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After nearly two years since the recreational cannabis industry
has been in operation, we are seeing a rise in securities class
actions and regulatory activity relating to cannabis companies.
Since legalization, the growth of the sector has been fast and
furious. The initial excitement and high investor interest has been
recently overshadowed by compliance breaches at Canadian cannabis
issuers coupled with market volatility fueling event-based
securities litigation.
A surge of securities class actions were filed on behalf of
disgruntled investors in 2019 against a number of Canadian cannabis
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The Oil and Gas sector serves as a major source of revenue in
Nigeria. Any person intending to start an oil and gas business in
Nigeria must comply with the certain legal requirements. This
write-up will give a breakdown of the step by step procedure
necessary to set up oil and gas business in Nigeria.
The following steps must be followed to start an oil and gas
company in Nigeria:
Registration of Company
Registration at Corporate Affairs Commission
This applies to all businesses owned by nationals, foreigners or
Introduction
In our article on the Companies and Allied
Matters Act (CAMA) 2020 (the Act ), we had highlighted
some of the key developments introduced by the Act. A significant
development was the introduction of a Limited Liability Partnership
(LLP) as an entity that can be set up in all states in Nigeria. At
the time the Act was signed into law, the procedure to be adopted
by the Corporate Affairs Commission (CAC) for the implementation of
the changes introduced by the Act (including the LLP) was yet to be
provided.
The Nigerian Ministry of Industry, Trade and Investment has now
published the Companies Regulation 2021 (the
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The control of foreign ownership of landed property in Nigeria
is regulated by the Acquisition of Lands by Alien Laws of
respective States, while the ownership of land generally is
regulated by the Land Use Act of 1978. By virtue of
Section
1 of the Land Use Act 1978, all lands in Nigeria are
vested in the Governor of each state. Section 1 of the Land Use Act
provides that;
Subject to the provisions of this Act, all land comprised
in the territory of each State in the Federation is hereby vested
Order 86 rule 9 of the Rules of the Superior Courts
(
RSC) provides that the Court of Appeal
(
CoA) can under special circumstances make an
order for security for the costs of any appeal. There is an
onus on the applicant to prove such special circumstances
exist. Where a corporate entity is involved, section 52
of the Companies Act 2014 (
2014 Act) may be
relevant as it provides for security for costs against corporate
plaintiffs. In the recent decision of
O Donnell
v Saltan Properties Ltd and others [2020] IECA 226, the CoA
considered the scope of the rules around both of these
provisions.
The proceedings
The plaintiff was the owner of an apartment situated in a