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New Minimum Share Capital Requirements For Nigerian Banks: Some Legal Considerations for Bank Investors and Shareholders
April 1, 2024The latest central banking policy decision facing commercial banks in Nigeria is a new policy mandating commercial banks to increase the regulatory share capital for carrying on the business of banking in Nigeria by up to a factor of 10[1]....
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...
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...
Finance Act 2023: Key Updates to Nigeria’s corporate tax regime
September 4, 2023This 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
September 4, 2023Joint 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
August 19, 2023The 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 Management Companies ( the "PAMC Regulation"). Under this framework, Private Asset Management Companies are private entities licensed by the Central Bank, to buy, structure, manage and dispose non-performing loans of banks and other financial institutions in Nigeria ( "Financial Institutions").
Recent Changes to the Operation of Domiciliary Accounts in Nigeria
June 20, 2023As 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 accounts in Nigeria and provides a primer on the operation of domiciliary accounts in Nigeria. What is a Foreign Currency Domiciliary Account? A foreign currency domiciliary account is a special type of bank account available to bank customers in Nigeria. A domiciliary account is a special type of bank account because it allows the deposit and withdrawal of foreign currencies, notwistanding that the legal tender in Nigeria, is the Nigerian Naira.