We act as trusted independent and real-time advisors to financial institutions like banks as well as a variety of sophisticated and institutional investors, including investment banking firms, venture capital firms, accelerators and incubators, angel investors, endowments, pension funds and insurance firms.
Our Thinking
The CBN FX Code: Moving From Rules to Principles
October 22, 2024The introduction of the draft CBN FX Code marks a significant milestone in Nigeria’s foreign exchange market regulation as it signifies a shift away from a regulatory approach that is largely rules-based toward a more dynamic, principles-based regulatory approach. Effectively,
The CBN FX Code: Key Principles
October 10, 2024The draft FX Code, issued by the Central Bank of Nigeria (CBN) in October 2024, establishes a set of principles designed to promote a robust, fair, and transparent foreign exchange market. The FX Code seeks to enhance the integrity and efficiency of the Nigerian wholesale foreign exchange market.
Intermediary Liability: Legal Considerations for Tech Platforms
September 30, 2024Intermediary liability refers to the legal responsibility of technology platforms for the content posted by their users. In Nigeria, this issue has gained increasing relevance with the rise of social media use, online defamation claims and legislative interest in regulating online harms caused by social media users. One of the key areas of concern is intermediary liability – the responsibility of platforms for user-generated content. Although still evolving, Nigeria’s legal framework on this issue differs significantly from countries like the U.S., making it important for technology platforms to be aware of potential legal risks
Central Bank Immunity and Fundamental Human Rights: Matters Arising
September 3, 2024A recent court decision, Chris vs. CBN, raises important questions regarding the doctrine of central bank immunity in Nigeria. In this case, the Court upheld a new central banking regulation (“Regulation 6a”) that requires Nigerian banks to collect customers' social media account details as part of standard Know Your Customer (KYC) procedures. The Court based its decision on the fact that Regulation 6a was issued in good faith.
Private Equity Investments in Private Companies – Financial Assistance Considerations
August 19, 2024The prohibition of financial assistance to private equity firms and other equity investors is probably the most important legal barrier to the growth of the local leveraged buyout market. With the passage of the Companies Act in 2020, private companies in Nigeria can now legally provide financial assistance to private equity firms and strategic investors in connection with an acquisition of their shares. This marks a crucial step forward for the leveraged buyout market in Nigeria, which has been constrained by a mix of legal challenges and limited sources of debt financing. This legal update examines some of the practical ramifications of the new financial assistance rules in Nigeria.
Some Compliance Learnings from FCCPC’s $220 million fine on Meta
August 15, 2024Until 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 Decision has wide-ranging implications for tech companies and online platforms, operating in digital markets in Nigeria. In this client update, we highlight some of the key learnings from the Decision.
A Primer on Hell or High Water Clauses in Aviation Leases
May 23, 2024"Hell or high water clauses" are a standard fixture of aviation leases and it appears that courts will generally enforce "hell or high water clauses" in aviation leases, in the absence of extenuating factors. This legal update provides a primer on hell or high water clauses as relates to aviation leases under English Law.
Proposed New Rules on the Issuance and Allotment of Private Companies: Some Legal Considerations
May 14, 2024The Securities & Exchange Commission (the “SEC”) is seeking to regulate debt issuances by private companies and has recently published a draft of the new rules (the “Draft”) for comments. The Draft is the legal framework under which private companies...
Assessing Key Man Risk for Limited Partners in Africa-focused Private Equity Funds
May 13, 2024Limited partners investing in Africa-focused private equity and venture capital funds are increasingly prioritising key man risk, as evidenced by several recent opinions we've issued on the topic. In one of those cases, a key man in a private fund departed to set up his own fund with a similar investment thesis. A dispute then arose as, to the extent to which the key man could legally leave the fund as well as establish a fund with a similar investment strategy.