King & Spalding LLP to design Nigeria’s 1st trade remedies infrastructure to protect the economy. One evening, I got a call Mr @OlumideAkpata , then chairman of the @nbasblofficial , had come into Abuja few days before I was to travel and wanted to speak with me. We met up. He told me, “Our conference this year is on the #AfCFTA & because you worked on it and know it, you should help with direction”
Jul 5, 2020 • 25 tweets • 5 min read
Congratulations to everyone who just passed the Bar exams. After 5years (more or less) + 1 year of law school, you’re now a lawyer.

Here are some pointers on how to maximize your law career. This probably also applies also to any young lawyer.

A thread. You are only as relevant as you can solve the problems of your clients. People just want their problems to go away, they don’t want to read a 30-page opinion on the legal meaning of “shall” and “may”. Build your career around solving real problems for people & businesses.
Jun 13, 2020 • 9 tweets • 2 min read
Dr Olufemi Elias’ nomination as Nigeria’s candidate for the ICJ in Nov 2019 is a very big deal, especially because he is incredibly competent and easily the most accomplished Nigerian international lawyer alive today. Let me elaborate. In 2015, he was elected in the 1st round of voting (an unusual feat) as a member of the Prestigious Institute de droit International, body reserved for elite international legal scholars. He is the second of only two Nigerians to have been elected since its establishment in 1873.
Apr 7, 2020 • 9 tweets • 3 min read
On this Funke Akindele’s case, a simple lecture in Criminal Law will allow anyone to see they were charged for a crime that does not exist, and so even if they pleaded guilty, they pleaded guilty for a crime that does not exist. The basic tenet of criminal law is “no law, no crime”, meaning that for a crime to exist, there must be a clearly stated law. Section 36(12), Nigeria’s constitution notes an act is not considered a crime if it is not contained in a written law. So oral declaration don’t count.
Mar 22, 2020 • 26 tweets • 5 min read
World War II led to creation of UN, IMF, World Bank & present world order. 2008 financial crisis changed financial regulation. 9/11 led to global war on terror,heightened government surveillance & tighter airport security.

My predictions on how #COVIDー19 will change the world: The future of interaction is online. Instead of asking “why are we doing this online?”, the new question will be “why are we doing this in person?”. People will ask if meetings should simply have been emails. This is affect work, meeting, conferences, religious worship etc
Mar 10, 2020 • 43 tweets • 7 min read
A number of people have reached out to me about the recent global economic situation - the mixture of Covid-19, global oil price crash, concerns about currency devaluation & general economic impact. Here is a bit of explanation on what’s going on. This may be long. Grab popcorn. First, COVID-19. Global pandemic has destablised global supply of goods & services. China, most affected by the outbreak, is the 2nd largest economy in the world contributing almost 10% of global GDP (abt 9.3%) + the factory of the world & a large source of foreign investment.