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TNP

Sanctity of Arbitration Agreements: Important Lessons from The Supreme Court's Decision in NNPC V Fung Tai Engineering Company

In its recent decision in Nigerian National Petroleum Corporation v Fung Tai Engineering Company, the Supreme Court came out strongly in favour of arbitration by reaffirming the sanctity of arbitration agreements and the limits to the courts' intervention in arbitral proc..

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Duale, Ovia & Alex-Adedipe

A Guide on the Registration of Data Controllers and Data Processors of Major Importance with the Nigeria Data Protection Commission

This guide highlights key aspects of the Nigeria Data Protection Commission's (NDPC) Guidance Notice, the categorization of data controllers and processors, and critical deadlines and compliance requirements.

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Templars

The United Kingdom’s New “Failure to Prevent Fraud” Offence: Impact on Nigerian Companies

In a bid to aggressively confront and address economic crimes and fraud which accounted as the most common offence in the United Kingdom, amounting to 41% of all crime in September 2022, the Economic Crime and Corporate Transparency Act 2023 was promulgated as one in a se..

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Aelex

NCC Suspends Issuance of Licences

In a public notice issued on the 17th of May, the Nigerian Communications Commission (NCC) notified stakeholders of the temporary suspension of licences in three categories, namely: Interconnect Exchange License (‘IEX’), Mobile Virtual Network Operator License (‘MVNO’), a..

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Andersen

CBN Withdraws Circular on the Collection and Remittance of National Cybersecurity Levy

The Central Bank of Nigeria on 17 May 2024 issued a circular withdrawing its earlier circular dated 6 May 2024 which mandated all banks, mobile money operators, and payment service providers to implement a cybersecurity levy in accordance with the relevant provisions of t..

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Pavestones

Regulation of cybercrime in Nigeria and the Cybersecurity Levy

On May 6, 2024, the Central Bank of Nigeria published a circular providing “Implementation Guidance on the Collection and Remittance of the National Cybersecurity Levy” introduced by the Cybercrime (Prohibition, Prevention, etc.) Act of 2015 and amended by the Cybercrime ..

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Aluko & Oyebode

Nigerian Communications Commission Publishes Draft Telecommunications Networks Interconnection Regulations

The Nigerian Communications Commission in exercise of its functions under the Nigerian Communications Act has published three draft regulations and guidelines for stakeholders’ comments. The draft documents seek to amend and repeal the existing regulations and guidelines...

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Trusted Advisors

Legality or otherwise of the order compelling Binance to release the list of Nigerian traders on its platform to EFCC

On the 19th of February 2024, Honourable Justice Emeka Nwite, sitting at the Federal High Court in Abuja, ordered one of the world’s largest cryptocurrency exchanges, Binance to divulge information about all Nigerians using its trading platform to the Economic Financial C..

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Templars

Central Bank of Nigeria (CBN) New Minimum Capital Requirements for Banks

On 28 March 2024, the Central Bank of Nigeria revised the minimum capital requirements for banks aimed at strengthening the Nigerian financial system and actualizing the Nigerian Government’s objective to achieve a US$1 trillion economy in gross domestic product terms by ..

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