Social Media Handles & Data Privacy Rights of Bank Customers
In a recent judgment, a Nigerian Court upheld a new central banking regulation requiring banks to collect customers' social media account details as part of standard Know Your Customer (KYC) process. Additionally, the Court offered some side remarks on the...
Private Equity Investments in Private Companies – Financial Assistance Considerations
The prohibition of financial assistance to private equity firms and other equity investors is probably the most important legal barrier to the growth of the local leveraged buyout market. With the passage of the Companies Act in 2020, private companies...
Some Compliance Learnings from FCCPC’s $220 million fine on Meta
Until FCCPC's Decision imposing a $220m fine on Meta has been successfully appealed, the legal principles enumerated in the decision as well as the conclusions reached therein are generally legally binding on businesses operating in Nigeria. Without a doubt, the...
A Primer on Hell or High Water Clauses in Aviation Leases
"Hell or high water clauses" are a standard fixture of aviation leases and it appears that courts will generally enforce "hell or high water clauses" in aviation leases, in the absence of extenuating factors. This legal update provides a primer...
Proposed New Rules on the Issuance and Allotment of Private Companies: Some Legal Considerations
The Securities & Exchange Commission (the “SEC”) is seeking to regulate debt issuances by private companies and has recently published a draft of the new rules (the “Draft”) for comments. The Draft is the legal framework under which private companies...
Assessing Key Man Risk for Limited Partners in Africa-focused Private Equity Funds
Limited partners investing in Africa-focused private equity and venture capital funds are increasingly prioritising key man risk, as evidenced by several recent opinions we've issued on the topic. In one of those cases, a key man in a private fund...
New Minimum Share Capital Requirements For Nigerian Banks: Some Legal Considerations for Bank Investors and Shareholders
The 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]....
Fintech Lender not Liable for Breach of Human Rights of Borrower
Fintech 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...
Why Has the UK Supreme Court Just Decided that Deliveroo Riders are not Employees?
A new decision of the UK Supreme Court (“UKSC”), delivered today, will have implications for the contractual relationship between tech platforms, gig workers and other key stakeholders.
Debt-for-Nature Swaps in Nigeria: Key Commercial Considerations
Especially for developing countries in Africa, debt-for-nature swaps are great tool for sovereigns to replace expensive debt and to put increasing sovereign debt levels in check. This is a simplified & practical insight into the workings of debt-for-nature swap transactions...