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INTRODUCTION On the 13th of December 2024, the Nigeria Financial Intelligence Unit ('NFIU') issued Guidelines for the Identification, Verification and Reporting of Suspicious Transactions Related to Money Laundering, Financing of [...]

REGULATORY UPDATE CBN REVISED GUIDELINES FOR NIGERIA'S FOREIGN EXCHANGE MARKET In the bid to establish a more transparent and efficient framework for managing foreign exchange (FX) in Nigeria, the Central [...]

Introduction Businesses continuously seek to balance profit-making with ethical standards. One effective approach to achieving this is by integrating sustainable and responsible practices into their operations. As a result, investors, [...]

DOWNLOAD PUBLICATION Introduction In light of ongoing challenges in the Nigerian foreign exchange market, including recent distortions driven by speculators and illicit traders, the need for a robust regulatory framework [...]

Introduction The Nigeria Securities and Exchange Commission ('SEC') by a press release issued on August 29 2024, announced that it has granted two Digital Asset Exchanges its 'Approval and Principle' [...]

Introduction In August 2024, the Federal Ministry of Communications, Innovation and Digital Economy released the draft of Nigeria's first National Artificial Intelligence Strategy (NAIS). The NAIS was co-created by the [...]

DOWNLOAD PUBLICATION Meta Platforms Inc. and Whatsapp LLC. (together referred to as 'Meta') have come under the spotlight of the Federal Competition and Consumer Protection (FCCPC). An investigation was launched [...]

Introduction To ensure companies operate efficiently in all sectors of the economy including the Tech and the Finance sectors, the employer-employee relationship must be properly managed. The employee and employer [...]

Withholding Tax (WHT) is an advance payment of income tax that is deductible at source on specific transactions. In simple terms, where Party A and B enter a transaction for [...]

Introduction In a bid to further tighten the nuts and bolts of data protection in Nigeria, the Nigeria Data Protection Commission (the 'Commission') published on May 31, 2024, a draft [...]

Introduction ESG (Environmental, Social, and Governance) investing is gaining traction globally, and Nigeria is no exception. It involves assessing companies for potential investment based on their environmental practices/ impact, social [...]

INTRODUCTION On May 6, 2024, the Central Bank of Nigeria ('CBN') published a circular providing 'Implementation Guidance on the Collection and Remittance of theNational Cybersecurity Levy' (the 'CBN Circular') introduced [...]

INTRODUCTION In light of recent economic realities, many companies have found it difficult to repay their debts. In order to manage this situation, companies have considered, and some have taken [...]

Introduction The Central Bank of Nigeria (CBN) on 31 January 2024 released its revised guidelines for international money transfer services in Nigeria. The revised guidelines (the 'New Guidelines') provides an [...]

INTRODUCTION Further to the issuance of the License Framework for the Establishment of Mobile Virtual Network Operators (MVNOs) (the 'Framework') in Nigeria by the Nigerian Communications Commission (the 'Commission'), the [...]

INTRODUCTION In our previous newsletter, we highlighted the key provisions of the recently signed Nigeria Data Protection Act 2023 (NDPA 2023). Following the passage of the NDPA 2023, as well [...]

Introduction To further safeguard individual privacy rights and promote secured data practices, President Bola Tinubu on the 12th of June 2023 signed into law the Nigeria Data Protection Act (the [...]

Introduction On June 14, 2023, the Central Bank of Nigeria ('CBN') issued a press release ('Press Release') to authorized dealers and the general public, concerning changes to be implemented in [...]

Introduction In our previous article, we highlighted some key provisions of the Nigeria Finance Bill 2022 (the 'Bill'). In a final move by former President Mohammadu Buhari, the Bill, now [...]

INTRODUCTION Dangote recently inaugurated its refinery in Lagos, and following this, the attention of many Nigerians was drawn to the operation of the Free Trade Zones in Nigeria. The Dangote [...]

Introduction The Nigerian technology ecosystem has grown astronomically over years, with startups and technology companies springing up across the country. In recent times, however, factors such as the current economic [...]

Introduction Cooperative societies are a useful tool for promoting economic growth, improving social welfare, and fostering community development. It creates an avenue for groups of people brought together by a [...]

In recent times, there have been increasing requests from financial institutions to either upgrade their existing licence or convert to other licensing regimes, such as the recent upgrade of Parallex [...]

On the 7th day of March 2023, the Central Bank of Nigeria ('CBN') set a record in Africa, by releasing the Operational Guidelines for Open Banking in Nigeria ('Guidelines'), thereby [...]

