BALOGUNHAROLD
The Index

Archive

Everything we published before the Index, back to 2017.

Earlier analysis, case studies and firm news. Some pieces reflect the law as it stood when they were written, so check the date before relying on them.

254 pieces, newest first

  1. Venture & TechnologyInternet Platform Regulation in Nigeria: Constitutional Law & Private PlatformsInternet platforms in Nigeria face a number of regulatory and legal challenges in Nigeria.
  2. Venture & TechnologyInternet Platform Regulation in Nigeria: Data Privacy and Fundamental RightsThe second challenge internet platforms face in Nigeria, relates to the early development of data protection law in Nigeria. Data protection law in Nigeria is developing, in part, through human rights organisations seeking declarations from the courts that violations of data protection rights were actionable as violations of the constitutional right to privacy under section 37 of the Constitution.
  3. Venture & TechnologyInternet Platform Regulation in Nigeria: Intermediary Liability and Publisher ImmunityThe third challenge for internet platforms in Nigeria relates to intermediary liability. In Nigeria, publisher immunity does not enjoy the kind of clear statutory protection that internet platforms are familiar with in the United States.
  4. EnergyKAEDC Insolvency: Share Sale vs. Business SaleA going-concern transfer into a clean vehicle would provide incoming investors with a clean slate. This opportunity could equally be seized by the Kaduna State Government, operating through a state-backed vehicle
  5. Venture & TechnologyDario Amodei's "Pacing the Frontier": Some Anti-Trust Law LimitationsIf competing AI companies were to agree to limit or slow the development, deployment, or release of increasingly capable AI systems, such arrangements would raise significant competition law concerns. We discuss some of the primary legal considerations below.
  6. Venture & TechnologyAutomated Decision-Making Under the NDPA: Navigating the Line Between Automation and RegulationThe rapid integration of artificial intelligence, algorithms, and automated workflows across corporate operations raises a critical compliance question under the Nigeria Data Protection Act 2023 (NDPA): When does standard corporate automation trigger Section 37 regulation?
  7. EnergyMTN-IHS Acquisition: FCCPC’s Conditional Approval for the MTN-IHS Acquisition - Some Key Commercial ConsiderationsWill a plain 30% equity sell-down to local investors actually address the competition concern created by MTN’s continued control of IHS, post the MTN-IHS Acquisition?
  8. Venture & TechnologyNigeria’s FCCPC Launches Digital Markets Probe: Key Considerations for Global Tech and AI General CounselsNigeria recently launched a digital markets inquiry with a focus on dominant digital platforms like global technology platforms and Generative Artificial Intelligence (AI).
  9. Venture & TechnologyFederal Government Moves to Harmonise Regulation of Internet Platforms and Digital Services in NigeriaFederal Government Moves to Harmonise Regulation of Internet Platforms and Digital Services in Nigeria
  10. EnergyFarm-In Agreements in Nigeria: Key Considerations for Licence Holders, Operators and InvestorsA farm-in agreement is an arrangement under which an incoming party (the farmee) acquires an interest in an upstream asset by undertaking specified obligations, typically by funding exploration activities, carrying certain costs or contributing technical expertise.
  11. EnergyOn NSIA's Technology Venture Capital StrategyWe provide some commentary on the Nigeria Sovereign Investment Authority’s (NSIA) technology venture capital strategy and the broader role that sovereign institutions should play in developing strategic sectors of the economy.
  12. EnergyThe Host Community Development Trust: Key Commercial IssuesA central issue concerns the scope of the powers of the Nigerian Midstream and Downstream Petroleum Regulatory Authority to issue the Midstream Petroleum (Host Communities Development Trust) Regulations 2024.
  13. FinancePayment Transaction Data Localisation in Nigeria: New CBN Rules and Their Legal ImplicationsWhile the CBN payment transaction data directive appears straightforward, its legal implications depend on how its key requirements are interpreted and operationalised in practice.
  14. Venture & TechnologyThe Legal Framework for Classified Information in Nigeria: Key ConsiderationsIt would be prudent for the Federal Government undertake a comprehensive review of the Official Secrets Act to ensure that it reflects contemporary national security, technological and governance realities.
