Over the past few weeks, the Central Bank of Nigeria (“CBN”) issued circulars amending and clarifying the procedure for receipt of diaspora remittances (“the Circulars”) in Nigeria. In accordance with the new policy introduced by [...]
AELEX is pleased to have advised AFEX as it launched Africa's first Warehouse Receipt Backed Commercial Paper, raising over $50 million for Agri-SMEs in Nigeria. The financing deal, which is arguably the first of its [...]
The Central Bank of Nigeria (CBN) recently released the Framework for Regulatory Sandbox Operations and the Framework for Quick Response (QR) Code Payments in Nigeria. According to the CBN, the frameworks are aimed at strengthening the payment systems [...]
Our Davidson Oturu, Opeyemi Adeleke and Kehinde Takuro recently contributed to OneTrust DataGuidance, an in-depth and up-to-date privacy and security regulatory research platform supported by decades of global privacy law research.
Over the past few weeks, the Central Bank of Nigeria (“CBN”) has issued circulars amending and clarifying the procedure for receipt of diaspora remittances (“the Circulars”) in Nigeria. In accordance with the new policy introduced [...]
On 10th December 2020, the Central Bank of Nigeria (CBN) issued a circular on “New License Categorisations for the Nigerian Payments System”. The introduction of the policies highlighted in the [...]
Recently, the Central Bank of Nigeria obtained an order of a Federal High Court and froze the accounts of some Nigerians. The controversy that trailed the apex bank’s application as well as the order made [...]
A Post-No-Debit alert is a directive that restricts a bank customer from withdrawing funds from his bank account. In this article, our Abdulmajeed Abolaji (Associate) discusses the powers of regulatory agencies and financial institutions to [...]
In a recent statement, the Nigerian Security and Exchange Commission (SEC) officially recognised, categorised and defined crypto assets within the Nigerian Jurisdiction. Key Players in the FinTech space believe this is a rare move by [...]
In this second part of the article, Oluwapelumi Omoniyi, (Associate) explores Initial Coin Offerings (ICOs), how it is used to raise funds, the Nigerian legal framework on ICOs, and the pros and cons of ICOs. [...]
The adoption of e-payment channels as a preferred means for commercial transactions has also led to an increase in cases of e-payment frauds, particularly through obtaining the Automated Teller Machine ("ATM") card information of unsuspecting [...]
ǼLEX is the author of the Nigeria chapter of the Chambers Doing Business In...2020 Guide. The Chapter offers insight on Nigeria's legal system - including laws on employment, tax, competition, data protection, intellectual property as [...]
On 13 January 2020, President Muhammadu Buhari signed the Finance Bill, 2019 (now Finance Act, 2019) into law. The Act made significant changes to legislation such as the Companies Income Tax Act, Value Added Tax [...]
Despite fluctuations in oil prices, significant reduction in global oil consumption, and the non-passage of the Petroleum Industry Bill, the federal government of Nigeria, through the Department of Petroleum Resources, has commenced the process for [...]
AELEX is pleased to have advised AFEX Commodities Exchange Limited (AFEX) in connection with the close of a fundraising round which was fully subscribed to by Consonance Investment Managers, a sub-Saharan Africa early-stage and growth [...]
As part of the Central Bank of Nigeria’s (CBN) attempt to intervene on behalf of businesses that operate in the real sector and improve lending to them by Deposit Money Banks (DMB), the CBN issued [...]
Partner in our IP/TMT Practice Groups, Davidson Oturu, recently contributed to OneTrust DataGuidance, an in-depth and up-to-date privacy and security regulatory research platform supportd by more than two decades of global privacy law research. The article [...]
On 26 August 2019, the Central Bank of Nigeria (CBN) released a circular titled: New Offer Letter Clause for Credit Facilities. The circular gives banks, who have extended facilities to customers, the right to access [...]
In a bid to shore up its revenue base to finance the 2020 budget, the executive arm of the Federal Government of Nigeria has expressed its intention to increase the chargeable rate of value added [...]
The Central Bank of Nigeria (“CBN”) recently reintroduced bank charges on select cash deposits and withdrawals in the country. The objective of this policy, according to the CBN, is to discourage customers from frequently depositing [...]
