On 22 October 2012, Nigeria released new Transfer Pricing Regulations (TP Regulations) which apply retroactively as of 2 August 2012. The TP Regulations provide that all transactions between connected parties should be at arm's length. The most important aspects of the TP Regulations are summarized below. -   The scope of the TP Regulations covers the following transactions: -   sale and purchase of goods and services; -   sale, purchase or lease of tangible assets; -   provision of services; -   lending and borrowing of money; -   manufacturing arrangements; and -   any transaction that may affect...