  15. Venture & TechnologyData Localisation in Nigeria: Key Considerations for Cloud Service Providers and AI CompaniesNigeria does not yet have a single, economy-wide data localisation statute. Instead, the regime has developed incrementally on a sector-by-sector basis, through a combination of primary legislation, sectoral regulations, licensing conditions, and regulatory guidelines issued by agencies
  16. EnergyNERC Net Billing Regulations 2026: Commercial ConsiderationsThe Net Billing Regulations 2026 is not automatically applicable in states that have formally activated their independent regulatory markets under the Electricity Act 2023, like Lagos, and that SubCos created under the Delineation Order may not be bound by the Net Billing Regulations, 2026.
  17. Case ReviewsJOAs: The Stabroek Arbitration and the Limits of ROFR Protection in Upstream Joint VenturesThe arbitration arising from the Stabroek Block joint operating arrangements between ExxonMobil, CNOOC, and Hess Corporation (and the related Chevron acquisition) has emerged as an important structuring consideration for oil and gas lawyers and joint venture partners in drafting and negotiating upstream JOAs.
  18. EnergyThe Architecture of a Joint Operating Agreement: A Framework for Negotiation and ControlIn practice, a Joint Operating Agreement is the primary instrument through which control, risk, funding, and decision-making are allocated among private parties in a capital-intensive venture.
  19. EnergyNUPRC Model Concession Agreement (2025 Licensing Round): Back-In Rights, Cost Recovery and Key Negotiation Risks for LicenseesFor consortiums, independents, and international oil companies participating in the 2025 Oil Licensing Round, a comprehensive review of the legal and economic architecture of the NUPRC Model Concession Agreement (2025), issued pursuant to Section 85 of the Petroleum Industry Act 2021, is critical.
  20. EnergyFederal Government Allocates Additional Crude Oil Terminals to Swede Control Intertek LimitedThe CBN circular announces the Federal Government’s allocation of two additional crude oil export terminals to Swede Control Intertek Limited.
  21. FinanceData Reuse in Bank Financial HoldCos: CBN Ring-Fencing ConsiderationsAs a commercial matter, treating customer data as a group-wide asset to enable backend database pooling, shared cloud infrastructure, and unified “super-app” ecosystems offers undeniable operational efficiency. However, the new regulations on ring-fencing propose that such cross-company sharing must strictly satisfy specific data protection requirements regarding data reuse and data segregation.
  22. FinanceStandby Letters of Credit and the Limits of the Autonomy Principle: Lessons from Celestial Aviation v UniCreditThe Supreme Court’s decision in Celestial Aviation demonstrates that this autonomy is not absolute. In certain circumstances, public law considerations, particularly sanctions legislation, may prevent a bank from honouring an otherwise valid demand under a Standby Letter of Credit.
  23. EnergyAllocating Decommissioning Liability in Nigeria Mergers and Acquisitions Transactions: Key ConsiderationsDespite the apparent tension between these provisions, the more persuasive interpretation is that the regulatory intent is to impose a regime of strict liability on an assignee.
  24. FinanceThe PenCom-Dangote IPO Forbearance: Key Considerations for Pension Fund Managers & Employee Retirement SavingsAgainst this backdrop, the invocation of DIL’s historical track record as a proxy for investment safety raises questions of regulatory logic. Public institutions such as PenCom are under a continuing duty to exercise discretion in a manner that is rational, evidence-based, and capable of withstanding judicial scrutiny.
  25. EnergyFiring Up the Regulatory Intention Behind Section 317(8) & (9) of the Petroleum Industry ActViewed from this perspective, Section 317(8) and (9) is not intended to be a shield for refiners or a legal basis for prohibiting the issuance of additional import licenses. Rather, it is a tool for protecting the local refining industry when an active product shortfall occurs, not during a product surplus.
  26. FinanceVenture Capital in Nigeria: Regulatory Requirements for Foreign-Managed Funds Seeking Access to Pension and Institutional CapitalThe growth of venture capital in Nigeria has increasingly attracted foreign-managed funds seeking to deploy capital into the Nigerian market. However, while market entry is often the primary focus for such funds, a more consequential issue centers around access to domestic institutional capital, particularly pension funds and other regulated investors.
