How Can Time to File a Tax Assessment Appeal Be Extended? A taxpayer is required to appeal a tax assessment within 30 days of receipt of a Notice of Refusal to Amend the assessment or [...]
Mr. Olusoji Awogbade was invited to speak at the ICC Africa Sustainable Supply Summit. The Supply Chain Summit was held to provide stake holders (African Nations, traders) with an opportunity to discuss various issues affecting [...]
The decision of the FHC in Accugas v. FIRS against the retrospective application of the provisions of the Finance Act 2019 The decision of the Court of Appeal in FIRS v. AG Lagos and The [...]
Financial 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 [...]
On 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 [...]
Capital 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 [...]
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 [...]
The metaverse in today’s world has increasingly become the newest domain for artists and art enthusiasts, crypto enthusiasts, and gamers. The global metaverse market is worth half of Nigeria’s tech ecosystem, GDP-wise. With this in [...]
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 [...]
Our Lawrence Fubara Anga SAN, Edidiong Antai and Al-Ameen Sulyman authored the Nigerian Chapter in the 16th edition of the Mergers & Acquisitions Review for 2023. The chapter highlights the recent developments in corporate and [...]
There has been a lot of interest in the activities of investment technology companies (investTech) as some of them have been utilising platforms offering securities of foreign companies to investors in Nigeria. However, these [...]
Nigeria witnessed significant regulatory and legal developments that impacted on the fintech sector in 2022. Indeed, the Central Bank of Nigeria, (CBN), the Securities and Exchange Commission SEC), the National Information Technology Development Agency (NITDA) [...]
As a means of fundraising, tech startups in Africa have historically preferred listing on foreign stock exchanges, like the NASDAQ, NYSE, or the LSE. This trend represents a form of capital flight that has denied [...]
Payment Card Industry Data Security Standards (PCI-DSS) are the operational and technical requirements which entities that process payment transactions must adhere to in order to limit data security breaches and financial fraud. In this article, [...]
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 [...]
In the recent episode of the AELEX Fintech Centre podcast, our Ifeoluwa Ebiseni interviewed Oladiwura (Diwura) Oladepo, Executive Director at Tech4dev. In the podcast, we discuss Oladiwura's experience as a woman in tech, her MBA journey, and [...]
On 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 [...]
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 [...]
On 27 June 2022, ǼLEX secured a landmark judgment for Accugas Limited (“Accugas”) at the Abuja Division of the Federal High Court (“the “FHC) by moving the FHC to hold that the Finance Act, 2019 [...]
