Family-owned and closely held companies remain a pivotal part of Nigeria’s private sector and growing economy. The introductory paragraph of the Financial Reporting Council’s (FRC) SME Corporate Governance Guidelines indicates that these companies, ranging from [...]
Nigeria has continuously experienced a surging adoption of digital assets, with revenues in 2025 projected at over US$1.5 billion.[1] Recognising the vast economic opportunities and benefits of digital assets and the attendant risks inherent in [...]
On 28 January 2025, the Head of Tax Practice at AELEX, Mr. Theophilus Emuwa, voiced his concerns regarding the hidden non-tax costs that businesses in Nigeria face. He shared these insights at the Breakfast Meeting [...]
Key Insights for Banks, Financial Holding Companies, and Public Companies under the SEC Code of Corporate Governance in Nigeria.
INTRODUCTION On 30th July 2024, the Federal High Cout sitting in Abuja delivered a landmark judgment in Suit No: FHC/ABJ/CS/665/2023: Primetech Design & Engineering Nigeria Limited and Julius Berger Nigeria Plc v. Corporate Affairs Commission. [...]
The removal of a director is popularly recognised as the exclusive preserve of a company’s members in general meetings in line with the provision of section 288(1) of the Companies and Allied Matters Act, 2020 [...]
The Securities and Exchange Commission (“SEC/Commission”) has issued a Framework on Accelerated Regulatory Incubation Program for the Onboarding of Virtual Assets Service Providers and other Digital Investments Service Providers (“ARIP Framework”), to facilitate the onboarding [...]
By a notice dated 5th December 2023 which has now been retracted, the Corporate Affairs Commission (the “CAC”) informed the public of the commencement of the implementation of the N100 million minimum paid-up capital requirement [...]
FULL APPLICATION OF PENALTIES FOR FAILURE TO FILE ANNUAL RETURNS BY COMPANIES AND RECOVERY OF PENALTIES AGAINST COMPANY DIRECTORS AND OFFICERS The Corporate Affairs Commission wishes to remind the general public and, in particular, [...]
We are delighted to be a contributing firm to the Chambers Global Practice Guide – “Doing Business in …” . Our chapter on Nigeria Law and Practice provides expert insights on the legal framework for [...]
Section 119 of the Companies and Allied Matters Act (“CAMA”) 2020, in conjunction with the Persons with Significant Control Regulations (“PSC Regulations”) 2022, requires companies, Limited Liability Partnerships (“LLPs”), and by extension, foreign exempted companies [...]
By a Circular to all Deposit Money Banks (FPR/DIR/PUB/CIR/001/070) dated February 24, 2023 ("the Circular"), the CBN has now made provision for the tenure of bank Executives, Executive Directors ("EDs"), Deputy Managing Directors ("DMDs") of [...]
AELEX is pleased to have advised Justrite Limited in connection with AfricInvest’s recently concluded acquisition of a minority stake in the company. Justrite is a leading Nigerian family-owned retail department store founded over 22 years [...]
The Central Bank of Nigeria (CBN) and the Nigeria Inter-Bank Settlement System Plc (NIBSS) have indicated that they will be launching a Domestic Card Scheme on 16th January 2023. The implication of this would be that [...]
Under Companies and Allied Matters Act (“CAMA”) 1990, companies had authorized share capital consisting of issued share capital and unissued share capital (the “Old Regime”). However, CAMA 2020 recognizes only issued share capital without expressly [...]
By a circular dated 22nd November 2022 (the “Circular”) NAICOM introduced tenure limits for Executive Directors (EDs) of Insurance and Reinsurance Companies in Nigeria. Consequently, with effect from 1st January 2023, the tenure of CEOs [...]
AELEX is pleased to note that the President of the Federal Republic of Nigeria has given his assent and the Nigeria Startup Act (NSA) has now been signed into law. The NSA is a joint [...]
ǼLEX is the author of the Nigeria chapter of the Chambers Doing Business In…2021 Guide. The Chapter offers insight on Nigeria’s legal system, including laws on employment, tax, competition, data protection, intellectual property as well [...]
Following 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, [...]
Directors have a fiduciary duty to their companies as they hold positions of trust and confidence and as a result, have an obligation to act in good faith and in the company’s best interests. Ghana's [...]
