This Legal Recap for 2024 offers a comprehensive overview of the most significant legal, regulatory, and judicial developments in Nigeria. In 2024, Nigeria’s legal landscape experienced major transformations, with notable…
Navigating the regulatory requirements for telemedicine businesses in Nigeria is crucial for entrepreneurs and healthcare providers aiming to offer remote medical services. Telemedicine which involves the delivery of healthcare services remotely…
A money lender looking to operate in Nigeria must navigate a regulated framework that governs loan services across the country. With Nigeria being a leading Fintech hub in Africa, we…
It is required that all food, drinks, drugs, chemicals, cosmetic products and medical devices whether imported or locally manufactured are registered with The National Agency for Food and Drugs Administration…
2023 was election year in Nigeria. It therefore was no surprise that we saw a lot of activities in the legal space in Nigeria, not least in the enactment of new laws, handing down of judicial decisions and the like. In our 2023 legal recap, we have highlighted some of the major legal, regulatory, and judicial changes that occurred. This recap is divided into four parts representing four quarters of the year. In each quarter, we deal with all the major legal changes that occurred therein.
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…
On 12 June 2023, the Nigeria Data Protection Act, 2023 (“the Act”) was signed into law by President Bola Ahmed Tinubu. The Act provides a legal framework for the protection…
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.
By a Circular dated 7th March 2023, the Central Bank of Nigeria (CBN) released the “Operational Guidelines for Open Banking in Nigeria” (‘the Guidelines’). The Guidelines set out rules for sharing the data/information of customers between participants in the open banking system. Although not defined in the Guidelines, open banking system may be defined as the exchange of the data of an entity’s customers with other entities for the purpose of providing innovative financial services.