Insights

Nov 2021 NEWS

The Nigerian Communications Commission (NCC) is charged with the responsibility of introducing innovative services and practices in the Nigerian telecommunications industry, in accordance with international best practices and trends. All things going as planned, Nigeria, will by January 2022 join the league of countries that have deployed 5G. A planned week-long auction will take place …

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Nov 2021 NEWS

We are delighted to announced that Aluko & Oyebode has been named Law Firm of the Year (Large Practice) at the ESQ Nigerian Legal Awards 2021. This marks the second consecutive year that the Firm has received this prestigious recognition. The Firm received the following awards: Corporate and Commercial Team of the Year Mining Team …

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Nov 2021 NEWS

Register Today>> Aluko & Oyebode will be partnering with Sterling Bank, Sterling One Foundation, Flutterwave, Wema Bank, Chapel Hill Denham and Ouida Books to launch the maiden edition of its poetry competition themed “Nigeria Of Our Dreams” on Friday, 19th November 2021. The aim of this competition is to restore dialogue between poetry and the …

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Sep 2021 NEWS

We are delighted to announce that Aluko & Oyebode has maintained its Tier 1 rankings in the latest edition of IFLR1000. The Firm has been recognised for its outstanding work in multiple practice areas including Tier 1 rankings in the following: Banking Capital Markets: Debt Capital Markets: Equity Mergers & Acquisitions Project Development: Infrastructure Project …

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Aug 2021 PUBLICATIONS

On 17 August 2021, NITDA issued a press release stating that it had imposed a monetary sanction of ₦10,000,000 (Ten Million Naira), amongst other penalties, on an online lending platform, Soko Lending Company Limited (Soko Loans), for privacy invasion. These penalties were imposed on Soko Loans due to NITDA receiving a series of complaints against …

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Aug 2021 NEWS

WATCH>> Aluko & Oyebode hosted its inaugural Fintech/Private Equity Fireside Chat on 16th July 2021. This edition themed, “The Emergence of Digital Loans: Challenges, Prospects and Economic Outlook”, featured Fehintolu Olaogun (CEO and Co-Founder, CredPal). Discussions centred around the restrictive regulatory approach in relation to various Fintech products, licensing requirements, business management tools for a …

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Jul 2021 NEWS

We are pleased to be shortlisted in twelve (12) categories for The African Legal Awards 2021, the most for a law firm in Nigeria. African Law Firm of the Year – Large Practice Banking & Finance Team of the Year – Large Firm Capital Markets Team of the Year Competition and Regulatory Team of the …

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Jul 2021 NEWSLETTERS

On the 9th of July 2021, the Central Bank of Nigeria (the “CBN”) issued a new regulatory framework on mobile money services in Nigeria (the “2021 Guidelines”) replacing the guidelines on mobile money services which were issued in 2015. While the 2021 Guidelines retain the existing models (bank /non-bank-led) that may be implemented by mobile …

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Jun 2021 NEWSLETTERSPUBLICATIONS

Open banking was first implemented in the United Kingdom through the revised Payment Services Directive (PSD2) and Open Banking Standard in 2018 and since then several jurisdictions around the world have begun to adopt their own approaches to open banking.[1] In line with its mandate to promote the stability and deepening of the financial system, …

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Jun 2021 NEWS

We are pleased to announce the admission of Ajibola Asolo, an alumnus, into the Partnership of Aluko & Oyebode, with effect from 1 June 2021. Ajibola, who is joining our Capital Markets practice, is a seasoned financial markets expert with experience in capital markets, structured and financial products, financial regulation, corporate governance, transaction and investment …

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Apr 2021 NEWS

WATCH ON YOUTUBE>> Aluko & Oyebode in collaboration with Webber Wentzel hosted a webinar on Regulation of Cryptocurrency: Necessity or Overreach (A Nigerian and South African Perspective). Discussions centred around: Cryptocurrency Regulation Landscape in Nigeria: From SEC’s perspective South African Cryptocurrency Market: What works Crypto Safety and Role in Global Economy Acceptance of Digital Currency …

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Apr 2021 NEWSLETTERS

The Central Bank of Nigeria and Nigerian Communications Commission issued a joint statement on pricing of Unstructured Supplementary Service Data (USSD) Services Recent events have shown that the controversy between the Mobile Network Operators (MNOs) and Deposit Money Banks (DMBs) is not going away anytime soon. What are these issues? MNOs and DMBs have significant …

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Mar 2021 NEWS

We are excited to announce that the Aluko & Oyebode Filmmakers Assistance Project has now commenced. We are currently supporting interesting projects in the industry and look forward to supporting others in producing films with “credible” legal content. For more information about Filmmakers Assistance Project, please click here. Applications for the 2021 session are open …

