To print this article, all you need is to be registered or login on Mondaq.com. Recent developments in Nigeria including the impact of the global COVID-19 pandemic on the economy, the urgent need for the Federal Government (FG) to raise more tax revenue to help fund the significant budget deficit and developments in the tax and Transfer Pricing (TP) space have contributed in making TP one of the riskiest areas in taxation in Nigeria. Specifically, the release of the maiden TP judgment in Nigeria between Prime Plastichem Nigeria Limited (PPNL) and the Federal Inland Revenue Service (FIRS) [which resulted in a ₦1.7