BANKING AND FINANCE
THE RIGHT OF CREDITORS TO ATTACH A JOINT ACCOUNT WHERE ONLY ONE PARTY IS INDEBTED
Dr 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 [...]
Procedure for Receipt of Diaspora Remittances
Over the past few weeks, the Central Bank of Nigeria (“CBN”) issued circulars amending and clarifying the procedure for receipt of diaspora remittances (“the Circulars”) in Nigeria. In accordance with the [...]
AELEX ADVISES AFEX
AELEX is pleased to have advised AFEX as it launched Africa's first Warehouse Receipt Backed Commercial Paper, raising over $50 million for Agri-SMEs in Nigeria. The financing deal, which is arguably [...]
AN APPRAISAL OF THE CENTRAL BANK OF NIGERIA’S FRAMEWORKS FOR SANDBOX OPERATIONS AND QUICK RESPONSE CODE PAYMENTS
The Central Bank of Nigeria (CBN) recently released the Framework for Regulatory Sandbox Operations and the Framework for Quick Response (QR) Code Payments in Nigeria. According to the CBN, the frameworks are aimed at [...]
NIGERIA DATA PROTECTION IN THE FINANCIAL SECTOR
Our Davidson Oturu, Opeyemi Adeleke and Kehinde Takuro recently contributed to OneTrust DataGuidance, an in-depth and up-to-date privacy and security regulatory research platform supported by decades of global privacy law research.
DIASPORA REMITTANCES IN NIGERIA
Over the past few weeks, the Central Bank of Nigeria (“CBN”) has issued circulars amending and clarifying the procedure for receipt of diaspora remittances (“the Circulars”) in Nigeria. In accordance with [...]
CATEGORISATION OF NIGERIAN PAYMENT SYSTEMS – WHAT IT MEANS FOR FINTECHS (2)
On 10th December 2020, the Central Bank of Nigeria (CBN) issued a circular on “New License Categorisations for the Nigerian Payments System”. The introduction of the [...]
Governor, Central Bank of Nigeria v. 20 Others: An Examination of the Issues Arising
Recently, the Central Bank of Nigeria obtained an order of a Federal High Court and froze the accounts of some Nigerians. The controversy that trailed the apex bank’s application as well [...]
POST-NO-DEBIT ORDERS ON THE ACCOUNTS OF CUSTOMERS
A Post-No-Debit alert is a directive that restricts a bank customer from withdrawing funds from his bank account. In this article, our Abdulmajeed Abolaji (Associate) discusses the powers of regulatory agencies [...]
REGULATION OF CRYPTOCURRENCY AND DIGITAL ASSETS IN NIGERIA:
In a recent statement, the Nigerian Security and Exchange Commission (SEC) officially recognised, categorised and defined crypto assets within the Nigerian Jurisdiction. Key Players in the FinTech space believe this is [...]
THE CHANGING FACE OF FINANCE IN NIGERIA
In this second part of the article, Oluwapelumi Omoniyi, (Associate) explores Initial Coin Offerings (ICOs), how it is used to raise funds, the Nigerian legal framework on ICOs, and the pros and [...]
LIABILITY OF A CREDIT/DEBIT CARD COMPANY FOR FRAUDULENT E-TRANSACTIONS INVOLVING CARDS
The adoption of e-payment channels as a preferred means for commercial transactions has also led to an increase in cases of e-payment frauds, particularly through obtaining the Automated Teller Machine ("ATM") [...]
Doing Business in Nigeria
ǼLEX is the author of the Nigeria chapter of the Chambers Doing Business In...2020 Guide. The Chapter offers insight on Nigeria's legal system - including laws on employment, tax, competition, data [...]
Finance Act 2019 – Tax Implications for the Private Equity Industry
On 13 January 2020, President Muhammadu Buhari signed the Finance Bill, 2019 (now Finance Act, 2019) into law. The Act made significant changes to legislation such as the Companies Income Tax [...]
ANALYSING THE 2020 MARGINAL FIELDS BID ROUND
Despite fluctuations in oil prices, significant reduction in global oil consumption, and the non-passage of the Petroleum Industry Bill, the federal government of Nigeria, through the Department of Petroleum Resources, has [...]
AELEX Advises AFEX on Equity investment
AELEX is pleased to have advised AFEX Commodities Exchange Limited (AFEX) in connection with the close of a fundraising round which was fully subscribed to by Consonance Investment Managers, a sub-Saharan [...]
CENTRAL BANK OF NIGERIA’S REGULATORY MEASURES TO IMPROVE LENDING TO THE REAL SECTOR IMPACT AND CHALLENGES
As part of the Central Bank of Nigeria’s (CBN) attempt to intervene on behalf of businesses that operate in the real sector and improve lending to them by Deposit Money Banks [...]
AELEX Partner Contributes To DataGuidance by OneTrust
Partner in our IP/TMT Practice Groups, Davidson Oturu, recently contributed to OneTrust DataGuidance, an in-depth and up-to-date privacy and security regulatory research platform supportd by more than two decades of global privacy [...]
INTRODUCTION OF A NEW DEFAULT CLAUSE IN CREDIT FACILITY AGREEMENTS
On 26 August 2019, the Central Bank of Nigeria (CBN) released a circular titled: New Offer Letter Clause for Credit Facilities. The circular gives banks, who have extended facilities to customers, [...]