SINA SIPASI – CHANNELS TELEVISION – CBN POLICY ON HARMONISATION OF REPORTING REQUIREMENTS ON FOREIGN CURRENCY EXPOSURE OF BANKS
AelexIT2024-02-05T09:43:46+01:00
February 2024
December 2023
CBN Lifts ‘Ban’ on Crypto Banking Transactions
AelexIT2023-12-26T10:49:08+01:00In a notable development, the Central Bank of Nigeria (CBN) reversed its stance on cryptocurrency transactions on December 22nd, 2023, by issuing the "Guidelines on Operations of Bank Accounts for Virtual Assets Service Providers (VASPs)." [...]
International Day of Bank
AelexIT2023-12-08T16:46:28+01:00On 19 December 2019, the United Nations designated December 4 as the International Day of Banks. This designation was made in recognition of the role as well as the potential of banks to contribute to [...]
May 2023
AELEX Partner contributes to Meritas Africa Guide to Banking & Finance
AelexIT2023-05-23T12:33:03+01:00Our Senior Partner Lawrence Fubara Anga, SAN, FCTI is a featured contributor in the first edition of the Meritas Africa Guide to Banking & Finance. He authored the Nigerian section of the publication. The guide provides information [...]
April 2023
AN OVERVIEW OF THE SECURED TRANSACTIONS IN MOVABLE ASSETS ACT, 2017
AelexIT2023-04-18T10:56:05+01:00Financial institutions in Nigeria prefer immovable assets, like land, as security for loan repayment over movable assets. This is partially because lands and land transactions are regulated, and standard registries are established to keep records [...]
March 2023
Overview of the Operational Guidelines for Open Banking in Nigeria
AelexIT2023-03-27T12:21:10+01:00On 7 March 2023, the Central Bank of Nigeria (the "CBN") issued the Operational Guidelines for Open Banking in Nigeria (the "Guidelines"), setting out detailed provisions on the responsibilities and expectations for participants in the [...]
Understanding Debt Capital Market Transaction Structuring | A Practical Approach
AelexIT2023-03-23T15:27:32+01:00Capital is the lifeblood of every organization, as every company needs capital to run its operations and achieve its corporate goals efficiently. The debt capital market is a very viable option for companies and federal [...]
December 2022
Central Bank of Nigeria Launches Regulatory Sandbox
AelexIT2022-12-15T16:36:56+01:00On December 13, 2022, the CBN launched the Regulatory Sandbox for testing innovative products and services in the Nigerian payments space before market rollout. In this short note, we discuss the criteria for qualifying as [...]
Examining the Powers of the Federal Inland Revenue Service to Recover Unpaid Stamp Duties on Dutiable Instruments
AelexIT2022-12-13T17:04:55+01:00In this Article, our Olusina Sipasi and Merit Okafor Examine the powers of the federal Inland Revenue service to recover unpaid stamp duties on dutiable instruments, especially as it relates to financing transactions.
June 2022
Review of the Draft Operational Guidelines for Open Banking in Nigeria
AelexIT2022-06-08T11:30:34+01:00In February 2021, the Central Bank of Nigeria (the “CBN”) released the Regulatory Framework for Open Banking in Nigeria (the “Open Banking Framework”) to provide an enabling regulatory environment for provision of innovative and customer-centric financial [...]
November 2021
Highlights of Pencom’s Operational Framework for the Non-Interest Fund (Fund Vi)
AelexIT2021-11-27T19:35:26+01:00The National Pension Commission (PENCOM) recently introduced a new category of fund which complies with sharia principles of investment. The Non-Interest Fund (Fund VI) permits pension contributors and retirees to choose the preferred investment portfolio [...]
October 2021
Nipost/Firs Dispute over Stamp Duty Collection: An end in sight
AelexIT2021-10-26T12:23:08+01:00There has been some disagreement between the Nigerian Postal Service (NIPOST) and the Federal Inland Revenue Service (FIRS) over which agency is responsible for collecting stamp duties on receipts, electronic transfers, and teller deposits. However, [...]
September 2021
SEC Introduces New Custody Rules for Collective Investment Schemes and Mutual Funds
AelexIT2021-09-20T13:18:17+01:00SEC Introduces New Custody Rules for Collective Investment Schemes and Mutual Funds
August 2021
INSIGHTS: LAW AND FINANCE
AelexIT2021-09-09T12:50:02+01:00There are currently over 4000 (four thousand) cryptocurrencies in circulation and about 51,200,000 (fifty-one million, two hundred thousand) active traders of cryptocurrency around the world. With the proliferation of cryptocurrency and the associated technology that [...]
July 2021
The Changing Face of Finance: The Emergence of Decentralised Finance as an Alternative Financial System
AelexIT2021-08-12T18:18:48+01:00There are currently over 4000 (four thousand) cryptocurrencies in circulation and about 51,200,000 (fifty-one million, two hundred thousand) active traders of cryptocurrency around the world. With the proliferation of cryptocurrency and the associated technology that [...]
Force Majure Clauses – Can Currency Devaluation Act as a Trigger?
AelexIT2021-07-09T09:48:20+01:00Following recent currency fluctuations experienced in many countries, parties to contracts are examining the force majeure provisions of their existing contracts to determine if currency devaluation may trigger their force majeure clauses. In this article, [...]
June 2021
An Overview of the Central Bank of Nigeria’s Regulatory Framework for Non-Bank Acquiring
AelexIT2021-06-07T14:18:32+01:00On 25 May 2021, the Central Bank of Nigeria (“CBN”) issued a circular to deposit money banks, payment service providers and other financial institutions notifying them of the release of the Regulatory Framework for Non-Bank [...]
May 2021
Payment of Stamp Duties on Loan Agreements
AelexIT2021-05-14T10:56:38+01:00The Finance Act 2019 (“the Finance Act”) made significant changes to the tax regime in Nigeria, with broad implications for doing business, investment strategies and tax planning in Nigeria. Changes introduced by the Finance Act [...]
BANKS TAKING SECURITY OVER SHARES
AelexIT2021-07-06T16:47:08+01:00Section 20 of the Banks and Other Financial Institutions Act (BOFIA), 2020 provides two ways banks may acquire or hold shares in other entities. It provides that banks may hold shares in small and medium [...]
THE RIGHT OF CREDITORS TO ATTACH A JOINT ACCOUNT WHERE ONLY ONE PARTY IS INDEBTED
AelexIT2021-05-20T13:03:53+01:00Dr Martin Tallhause looked out of his 15th-floor office window at the busy façade of the hustle and bustle of Ikoyi. He looked like he had just seen a ghost; worst still, he looked like [...]