CORPORATE AFFAIRS COMMISION TO IMPOSE PENALTIES FOR LATE FILING OF ANNUAL RETURNS
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 [...]
Nigeria must design legal and regulatory framework for electric vehicles to meet NDC targets – Part I
Recent survey data shows that Nigeria accounts for over 75% of the registered vehicles in West Africa, with an ever-increasing number of vehicles plying the roads. The overwhelming majority of [...]
DOING BUSINESS – CHAMBERS GLOBAL PRACTICE GUIDE 2023 | Nigeria
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 [...]
THE BENEFICIAL OWNERSHIP REGISTER: IMPLEMENTING THE FINANCIAL ACTION TASK FORCES RECOMMENDATIONS ON MONEY LAUNDERING AND TERRORISM FINANCING IN NIGERIA
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 [...]
REDUNDANCY PROCEDURE UNDER NIGERIAN LABOUR LAW
There appears to be a recent wave of retrenchment in the global employment market (especially for technology companies like Google, Meta and Microsoft). The Covid-19 pandemic had a significant impact [...]
DECENTRALISING THE ELECTRICITY SECTOR
In March 2023, the President of the Federal Republic of Nigeria signed 16 constitutional amendment bills into law, including "the Constitution of the Federal Republic of Nigeria (Fifth Alteration) Bill, [...]
New CBN Guidelines on Tenure of Bank Executives and Directors
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"), [...]
AELEX is pleased to have advised Justrite Limited as the Company welcome Africinvest as an Investment Partner
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 [...]
CBN’s Introduction of National Payment Cards– Examining Its Impact on The Financial Services Sector
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 [...]
CAMA 2020 | Drawing the Curtains on Unissued Shares of a Company
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 [...]
Examining NAICOM’s Circular on Tenure Limit for Executive Directors and its Implications for the Insurance Industry
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 [...]
Nigeria Startup Act (NSA) Signed into Law
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 Marginal Field Bid Rounds:
In what was the 2nd Marginal Field Bid Round (Bid Round) since 2002/2003, the 2021 Bid Rounds concluded earlier this year with 57 marginal field assets awarded to 161 companies [...]
ǼLEX author the Nigeria chapter of the Chambers Doing Business
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 [...]
AELEX’ PETROLEUM INDUSTRY ACT ARTICLES SERIES
After two decades of unsuccessful attempts and several iterations, the Petroleum Industry Bill was recently passed into law following the assent of the President of Nigeria, Muhammadu Buhari. The Petroleum [...]
Force Majure Clauses – Can Currency Devaluation Act as a Trigger?
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 [...]
INVESTING IN MARGINAL FIELDS:
It is no longer news that the winners of the ‘2021 Marginal Field’ bid round (hereinafter referred to as grantee(s)) have emerged. As grantees and potential financiers contemplate how to [...]
Appointment of Directors in Ghana: The New Regime
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 [...]
Power Africa Development Workshop
Our Sina Sipasi (Partner) and Crystal Okwurionu (Associate) will be speaking along with other panellist at a training session hosted by the Cyrus R. Vance Center for International Justice. Speakers at the event will discuss [...]
Data Protection – Frequently Asked Questions
The National Information Technology Development Agency (NITDA) had set a revised deadline (June 30 2021) for filing of data protection audit by data controllers. With the deadline fast approaching, we [...]