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The CBN FX Code: Moving From Rules to Principles
October 22, 2024The introduction of the draft CBN FX Code marks a significant milestone in Nigeria’s foreign exchange market regulation as it signifies a shift away from a regulatory approach that is largely rules-based toward a more dynamic, principles-based regulatory approach. Effectively,
Regulating Online Trust & Safety in Nigeria: An Overview
October 22, 2024In Nigeria, the regulatory landscape surrounding online trust and safety is anchored primarily in the Code of Practice for Interactive Computer Service Platforms & Internet Intermediaries (the “Code”). This framework defines the rules that digital platforms must follow, with specific obligations
How VCs Support Start-Ups Post-Investment
October 12, 2024It’s often overlooked but venture capital is more than just a financial investment—it’s a partnership that fuels growth. Beyond the cash infusion, VCs provide critical post-investment management support to help startups achieve critical product and revenue milestones. So, what should you expect from your VC after closing a round?
The CBN FX Code: Key Principles
October 10, 2024The draft FX Code, issued by the Central Bank of Nigeria (CBN) in October 2024, establishes a set of principles designed to promote a robust, fair, and transparent foreign exchange market. The FX Code seeks to enhance the integrity and efficiency of the Nigerian wholesale foreign exchange market.
Intermediary Liability: Legal Considerations for Tech Platforms
September 30, 2024Intermediary liability refers to the legal responsibility of technology platforms for the content posted by their users. In Nigeria, this issue has gained increasing relevance with the rise of social media use, online defamation claims and legislative interest in regulating online harms caused by social media users. One of the key areas of concern is intermediary liability – the responsibility of platforms for user-generated content. Although still evolving, Nigeria’s legal framework on this issue differs significantly from countries like the U.S., making it important for technology platforms to be aware of potential legal risks
Software as a Service in Nigeria: Some Commercial Issues
September 25, 2024When global companies offer Software as a Service (SaaS) in Nigeria, they encounter distinct commercial challenges shaped by the country’s unique legal, economic, and business landscape. From navigating regulatory compliance and overcoming payment barriers to addressing data protection requirements and managing infrastructure limitations, these issues present significant hurdles. Importantly, these considerations differ markedly from those faced by foreign companies operating through local subsidiaries. Below, we explore some of the critical commercial challenges non-resident SaaS providers face when doing business in Nigeria.
Cape Town Convention Practice Directions
September 23, 2024Nigeria’s recent classification by the Aviation Working Group (AWG) ranks at a medium level, two tiers below the high and very high categories. In this update, we explore the key factors behind Nigeria’s medium-level ranking and outline the essential milestones needed to achieve a higher-level classification.
A Primer on Construction Financing in Nigeria
September 7, 2024Construction financing refers to a short-term loan specifically used to fund the construction of a building or other real estate project. For real estate developers in Nigeria, this financing is essential during the construction phase when the project generates little or no income but requires significant capital to cover costs like land acquisition, materials, labor, permits, and other expenses.
Central Bank Immunity and Fundamental Human Rights: Matters Arising
September 3, 2024A recent court decision, Chris vs. CBN, raises important questions regarding the doctrine of central bank immunity in Nigeria. In this case, the Court upheld a new central banking regulation (“Regulation 6a”) that requires Nigerian banks to collect customers' social media account details as part of standard Know Your Customer (KYC) procedures. The Court based its decision on the fact that Regulation 6a was issued in good faith.