Never miss a beat on Africa's legal and regulatory landscape.
In a notable development, the Central Bank of Nigeria (CBN) reversed its stance on cryptocurrency transactions on December 22nd, 2023, by issuing the “Guidelines on Operations of Bank Accounts for Virtual Assets Service Providers (VASPs).” This decision marks the cessatio..
The Electricity Act, 2023, (“the Act”) was signed into law by His Excellency, President Bola Ahmed Tinubu, GCFR, on 6 June 2023. The Act was passed in light of the Federal Government’s initiatives to accelerate Nigeria’s energy transition process as well as consolidate th..
Section 119 of the Companies and Allied Matters Act (“CAMA”) 2020, in conjunction with the Persons with Significant Control Regulations (“PSC Regulations”) 2022, requires companies, Limited Liability Partnerships (“LLPs”), and by extension, foreign exempted companies unde..
The FIRS has recently issued letters to owners, and in some cases, charterers of oil tankers used to export crude oil and LNG from Nigeria in connection with back taxes from 2010-2019. It appears that the letters were directed mainly at tanker owners and charterers that d..
Financial institutions in Nigeria prefer immovable assets, like land, as security for loan repayment over movable assets. This is partially because lands and land transactions are regulated, and standard registries are established to keep records of all transactions, inte..
There has been a lot of interest in the activities of investment technology companies (investTech) as some of them have been utilising platforms offering securities of foreign companies to investors in Nigeria. However, these platforms have had to contend with regulators ..
As a means of fundraising, tech startups in Africa have historically preferred listing on foreign stock exchanges, like the NASDAQ, NYSE, or the LSE. This trend represents a form of capital flight that has denied the local investing public in African markets where they op..
Under Companies and Allied Matters Act (“CAMA”) 1990, companies had authorized share capital consisting of issued share capital and unissued share capital (the “Old Regime”). However, CAMA 2020 recognizes only issued share capital without expressly stating what should be ..
On 6 October 2022, the NDPB released the Data Protection Bill 2022 (“the Bill”). The Bill appears to be a beacon of hope for a final legislation on the subject, as the National Commissioner of the NDPB had stated earlier in the year that there would be a Data Protection A..
