Oluwole Olusi & Company
1 About our firm
Oluwole Olusi and company has been developing legal, accounting, taxation and company secretarial products/services since 1991 and provides a one-stop organisation that meets all the needs of its clients in these areas. Having based ourselves on the features demanded by large companies, we have created innovative, user-friendly applications that are now available to small and medium-sized companies.
Our firm is managed by dynamic and vibrant attorneys who take pride in their reputation for excellence, pro-activeness and uncompromised professionalism.
Our principle on firm/client relationship is to render value added services that would be of mutual benefit to all stakeholders.
1.1 Mission statement
Our mission statement is to offer professional services that provide business solutions to both local and foreign individuals and corporate clients on outsourcing basis.
1.2 Values:
We are flexible and versatile in understanding the needs and dynamics of each client but uncompromising in standards and integrity.
We believe that our life experiences, unique and varied backgrounds enrich the long-term relationships we have with many of our clients.
1.3 Vision
We excel in delivery of creative and solution-driven legal counsel.
2 Scope/depth of our practice'
Our keen knowledge of the Nigerian business environment has enabled us to develop solutions that answer the needs of today's clients. Please take a few minutes to read this document to see how we can work with or for you to optimise your outputs and processes. We invite you to contact us today so that we can discuss in details how we can help you.
2.1 Taxation services
In their bid to increase their internally generated revenues, all tiers of Government and their agencies impose excessive, multiple and incorrect and sometimes unconstitutional taxes on companies and citizens. To give an example of how incorrect this can be; in one of the cases we handled, we got the tax liability imposed on a company for PAYE tax from N64m to N4m, thus saving it N60m. We can handle various applications for corporate tax reliefs and incentives and respond to tax penalties imposed on our clients. We also take up litigation on taxes on behalf of our clients.
2.2 Debtors control
Your first line of defence against the loss from bad and doubtful debt is to institute a good credit control system supported by a good accounting system. The credit control system starts with your company assessing the prospective credit customers and determining the credit limit to be assigned to each customer. Based on this we meet the customer and obtain necessary security to cover this risk. The security may take any one of many forms including but not limited to equitable or legal mortgages of customers real property, insurance cover, bankers guarantee.
Once this is done the customer is ready to go. The accounting system ensures that the customer does not exceed the fixed credit limit and is set so that no invoice can be unpaid for any period longer than 30 days from the date of transaction. If any invoice breaches this, the customer’s account is immediately suspended until the situation is rectified.
Our accounting system captures accounts receivable transactions on real time basis. These transactions are sales quotations and proposals, sales orders, sales invoices, payments for outstanding cheques, payments for cash sales, sales taxes such as VAT, jobs, credits and returned goods linking the value of the retuned goods to the value on the invoices so that goods that a customer cannot return goods he did not buy or get higher value than what he was charged when he bought.
We generate and submit a lot of reports for management to control its accounts receivable.
2.3 Legal services
We can advise you on legal issues and take up the advocacy of your issues in the court of law. Although we know that most organisations have already retained the services of law firms for their issues, your organisation can benefit from the combination of our competences in various other relevant fields like accounting, taxation. This unique position gives us great an edge in the understanding of the law and our client’s needs
We engage actively in litigation on behalf of our clients for whom we handle a wide variety of matters ranging from Corporate Disputes, Commercial Law, Real Estate Disputes, Shipping and Admiralty, Construction Claims Revenue matters, Employment Disputes to Simple Debt claims.
2.4 Legal drafting
The preparation of legal documents must take the possibility of litigation into consideration and the intentions of parties must be made clear and unambiguous. Where the language used by parties in couching the terms or provisions of a document are clear and unambiguous, the Court must give the operative words in the document their simple, ordinary and actual grammatical meaning - Union Bank of Nigeria Plc vs. Ozigi (1994) 3 NWLR (Pt 333) 385, Isulight (Nig) Ltd vs. Jackson (2005) 11 NWLR (Pt. 937) 631, Egwunewu vs Egeagwu (2007) 6 NWLR (Pt 1031) 431.
We will assist in drafting and perusing documents drafted by third parties for you before execution. On this issue, please permit us to refer you to the case of Federal Government of Nigeria and Process and Industrial Development Limited where Nigeria has been adjudged to be liable to pay $9b dollars for a contract that she did not derive any benefit from simply because she signed it.
2.5 Accounting services
Every business needs to maintain proper books of accounts for properly management, control and to comply with statutes that require that returns including financial statements be filed with regulatory bodies. We can set up an accounting system that keeps proper account for your organisation.
2.6 Internal audit services
In small business organizations, generally, the owner-manager controls the total activities of his business by his personal supervision and direct participation.
