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New Central Banking Regulations for Cryptocurrency Companies in Nigeria
January 3, 2024In 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 cryptocurrency companies and virtual asset service providers ("VASPs"). The legal update highlights the categories of cryptocurrency businesses and VASPs that local Nigerian banks are now allowed to transact with as well, as some of the product and compliance considerations that are now applicable to cryptocurrency companies and VASPs operating in Nigeria.
Fintech Lenders: From Unsecured to Secured Lending
November 23, 2023We 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...
Why Has the UK Supreme Court Just Decided that Deliveroo Riders are not Employees?
November 21, 2023A 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 ( the “Decision“). The Decision has implications, not just for food delivery platforms...
Debt-for-Nature Swaps in Nigeria: Key Commercial Considerations
November 19, 2023Especially 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...
Infrastructure Funds: Key Protections for Investors in Nigeria
October 12, 2023For global pension funds and institutional investors investing in Nigeria's infrastructure sector for the first time, investing in Nigeria through an infrastructure fund addresses some of the traditional risks associated with emerging/frontier markets and provides some level of risk management. This legal update outlines some key protections for infrastructure fund investors in Nigeria.
Raising Money via Securitizations: Key Considerations for Startups
September 28, 2023Contrary 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 for raising capital.
FX Liquidity: Driving Growth through Non-Resident Accounts
September 25, 2023In 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: 2023/24
September 15, 2023Compared 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
September 10, 2023The 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...
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