FX Liquidity: Driving Growth through Non-Resident Accounts
In this update, we reflect on some learnings from recent corporate financing and fund formation transactions in sharing some insights around the need for Nigeria's central bank to review its rules around the operation of non-resident accounts.
Foreign Direct Investments in Nigeria – Policy Updates: 2024/25
Compared to other African countries, Nigeria has one of the most investment-friendly laws and continues to be an attractive destination for foreign direct investments in Africa. More than previously, attracting FDI inflows is top priority for the administration of Nigeria’s...
Immunity of the Central Bank: Legal Issues Arising
The recent suspension and subsequent arrest of Nigeria’s central bank Governor and some Deputy Governors, as well as the appointment of an independent panel to investigate allegations of fraud within the Central Bank, raises some legal issues as to the...
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...
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