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Mar 2021 NEWSLETTERS

The Nigerian Data Protection Regulation (“the NDPR”) issued by the National Information Technology Development Agency (NITDA) requires all organisations that collect and process personal data (“Data Controllers”) of more than 2,000 subjects, to submit a summary of their organisation’s data protection audit not later than 15 March of every year. The NITDA, in recognition of …

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Mar 2021 NEWS

The National Information Technology Development Agency (the “NITDA”) is empowered under the Nigerian Data Protection Regulation (“the NDPR”) to impose fines for any data breach by data controllers or processors. True to its mandate, the NITDA, on the 15 March 2021 imposed a fine of N5, 000,000[1] (Five Million Naira) on a Fintech company and …

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Feb 2021 NEWS

On 5 February 2021, the Central Bank of Nigeria (the “CBN”) issued a letter to all deposit money banks (DMBs), non-bank financial institutions (NBFIs) and other financial institutions (OFIs) to remind the foregoing regulated institutions that (further to its earlier circular dated 12 January 2017), dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is …

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Feb 2021 NEWS

The Nigerian Communications Commission (NCC) is charged with the general responsibility for the economic and technical regulation of the communications industry. There have been a few developments and mandates issued by the NCC in the past few weeks, notable amongst the recent development is the ongoing audit of the subscriber registration database. The NCC has …

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Feb 2021 NEWS

A regulatory sandbox is a testing environment, supervised by regulatory institutions, which allows companies to test their products and services in a controlled environment for the purpose of promoting innovation. Several countries have adopted the use of sandboxes to enhance the competitiveness of the Financial Technology (FinTech) industry and to facilitate the development of a …

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Jan 2021 NEWS

Introduction On 13 January 2021, the Central Bank of Nigeria (the “CBN”) issued a framework for Quick Response (QR) code payments in Nigeria (the “QR Framework”). The QR Framework was issued in line with the CBN’s mandates to (a) ensure the safety and stability of the Nigerian Financial System; (b) promote the use and adoption …

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Jan 2021 NEWS

Broadcasting rights are and have continually become a source of vibrant discussion amongst the various key players, notably the broadcast rights holders, and regulatory authorities trying to find a delicate balance between what oftentimes are competing interests. The aim of this Guide is to provide an overview and comparison of the broadcasting rights regimes in …

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Jan 2021 NEWS

We are delighted to announce that Aluko & Oyebode has been named the Nigeria Law Firm of the Year at the Chambers Africa Awards 2021. Chambers and Partners, in announcing the award, described the Firm as: “A well-known firm at the forefront of the market across numerous practice areas. Aluko & Oyebode is often engaged in some …

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Dec 2020 NEWS

Aluko & Oyebode is pleased to announce the appointment of Reginald Udom as the Managing Partner of the Firm, effective January 1st, 2021. Also effective January 1st, Kofo Dosekun, the current Managing Partner, will become the Chair of the Firm’s Management Board, while current Chairman, Gbenga Oyebode, will stay actively involved as an “Of Counsel”. …

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Dec 2020 NEWS

On 9 December 2020, the Central Bank of Nigeria (CBN) issued a circular on the New Licence Categorisations for the Nigerian Payments System (the “New Licence Categorisations”). Key Provisions of the New Licence Categorisations Streamlining of Permissible Payment Systems Activities: The New Licence Categorisations streamlines the permissible activities for payment systems licensing into the following …

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Oct 2020 NEWS

In its 2021 guide, IFLR1000 has recognised Aluko & Oyebode as a Top Tier Firm (Tier 1) in seven practice areas, namely: Banking Capital Markets: Debt Capital Markets: Equity Mergers & Acquisitions Project Development: Infrastructure Project Development: Power Project Finance Nine (9) Aluko & Oyebode partners were rated as “highly regarded”, one partner was rated …

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Oct 2020 NEWS

The Firm is delighted to have advised Stripe, a global fintech company, in connection with its proposed acquisition of Paystack. The Firm’s transaction team was led by Partner, Oludare Senbore, with associates, Temitope Sowunmi, Oluwatamilore Oluwalaiye, and Nadia Ambah.

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Sep 2020 PUBLICATIONS

It is elementary law that parties are bound by the provisions of the contract or agreement which they have voluntarily entered. This typifies the doctrine of the sanctity of the contract. Consequently, the court is bound to construe only the terms of the contract in the event of an action arising therefrom. This is because the …

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Aug 2020 NEWS

The National Information Technology Development Agency (The ”NITDA”) is the Nigerian agency mandated under the National Information Technology Development Act (the “Act”) to create a framework for the regulation of Information Technology and all matters related thereto. To promote speedy resolution of disputes arising in the ICT sector, the NITDA, on the 22nd of July …

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Jun 2020 NEWS

In continuation of its efforts towards building a financial services sector that promotes innovation, the Central Bank of Nigeria (the “CBN”) on 23 June 2020 issued a Circular PSM/DIR/CON/CWO/07/011 to all Deposit Money Banks, Mobile Money Operators and Payment Service Providers (the “Circular”). By the Circular, the CBN stated that it had published an exposure …

