BANKING AND FINANCE
CBN Lifts ‘Ban’ on Crypto Banking Transactions
In 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 [...]
International Day of Bank
On 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 [...]
AELEX Partner contributes to Meritas Africa Guide to Banking & Finance
Our 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. [...]
AN OVERVIEW OF THE SECURED TRANSACTIONS IN MOVABLE ASSETS ACT, 2017
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 [...]
Overview of the Operational Guidelines for Open Banking in Nigeria
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 [...]
Understanding Debt Capital Market Transaction Structuring | A Practical Approach
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 [...]
Central Bank of Nigeria Launches Regulatory Sandbox
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 [...]
Examining the Powers of the Federal Inland Revenue Service to Recover Unpaid Stamp Duties on Dutiable Instruments
In 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.
Review of the Draft Operational Guidelines for Open Banking in Nigeria
In 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 [...]
Highlights of Pencom’s Operational Framework for the Non-Interest Fund (Fund Vi)
The 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 [...]
Nipost/Firs Dispute over Stamp Duty Collection: An end in sight
There 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, [...]
SEC Introduces New Custody Rules for Collective Investment Schemes and Mutual Funds
SEC Introduces New Custody Rules for Collective Investment Schemes and Mutual Funds
INSIGHTS: LAW AND FINANCE
There 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 Changing Face of Finance: The Emergence of Decentralised Finance as an Alternative Financial System
There 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 [...]
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 majeure [...]
An Overview of the Central Bank of Nigeria’s Regulatory Framework for Non-Bank Acquiring
On 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 [...]
Payment of Stamp Duties on Loan Agreements
The 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 [...]
BANKS TAKING SECURITY OVER SHARES
Section 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 [...]