Seun Timi-Koleolu and Promise Itah ANTI-MONEY LAUNDERING REGULATION IN NIGERIA – RECENT UPDATES 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 Terrorism and Proliferation of Weapons of Mass Destruction (ML/FT/PF) for Financial Institutions […]
ADERONKE ALEX-ADEDIPE AND EBIKENIYE BEST REGULATORY UPDATE: REVIEW OF THE LAGOS STATE ELECTRICITY LAW (2024) Introduction In furtherance of the provisions of the Electricity Act, 2023, on December 3, 2024, the Lagos State Government passed the Lagos State Electricity Bill, 2024 into law (the “Law”). This new Law repeals the Electric Power Sector Reform Law […]
Seun Timi-Koleolu and Qasim Ogunjimi 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 Bank of Nigeria (CBN) recently introduced revised guidelines for the Nigerian Foreign Exchange Market (NFEM) (“Guidelines”). These updates aim to […]
By Aderonke Alex-Adedipe and Hillary Okorotie Introduction The Federal Government of Nigeria has taken a significant step towards protecting the nation’s information security framework with the enactment of the Designation and Protection of Critical National Information Infrastructure Order (the “Order”), 2024. The Order was enacted pursuant to the Cybercrimes (Prohibition, Prevention, Etc.) Act, 2015 (as […]
Seun Timi-Koleolu and Ebikeniye Best DOWNLOAD PUBLICATION Introduction In February 2024, the African Continental Free Trade Area (AfCFTA) Protocol on Digital Trade (the “Protocol”) was adopted. The Protocol seeks to govern the cross-border exchange of goods, services and other tradeable items that are facilitated by digital platforms and technologies. This includes everything from e-commerce and […]
Seun Timi-Koleolu and Hillary Okorotie Nigeria’s Creative Industry: Monetizing Intellectual Property Rights and The Creative Economy Development Fund (CEDF) Introduction On October 24, 2024, the Federal Executive Council (FEC) approved a transformative initiative for Nigeria’s creative sector. This initiative includes two critical components: the Creative Economy Development Fund (CEDF) (the “Fund”) and the Intellectual Property […]
BY ADERONKE ALEX-ADEDIPE AND QASIM OGUNJIMI AI ADOPTION IN NIGERIA LEGAL CONSIDERATIONS FOR NIGERIAN BUSINESSES INTRODUCTION As artificial intelligence (AI) continues to revolutionize industries worldwide, its adoption among Nigerian businesses is gaining significant momentum. In Nigeria, businesses across various sectors, including finance, healthcare, and digital services, are increasingly adopting AI technologies to improve operational efficiency, […]
By Aderonke Alex-Adedipe and Ebikeniye Best DOWNLOAD PUBLICATION Introduction There is a current shift in the tax administration system in Nigeria which is observed in the promulgation and reform of existing regulations in recent months. Some of these reforms are aimed at enhancing revenue generation, improving compliance, and boosting economic growth, especially within pioneer sectors […]
By Seun Timi-Koleolu and Qasim Ogunjimi 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 has become increasingly urgent. In view of this, the Central Bank of Nigeria (CBN) has introduced the Nigeria Foreign […]
By Aderonke Alex-Adedipe and Hillary Okorotie DOWNLOAD PUBLICATION Introduction As part of the Central Bank of Nigeria’s (the “CBN”) efforts to maintain a transparent transactions settlement system, the CBN issued a Payment Terminal Service Aggregator (PTSA) license to the Nigeria Interbank Settlement System (NIBBS) in 2011. In April 2024, the CBN also issued a PTSA […]