For example, the business owner generally purchases required business materials and other properties; gives the appointment of employees, completes the contract with them through discussion and also keeps, constant watch over their activities; signs cheques for payments in different heads. Since the signs all the cheques, he can easily have an idea what commodities, assets, and services he is signing for.
But with the expansion of business, the appointment of additional employees and officers is needed and the scope of business also widens. Under such condition, it becomes almost impossible on the part of the manager to perform all the activities of the business alone for which he is to delegate authority and so his overall control tends to decrease.
We can deploy and administer full set of internal controls that protect your business against errors and potential fraud.
2.7 Banking reconciliation services
When banks deal with organisations that have a large volume of transactions including but not necessarily loans from them, they may post many things to the account of the customer and/or make charges that do not conform to the agreement they have with them or with the CBN regulations.
In this regard we carry out the analysis of your bank statements to identify these errors in the postings and take it up with the bank on your behalf. A case in point here is what guaranty trust bank did to Innoson motors. Innoson Motors obtained a loan from GTB. Upon analysis of Innoson’s bank account, it was discovered that GTB wrongly debited the company’s account with large sums of money that at 22% compound interest gave a total of N8.9b
2.8 Company secretarial services
The corporate affairs commission and the securities and exchange commission require companies to have a company secretary. He organises board meetings, writes letters on behalf of the company in general and the board of directors in particular liaise between the shareholders and the company among other things. However, such company secretary may not be a full-time staff of the company. We offer to provide these services and more.
2.9 Statutory audit
The law requires that every business organisation submits its accounting system to a review by an independent chartered accountant to audit it and express a professional opinion on its financial statements. Such financial statements may be filed with the tax authorities, Nigeria stock exchange and the corporate affairs commission. If you already have an accounting system as we expect, we can play the role of the internal auditor for your organisation
2.10 Labour and Employment
We manage Industrial relations for our clients partake in negotiations and advise them on developments in Employment Law and Trade Union Law
2.11 Advisory
We offer general advice on all matters including Accounting, Company Commercial practice, Conveyancing and Real Estate Contracts, Litigation and Taxation both company and personal, Insurance, Industrial and Labour Relations, Shipping and Entertainment Industry. Needless to say, we do not advise our clients or anybody else against our client’s interest.
Being well staffed by competent legal and non-legal staff, coupled with a lot of experience and exposure, the firm is very well organized to meet the multifarious challenges presented by the diversity of our clients' requirements as well as the mercurial nature of the economy.
2.12 Corporate finance/commercial law
We have a wide knowledge of Corporate Finance Practice due to our participation in many financial deals and syndications. We act as Counsel to several Banks, Financial and other Corporate institutions and major insurance Companies. We handle diverse matters for them and have often engaged in negotiations on their behalf. We provide assistance to clients who require approvals and permits for development from government as well as the procurement of expatriate quota, resident permits etc. for our clients. We are also familiar with organisation and preparation of documents including but not limited to joint Venture agreements, Legal Mortgage, Debentures etc. A cross section of our clients includes Corporations - Foreign and Domestic, Commercial and Merchant Banks and Joint Ventures from Abroad.
3 Our Management Team
3.1 Oluwole Adedeji Olusi - Principal Partner
B.Sc, M.Sc. LLB, BL; FCA, ACIS, ACIT.
Wole is a graduate of the University of Ibadan where he obtained the B.Sc. and M.Sc. degrees in Industrial Chemistry in 1982 and 1985 respectively. He also obtained a Bachelor of Laws from the Lagos State University and was called to the Nigerian bar in 2003. He is a fellow of the Institute of Chartered Accounts of Nigeria and an associate member of the Institute of Chartered Secretaries and Administrators of Nigeria, Chartered Institute of Taxation of Nigeria. He is licensed by the Institute of Chartered Accounts of Nigeria to practice as a firm of chartered accountants. He is a member of the chartered institute of management and Nigerian institute of training and development. He has over 32 years working experience in organizations such as Berger Paints Plc. and Unilever Nigeria Plc., where he held various management positions. He is the principal partner of Oluwole Olusi & Company. He has worked as a senior manager in many blue-chip companies in finance, and as company secretary and legal. Before forming Oluwole Olusi & Company., he was a senior counsel in the Chambers of Ubong Akpan & Co. he has worked as an external consultant to many training and consultancy outfits.
3.2 Adedayo Ashaolu
B. A. (Hons), M.Sc. LLB (Hons) BL, LLM
4 Contact us
Office Location:
We are located at:
No 2 Toyin Balogun Street
Behind Bravo Foam
Off Old Ota Road
Mosalasi Bus Stop
Lagos-Abeokuta Road
Lagos State
Nigeria
Email address
Our email address is [email protected]