Insights

Feb 2024 NEWS

We are pleased to be shortlisted for the upcoming IFLR (International Financial Law Review) Africa Awards 2024 in multiple categories, including: 1️⃣ Deal of the Year – Loan 2️⃣ Deal of the Year – M&A 3️⃣ Deal of the Year – Domestic 4️⃣ West African Loan Team of the Year 5️⃣ West African M&A Team of the …

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Feb 2024 PUBLICATIONS

Introduction Nigeria’s financial technology (fintech) industry has experienced unprecedented growth over the last decade, and this has transformed the country’s financial landscape. The fintech industry offers innovative solutions by facilitating financial payments, access to credits and consumer financing solutions, flexible savings, and investment products. A sizeable youth population, increased smartphone penetration, and regulatory developments have …

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Feb 2024 PUBLICATIONS

Consumer protection refers to measures taken to safeguard the interests of buyers and customers against harmful, degrading, and/or harsh market practices. It also refers to measures that enable consumers make well-informed decisions about their choices and have access to effective redress mechanisms.  The Federal Competition and Consumer Protection Commission (“FCCPC”) is the regulator primarily responsible …

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Jan 2024 PUBLICATIONS

Among other things, the derivatives market is essentially about mitigating financial market risk, and derivative contracts are the financial instruments used for that purpose. A derivative contract derives its value or price from an underlying asset such as currency, commodities, stocks, or bonds. Derivative contracts provide opportunities for financial market participants to capture value from …

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Jan 2024 PUBLICATIONS

On 22 December 2023, the Central Bank of Nigeria (“CBN”) issued the Guidelines on the Operation of Bank Accounts for Virtual Assets Service Providers (the “Guidelines”). In issuing the Guidelines, the CBN has lifted its restrictions on banks and other financial institutions from operating accounts for cryptocurrency transactions. Before the issuance of the Guidelines, Virtual …

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Dec 2023 NEWS

On 19 October 2022, former president Muhammadu Buhari signed the Nigeria Startup Act (the “Act”) into law. Prior to this, the country had no specific, encompassing startup legislation. The Act creates a foundational legal and institutional framework for supporting startups in Nigeria. One of the provisions of the Act is the introduction of a startup …

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Dec 2023 NEWS

On 5 December 2023, the Nigerian Inter-Bank Settlement System PLC (“NIBSS”) issued a notice directing all deposit money banks, merchant banks, payment service banks, microfinance banks, mortgage banks, and mobile money operators (“MMOs”) to delist non-deposit-taking financial institutions (“NDFIs”) such as switching and processing companies, Payment Solution Service Providers (“PSSPs”), and Super Agents (“SAs”) as …

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Oct 2023 NEWS

The ALN Ready Business Roadshow – Nigeria Edition was a dynamic event that showcased the wealth of investment and business opportunities in Nigeria. The roadshow brought together investors, advisors, and diplomatic missions from around the world to connect with business leaders and decision-makers in Nigeria. The event provided candid insights into the opportunities, challenges, and …

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Oct 2023 NEWS

We are pleased to announce that Aluko & Oyebode has achieved a remarkable total of 44 listings in the 2023 Who’s Who Legal (WWL): Nigeria report, marking a significant achievement as the law firm with the highest number of listings in Nigeria this year. Thirteen (13) of our partners have earned prestigious rankings across various …

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Oct 2023 NEWS

After a successful Nigerian edition of the ALN Ready Business Roadshow webinar, we launched the ALN Nigeria Investment Guide. The Nigeria Investment Guide aims to serve as a business-oriented guide that includes a political & economic overview of the country, the regulatory environment in Nigeria, industry/sectors open to or restricted from Foreign Direct Investment (FDI), …

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Sep 2023 NEWS

Click Here to Download The Capability Statement for our Fintech Practice.   In the ever-evolving landscape of African innovation, the intersection of technology, finance, and regulation has become a pivotal touchpoint. At the inaugural annual Aluko & Oyebode Fintech Webinar, our focus over the two-session event with fintech thought leaders and experts delved into critical …

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Jul 2023 PUBLICATIONS

As highlighted in our  publication – An Overview of the Nigeria Data Protection Act 2023, one of the key provisions of the Nigeria Data Protection Act (“NDPA” or “Act”)  is the introduction of a new classification of data controllers and processors i.e., “Data Controllers and Data Processors of major importance” (“DCPMI”) and the compulsory registration …

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Jul 2023 PUBLICATIONS

The Nigeria Data Protection Act 2023 (the “Act”) is the first major federal legislative instrument for the processing and protection of personal data in Nigeria and supersedes any other law or enactment that relates directly or indirectly to the processing of personal data. For a better understanding of the Act, we have prepared an overview …

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Apr 2023 PUBLICATIONS

The Startup Team at Aluko & Oyebode hosted the 7th edition of the Insider Series on March 30, 2023, on “Navigating Nigeria’s Proptech Space: Opportunities and Challenges.” Our guest speaker, Tola Adesanmi, a Nigerian entrepreneur and the CEO of Spleet Africa, a property technology startup providing affordable co-living and flexible accommodations across Africa, will be …

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Feb 2023 NEWS

We are pleased to announce that Aluko & Oyebode has been recognised in five practice areas in the 2023 edition of Chambers Global Guide, with our Of Counsel, Chairman, and nine other lawyers ranked. Furthermore, our Fintech practice has received a ranking in the Chambers FinTech Guide 2023. The five areas of practice recognised are: …

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Feb 2023 PUBLICATIONS

Introduction In recent times, Africa has experienced significant growth in the area of technological innovation,[1] with Nigeria taking the lead as a popular hub for technology-based (“tech”) start-up investment.[2] In 2022, Nigeria’s technology space, particularly the financial technology (“Fintech”) sector reportedly received one of the most sizeable equity investments in Africa.[3] Notably, a substantial portion of these investments …

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Jan 2023 PUBLICATIONS

The Nigeria Startup Act 2022 (the “Act”) introduces a new regulatory framework for startups in Nigeria. Its implementation is expected to drive growth in Nigeria’s tech industry and contribute to the development of an enabling environment for startups. The Act contains various provisions ranging from the introduction of a labelling requirement for eligible startups, to …

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