Service-Based Electricity Tariffs in Nigeria: Key Considerations
April 17, 2024The increase in the price of electricity tariffs payable by electricity customers in Band A, as notified in the 2024 Multi-Year Tariff Order puts into sharp focus the legal framework around Service-Based Tariffs in Nigeria
Aircraft Financing in Nigeria: Some Key Legal Considerations
April 12, 2024For a number of reasons, aircraft financing is one of the more complex forms of corporate financing. Where the airline borrower or lessee is operating in a developing country like Nigeria, another layer of intricacy emerges. In this update, we draw some key points from aircraft financing transactions, we have advised on for the benefit of lenders and promoters looking to close an airline financing transaction in Nigeria.
New Minimum Share Capital Requirements For Nigerian Banks: Some Legal Considerations for Bank Investors and Shareholders
April 1, 2024The latest central banking policy decision facing commercial banks in Nigeria is a new policy mandating commercial banks to increase the regulatory share capital for carrying on the business of banking in Nigeria by up to a factor of 10[1]....
Fiscal Incentives for Deepwater & Midstream Developments
March 7, 2024Nigeria’s President recently announced a number of fiscal incentives and administrative changes aimed at improving the competitiveness of the oil and gas industry in Nigeria and making Nigeria a more attractive destination for global oil and gas investments relative to...
Fixing the Price of Cement in Nigeria: Some Key Competition Law Considerations
March 4, 2024The recent announcement of an agreement between the Nigerian Government and cement manufacturers in Nigeria to peg the price of a 50kg bag of cement at between N7000 and N8000 (the “Pricing Mandate”) raises some important questions of competition law because price fixing is generally prohibited by Nigeria’s competition law
The Expatriate Employment Levy: New Rules for Sponsoring Foreign Skilled Workers in Nigeria
March 4, 2024The latest policy of the Nigerian government impacting the sponsorship of skilled foreign workers for employment in Nigeria is a new annual expatriate employment levy of up to $15,000 payable by Nigerian companies for each skilled foreign worker (the “Levy”). This policy update attempts to rationalise the Levy for the benefit of foreign skilled workers and their Nigerian employers.
Fintech Lender not Liable for Breach of Human Rights of Borrower
February 19, 2024Fintech lenders in Nigeria frequently face legal action from their borrowers. Often, these borrowers, who have outstanding debts, initiate court proceedings to stall or avoid repayment altogether. One common claim made by borrowers is that a fintech lender has violated their constitutional rights by involving the Nigerian Police in the debt recovery process. In other cases, a borrower will allege that a fintech lender has violated his/her data privacy rights. In a recent case filed by a borrower against a fintech lender[1], we successfully argued, on behalf of the fintech lender, that the fintech's actions were lawful and did not constitute a violation of the Borrower's constitutional rights.
Nigeria’s Carbon Market Activation Plan
February 12, 2024Nigeria is making concerted efforts to grow its carbon market. This policy update highlights some of the recent policy developments in Nigeria's carbon market.
CBN Issues New Rules for International Money Transfer Firms
February 5, 2024Nigeria's Central Bank ( the "CBN") is intensifying its efforts to safeguard the Naira from ongoing devaluation pressures. A key battleground in this mission is the international money transfer and remittance sector. This sector is particularly strategic compared to the foreign direct investments (FDI) markets because there is generally no requirement for repatriation of capital as would be the case with FDI investments. Accordingly, the central regulatory theme in newly released regulations appears to be the need to deepen the remittance market and to reduce the demand for FX locally. Investors in the remittance sector can therefore expect that the relative permanence of remittance capital and the need to deepen the remittance market, will continue to drive the policies of the CBN in the short term.
