Intermediary Liability: Legal Considerations for Tech Platforms in Nigeria
Intermediary liability, as a legal and policy concern, raises the question: To what extent should tech platforms bear financial or criminal responsibility for the online actions or omissions of their users? As digital platforms continue to reshape industries and societies,...
Software as a Service in Nigeria: Some Commercial Issues
When 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...
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...
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...
Key Competition Law Considerations for SaaS Suppliers and SaaS Resellers in Nigeria
A growing area of regulatory risk for SaaS resellers and SaaS suppliers involves the requirement and enforcement of resale price maintenance in SaaS Agreements. Under Nigerian competition law (the “FCCP Act”), contractual clauses which stipulate the price which any goods...
FCCPC fines Meta Platforms Inc & Whatsapp LLC $220 million
The FCCPC’s decision (the "Decision") to impose a $220,000,000 fine (the "Fine") on WhatsApp LLC ("WhatsApp") and Meta Platforms Inc. ("Meta") warrants an appellate review due to its unprecedented nature. This Decision affirms the powers of a competition regulator to...
CBN Issues New Rules for International Money Transfer Firms
Nigeria'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...
New Central Banking Regulations for Cryptocurrency Companies in Nigeria
In a new 2023 Regulation for the Operation of Virtual Asset Providers in Nigeria, issued by Nigeria’s Central Bank, Nigeria has effectively lifted a previous ban that prohibited local Nigerian banks from transacting with or providing business banking services to...
Fintech Lenders: From Unsecured to Secured Lending
We have a theory. It’s not original but it works: Fintechs and other lenders will significantly diminish loan losses as well as the risk of loan defaults if they take security over the movable assets of a borrower and if...
Raising Money via Securitizations: Key Considerations for Startups
Contrary to common belief, the financing round following a Series A financing need not be a Series B equity financing. In between one equity financing round and the other, it is often prudent for founders to explore other innovative strategies...