Newsletters
THE NITDA BILL AND ITS POTENTIAL IMPACT ON NIGERIA’S INFORMATION TECHNOLOGY INDUSTRY AND DIGITAL ECONOMY
The National Information Technology Development Agency (the “Agency”) was created in April 2001 to implement the Nigerian Information and Communication Technology Policy and co-ordinate general information technology development in Nigeria. The National Information...
FEDERAL HIGH COURT TAX PRACTICE DIRECTIONS 2021: BALANCING REVENUE DRIVE AND EASE OF DOING BUSINESS IN NIGERIA
FEDERAL HIGH COURT TAX PRACTICE DIRECTIONS 2021: BALANCING REVENUE DRIVE AND EASE OF DOING BUSINESS IN NIGERIA On the 31st May 2021, the Chief Judge of the Federal High Court (“FHC”), Honourable Justice Terhemba Tsoho issued the Federal High Court (Federal Inland Revenue...
A REVIEW OF CBN’S NEW REGULATORY FRAMEWORK AND GUIDELINES FOR MOBILE MONEY SERVICES IN NIGERIA
A REVIEW OF CBN’S NEW REGULATORY FRAMEWORK AND GUIDELINES FOR MOBILE MONEY SERVICES IN NIGERIA In the exercise of its powers to promote and facilitate the development of an efficient and effective system for the settlement of transactions and development of electronic...
HIGHLIGHTS OF THE PETROLEUM INDUSTRY BILL AS PASSED BY THE NATIONAL ASSEMBLY
HIGHLIGHTS OF THE PETROLEUM INDUSTRY BILL AS PASSED BY THE NATIONAL ASSEMBLY Since the enactment of the Petroleum Act in 1969 (now adjudged by industry experts to be outdated), particularly from 2008, successive governments in Nigeria have attempted to enact an...
NON-FUNGIBLE TOKENS AND LEGAL CONSIDERATIONS IN NIGERIA
NON-FUNGIBLE TOKENS AND LEGAL CONSIDERATIONS IN NIGERIA With the ongoing rave on the use, utility and acceptance of digital currencies and digital assets around the world, there have been a lot of innovations with the use of blockchain technology. More recently,...
NBC, OTT Services, Social Media and Doing Business in Nigeria by Tech Companies
NBC DIRECTIVE TO ONLINE BROADCASTING SERVICE PROVIDERS AND SOCIAL MEDIA PLATFORMS OPERATING IN NIGERIA On 10th June 2021, the National Broadcasting Commission (the “Commission”) published a directive in a newspaper advertorial directing all Online Broadcast Service (“OBS”)...
NEW CBN LICENCING REQUIREMENTS FOR PAYMENT SERVICES
FILE PHOTO: Central Bank of Nigeria's logo is seen on the headquarters building in Abuja, Nigeria January 22, 2018. REUTERS/Afolabi Sotunde/File Photo - RC1E81C7FA80In line with the Central Bank of Nigeria’s (CBN) commitment to promote a strong and credible payment system in...
SEC REGULATORY DEADLINE FOR CROWDFUNDING PLATFORMS
Pursuant to a statement dated 26th May 2021, issued by the Securities and Exchange Commission (SEC), all existing investment crowdfunding portals/digital commodities investment platforms (“Platforms”) are required to comply with the registration requirements and eligibility...
SEC’S REGULATIONS ON DIGITAL SUB-BROKERS – CLARITY FOR ONLINE INVESTMENT AND TRADING PLATFORMS IN NIGERIA
BACKGROUND In our newsletter on “SEC’S Directive To Online Investment And Trading Platforms in Nigeria – The Way Forward” (the “Newsletter”), we had analyzed the Securities and Exchange Commission’s (“SEC”) Press Release dated 8th April, 2021 on the Proliferation of...
SOURCES OF CAPITAL MARKET FINANCING FOR AGRICULTURE IN NIGERIA
INTRODUCTION According to the Food and Agricultural Organisation of the United Nations (FAO), agriculture remains one of the largest sectors of the Nigerian economy and employs two-thirds of the entire labour force. However, a major factor that has stifled the growth of the...
FIRS Circular on Applicability of VAT to Financial Institutions
WHICH FINANCIAL INSTITUTIONS' TRANSACTIONS ARE LIABLE TO VALUE ADDED TAX IN NIGERIA? THE FIRS PERSPECTIVE AND MATTERS ARISING Value Added Tax (“VAT”) is a consumption tax that is levied at the rate of 7.5% on the supply of all goods and services that are backed by...
SEC’s Directive to Online Investment and Trading Platforms in Nigeria — The Way Forward.
Image courtesy:istockphoto.com BACKGROUND On the 8th of April 2021, the Securities and Exchange Commission (the “SEC”), issued a press release addressing the activities of online investment and trading platforms which facilitate direct access of the investing Nigerian public to...
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