On 9th June 2023, President Bola Ahmed Tinubu signed the Electricity Act 2023 into law. Notwithstanding all the steps taken by previous governments and administrations, the Nigerian power sector continues to be plagued with a myriad of challenges that ultimately decelerate progress and improvements in power generation, transmission, supply, and distribution. The most recent attempt…
A Trademark is a unique sign or mark that distinguishes the goods and services of one business from another. A mark can either be a device, brand, heading, label, ticket, name, signature, word, letter, numeral, or any combination thereof. Most businesses, companies or organizations have distinctive marks that sets them apart from other businesses.
A Payment Solution Service Providers (PSSP) licence is a financial licence within the payments system which is issued by the Central Bank of Nigeria (CBN). A PSSP licence authorizes the licensee to provide and operate payment processing gateway and portals, solution/application development, and merchant service aggregation and collections services. A PSSP license does not provide the authorization to hold customers’ funds or create and issue wallets. PSSPs are predominantly Financial Technology (FinTech) companies that enable and facilitate online and offline payments solutions which include collections, check-out, biller aggregation and payout services.
Intellectual Property is an important asset and its value can only be fully realized and enjoyed only when fully protected. Nigeria has proven to be a major global hub for innovations in tech, music, movies, etc. The Nigerian FinTech and music industries’ annual monetary worth is said to be about $545 Million and $45 Million…
2022 has been an incredibly busy and exciting year in the Nigerian legal and regulatory environment. There were major and far-reaching changes ushered in by the regulatory authorities particularly the Central Bank of Nigeria (CBN). There were also major developments relating to Banking and Finance, Competition and Consumer Protection, Startups, Capital Markets, Insolvency, etc. In this article, we have highlighted some of the major legal, regulatory, and judicial changes that occurred in 2022.
The Nigerian Startup Act, 2022 (the Act) was signed into law on 19th October 2022 by President Muhammad Buhari. The core objectives of the Act are to boost digital operations and encourage innovation particularly in Nigeria’s technology ecosystem. The law aims to provide an enabling environment for the operation of startups in Nigeria and positioning…
On 12 October 2022, the Central Bank of Nigeria (CBN) released an exposure draft Guidelines for the Regulation of Representative Offices of Foreign Banks in Nigeria (the Guidelines). The Guidelines complement the CBN’s Regulations on the Scope of Banking Activities and Ancillary Matters, No. 3, 2010 and are issued by the CBN to specify the…
Nigeria operates a free-market economy and there are no restrictions on foreigners setting up companies in Nigeria. Subject to the laws of Nigeria, a foreign individual or entity can set up a fully owned company in Nigeria and operate, employ expatriates and repatriate profits. However, before any foreigner can carry on business in Nigeria, it…
On 28 March 2022, the Central Bank of Nigeria (CBN) issued the Guidelines for the Regulation and Supervision of Credit Guarantee Companies (CGCs) in Nigeria. The Guidelines are expected to create a conducive environment for Micro, Small and Medium Enterprises (MSMEs) to access credit at low interest rates from banks and financial institutions. The Guidelines…
A Review of the Nigerian Finance Act 2021: On 31 December 2021, the Nigerian President signed the Finance Act 2021 (the Act) into law. The Act came into effect on 1 January 2022. The Act amends various tax laws in Nigeria such as the Capital Gains Tax Act, the Companies Income Tax Act, the Customs,…