  27. FinanceBlind Trusts in Nigeria: Key Structuring ConsiderationsReflecting on a recent client engagement involving the structuring of blind trusts, we observed a common misconception that blind trust vehicles are primarily tools for illicit transactions. In reality, when properly implemented, a blind trust is a sophisticated instrument of transparency and compliance.
  28. FinanceThe Nigerian Overnight Financing Rate (NOFR) : Key Considerations for Corporate Borrowers.As designed, the NOFR is designed to serve as a transaction-based reference rate reflecting actual overnight funding conditions in the Nigerian money market. For corporate borrowers, this development is significant not because it immediately changes loan obligations, but because it signals a gradual shift toward benchmark-driven pricing of credit facilities.
  29. Finance11PLC vs Milan Industries Limited - Key Lending ConsiderationsThe facts and recent Supreme Court decision in 11PLC vs Milan Industries Limited are instructive for bank lenders. We highlight some key transaction considerations below.
  30. FinanceData controllers and Data Processors in Nigeria: Key Liability ConsiderationsThis article explains why the distinction is necessary, how it operates in practice, and the legal and commercial consequences of misclassification.
  31. FinanceWhat is a Venture Studio?Unlike traditional venture capital firms or incubators, venture studios function as active co-founders, originating business ideas, validating them, assembling teams, and deploying capital and operational support to launch companies in a structured and repeatable manner
  32. FinanceFintech Mergers and Acquisitions in Nigeria: Key Considerations for InvestorsIn this legal update, we draw on our recent mandates advising on fintech mergers and acquisitions in Nigeria to highlight the issues that are increasingly determining deal outcomes.
  33. EnergyNigeria’s Upstream Decommissioning & Abandonment Regulations 2026: Quick-Reference Compliance GuideThe Upstream Decommissioning & Abandonment Regulations 2026 explicitly details end-of-life responsibilities for all asset operators in Nigeria’s upstream patch. To streamline proactive governance and eliminate operational risks, we have provided below an easy-to-follow critical roadmap for Petroleum Prospecting Licence (PPL) and Petroleum Mining Lease (PML) holders in Nigeria
  34. Venture & TechnologyDrafting Privacy Consent Notices: A Nigerian Bank Case StudyThe consent notice above is a textbook example of bundled consent. When analyzed against the Nigeria Data Protection Act (NDPA), at least five critical compliance gaps emerge:
  35. InsightsLimited Liability Partnerships: Potential Structural Tax Leakage Under the Nigeria Tax Act 2025There appears to be a fundamental conflict between the fiscal treatment of Limited Liability Partnerships under the Companies and Allied Matters Act (CAMA) 2020 and the newly enacted Nigeria Tax Act 2025
  36. Venture & TechnologyThe General Application and Implementation Directive (GAID): Key Compliance UpdatesWe have received a number of clarifications from the NDPC regarding compliance with requirements of the The General Application and Implementation Directive (GAID).
  37. Venture & TechnologyPseudonymisation & Anonymisation as Tools for Managing Data Protection RiskIn this update, we explain the key differences, practical applications, and why understanding these concepts is critical for compliance with data protection laws.
  38. FinanceThe New 200M Minimum Capital for VCs in Nigeria - Market ConsiderationsOn 16 January 2026, the Securities and Exchange Commission (SEC) issued Circular No. 26‑1, raising the minimum share capital for venture capital (VC) fund managers in Nigeria from ₦20 million to ₦200 million.
  39. EnergySovereign Liability Exposure under Nigeria’s Space Economy Regulations - Key ConsiderationsThe decision to cap an operator’s insurance and indemnity obligations at USD 15 million under sections 39 and 40 of the Regulation on Licensing and Supervision of Space Activities, 2015, raises questions as to the extent of residual exposure borne by the Federal Government of Nigeria under international space law.
  40. Venture & TechnologyContractual Liability in Agentic Commerce: Key ConsiderationsIt appears that the end user will remain the economic principal in agentic commerce transactions, primarily because, it is the end user’s funds that are deployed, and it is typically the end user who authorises the AI agent to act within defined parameters, such as spending limits or merchant categories.