Finance Act 2023: Key Updates to Nigeria’s corporate tax regime
This legal update provides a high-level summary of the changes made by the Finance Act 2023 which became effective as of May 1, 2023. Businesses are advised to consult with their legal advisors for professional guidance to ensure compliance with...
Doing Business in Nigeria Using Joint Venture Structures
Joint ventures have proven to be a highly resilient market-entry structure for conducting business in Nigeria. These strategic partnerships allow foreign businesses to collaborate with local partners, not only to share investment burdens, risks, and costs but also to effectively...
A Highlight of the Key Protections for Private Asset Management Companies
The Bank and other Financial Institutions Act 2020 (the "BOFIA 2020") provides a number of protections for Private Asset Management Companies in Nigeria. In 2017, Nigeria's Central Bank ( the "Central Bank") proposed a legal framework for licensing Private Asset...
Recent Changes to the Operation of Domiciliary Accounts in Nigeria
As part of efforts to unify the foreign exchange market in Nigeria, the Nigerian Central Bank recently announced changes to the operation of domiciliary accounts in Nigeria. This legal update summarizes the most recent changes to the operation of domiciliary...
Nigeria’s Central Bank Governor: Suspension & Immunity from Legal Actions – Matters Arising
A number of legal issues have been thrown up in the wake of the suspension of the Governor of Nigeria's Central Bank (the “Governor”), by Nigeria’s President and the subsequent arrest of the Governor by Nigeria’s State Security Services. One...
The Quincecare Duty of Care: Lessons for Nigerian Banks & Fintechs
The Quincecare duty is an implied legal duty of care placed on commercial banks, investment banks, fintechs[1] and other financial institutions (“Banks”) to refrain from executing a payment instruction where there are reasonable grounds for believing that, a payment instruction...
Bilateral Loan Agreements – A Highlight of Some Contractual Defences
A March 2023 decision[1] by the English Supreme Court regarding a $3billion bilateral loan granted by Russia to Ukraine in 2013, highlights the application of English contract law principles to bilateral loan agreements between sovereigns. In this case, Ukraine failed...
Nigerian Eurobonds – Key Contractual Terms and Considerations for Investors
The possibility that a sovereign will default on its sovereign debt or will seek to restructure its sovereign debt to forestall the occurrence of a sovereign default, despite a perception of creditworthiness, is a very real one. When either of...
Bail-in Powers of the Central Bank of Nigeria – Key Legal Issues for Bank Creditors
The recent introduction by the extant Banks and other Financial Institutions Act 2020 ( the "Act") of Bail-in, as a tool for resolving bank insolvency is a critical discussion point for the comity of international lenders, lending to Nigerian banks...
Turnover and Control Considerations for Merger Clearance in Nigeria
In a recent mergers clearance filing, which we undertook and successfully concluded on behalf of a South African Power and Infrastructure Conglomerate,[1] the FCCPC[2] agreed with our pre-notification submissions regarding the application of IFRS 10 towards the calculation of the relevant...
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