Introduction In a bid to strengthen corporate governance practices in the banking industry, the Central Bank of Nigeria (''CBNö), on the 24th of February 2023, released a circular titled öReview [...]

DOWNLOAD PUBLICATION Fundraising is a crucial part of any business, especially for Startups, as access to capital is essential for the growth and continuity of its operations. In view of [...]

Introduction The Central Bank of Nigeria ('CBN') in 2022 issued the CBN (Anti-Money Laundering, Combating the Financing of Terrorism and Countering Proliferation Financing of Weapons of Mass Destruction in Financial [...]

Introduction On December 15, 2022, the Securities and Exchange Commission ('SEC') approved Nigerian Exchange Limited's (the 'Exchange') proposed Rules for Listing on the Technology Board of Nigerian Exchange Limited ('Rules'), [...]

Introduction The Nigerian Finance Bill (the 'Bill') which is to take effect in January 2023 is currently undergoing the legislative review and approval process at the house of representatives. It [...]

As stated in our previous article, the Federal Competition and Consumer Protection Commission (the FCCPC') on August 18, 2022, issued the 'Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending [...]

Introduction On November 8, 2022, the new Africa Carbon Markets Initiative (ACMI) was inaugurated at the United Nations Climate Change global conference held in Sharm, Egypt, with an objective to [...]

Introduction In our previous article, we examined the Framework issued by the Central Bank of Nigeria ('CBN') for the regulation of Quick Response Code Payments (a form of contactless payment) [...]

On October 12, 2022, the Central Bank of Nigeria ('CBN') released a draft of the Guidelines for the Regulation of Representative Offices of Foreign Banks in Nigeria ('Draft Guidelines'). This [...]

INTRODUCTION The Federal Competition and Consumer Protection Act ('FCCPA'), 2018 is generally the primary legislation for the regulation of competition and protection of consumers in Nigeria. One of the salient [...]

Introduction On August 3, 2022, the Securities and Exchange Commission ('SEC') issued a circular to the general public, cautioning them against making investments with or through crowdfunding platforms that are [...]

In our previous article, we introduced the Nigerian Startup Bill (the 'Proposed Act') and its objectives. Since our last article, the Proposed Act has successfully progressed through the legislative houses [...]

Introduction On June 29, 2022, the Central Bank of Nigeria ('CBN') issued the Risk-Based Cybersecurity Framework and Guidelines for Other Financial Institutions (the 'Framework'). This was issued in furtherance of [...]

Introduction On June 13, 2022, the National Information Technology Development Agency ('NITDA') released the Code of Practice for Interactive Computer Service Platforms/Internet Intermediaries (the 'Draft Code'). The Draft Code aims [...]

Introduction As of June, 2022, there have been a few regulatory developments relevant to the tech space in Nigeria. We have set out below 7 notable developments to guide tech [...]

INTRODUCTION In an earlier article, we highlighted why some venture capital firms require Startups to incorporate an offshore holding company prior to funding. It has been reported that around seventy [...]

Introduction On September 14, 2020, the Securities and Exchange Commission ('SEC') released a statement announcing its authority to regulate cryptocurrencies and digital assets in Nigeria, as detailed in our article [...]

On March 23, 2022, the Central Bank of Nigeria ('CBN') issued Guidelines for the Regulation and Supervision of Credit Guarantee Companies ('CGC') in Nigeria (the 'Guidelines'). It is expected that [...]

In our previous article, we identified the various stages commonly adopted by Startups in raising funds. Each funding round would typically involve the issuance of shares by the Startup to [...]

Introduction For foreign companies looking to expand and set up operations in Nigeria, it is important that personnel with a good understanding of the companies' strategy are available to support [...]

The Board of Directors (the 'Board') of a company play a crucial role in its success or failure; more often than not, successful companies are headed by effective Boards. The [...]

Startups have the potential to play a major role in the growth of developing countries particularly because of their ability to: (i) improve the standard of living in countries through [...]

Introduction The recently introduced Nigerian Startup Bill ('Bill') is one development that is expected to improve the business environment for Startups in Nigeria when passed into law. It is aimed [...]

Prior to 2019, the Securities and Exchange Commission ('SEC') was the primary body responsible for mergers, acquisitions and take-overs of public and private companies in Nigeria. With the enactment of [...]

With the growing demand for faster and more convenient financial services, there are more people looking to solve this problem by setting up a digital bank. We have had startups [...]

INTRODUCTION In today's world, the commonly used phrase 'the world is your oyster' can now be taken literally by businesses. With the use of technology and data analytics, companies can [...]