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Jun 2020 NEWS

The National Information Technology Development Agency (the ”NITDA”) is the Nigerian agency mandated under the National Information Technology Development Act (the “Act”) to create a framework for the regulation of Information Technology whilst preserving and ensuring the privacy of Nigerians. The NITDA, in recognition of Government agencies as the biggest processors of personal data of …

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Jun 2020 NEWS

WATCH ON YOUTUBE>> Aluko & Oyebode hosted its Fintech/ Private Equity Webinar themed “Enabling Regulation: The Need for Stakeholders to Better Facilitate and Promote Innovation” on Thursday, 11th June 2020 at 12:00PM. As much as innovation by companies and industries is usually seen as curtailed by regulations, regulatory efforts are also easily challenged and frustrated …

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May 2020 NEWS

Right of Way charge is a levy paid by telecommunication companies to state governments, permitting telecommunication companies to dig up the roads and install telecommunications hardware such as optic fibre cables that carry internet traffic. The Right of Way charge has been fraught with inconsistencies across the states in terms of charges and has negatively …

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May 2020 COVID-19NEWSLETTERS

On 25 January 2019, the National Information Technology Development Agency (“the NITDA”) issued the Nigerian Data Protection Regulation (“the Regulation”) to regulate organisations that collect and process personal data (“Data Controllers”). The Regulation mandates Data Controllers, who process the personal data of more than 2,000 subjects, to submit a summary of their organisation’s data protection …

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May 2020 COVID-19NEWSLETTERSPUBLICATIONS

The COVID-19 pandemic has resulted in the increased processing of health data globally. We have discussed below some data privacy issues organisation should be considering in light of the COVID-19 crisis in Nigeria. What type of information can be collected from individuals relating to COVID-19 that is likely to be considered personal data under Nigerian …

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Apr 2020 COVID-19NEWSLETTERSPUBLICATIONS

The COVID-19 pandemic has both global health and economic implications. It has been predicted that the effect of COVID-19 pandemic on the global economy may be far worse than the 2008 Global Recession. The global shutdown of borders and restriction of movement by Governments around the world has impacted businesses, large and small. In these …

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Apr 2020 COVID-19NEWS

The National Information Technology Development Agency (The”NITDA”) is the agency with supervisory powers to promote, develop and regulate the information and communications technology (ICT) sector in Nigeria. Having identified the role of the ICT sector in earlier an communique (click here) as critical, the NITDA upon the direction of the Honourable Minister of Communications and …

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Apr 2020 COVID-19NEWS

The National Information Technology Development Agency (the ”NITDA”) is statutorily mandated under o the National Information Technology Development Act (the “Act”) to collaborate with any local or state Government, company, firm, or person in any activity, which in the opinion of the agency is intended to facilitate the attainment of the objective of the Act. …

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Apr 2020 COVID-19NEWS

The National Information Technology Development Agency (the ”NITDA”) in line with its mandate to develop, standardise and regulate Information technologies and data interchange has advocated for the use of Internet of Things (“IoT”) in the fight against COVID-19. The collection and collation of data on a real time basis has become critical in the fight …

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Apr 2020 COVID-19NEWS

WhatsApp, the Facebook owned instant messaging app (the “Company”) is imposing new restrictions on its forwarding feature in order to slow the dissemination of fake news through frequently forwarded messages. The intention behind this is to disrupt false COVID-19 information and to curtail the spread of misinformation. Under the new restriction, a user who receives …

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Apr 2020 COVID-19NEWS

On 25 January 2019, the National Information Technology Development Agency (“the NITDA”) issued the Nigerian Data Protection Regulation (“the Regulation”) to regulate organisations that collect and process personal data (“Data Controllers”). The Regulation mandates Data Controllers, who process the personal data of more than 2,000 subjects, to submit a summary of their organisation’s data protection …

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Mar 2020 NEWS

Aluko & Oyebode is pleased to have advised Orange Digital Ventures LLC (ODV), a strategic corporate venture fund of the Orange Group, on the US$1.5 Million seed investment round in Youcheck Online Services Limited (Youverify). The investment forms part of the €50 million African corporate venture fund launched by ODV to boost Africa’s mobile & …

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Mar 2020 NEWS

On 25 January 2019, the National Information Technology Development Agency (“the NITDA”) issued the Nigerian Data Protection Regulation (“the Regulation”) to regulate organisations that collect and process personal data (“Data Controllers”).  The Regulation empowers the NITDA to register and license Data Protection Compliance Organisations (“DPCOs”), who are required to monitor, audit, conduct training and data …

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Nov 2019

It is undeniable that the social media makes sharing of information remarkably easy and reinforces the right to freedom of expression of the individual. However, the lot of every right is that it has limits. A strain on the right to freedom of expression is the duty not to cause injury to another person without …

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Nov 2019

The Private Guard Companies Act (the “PGC Act” or the “Act”), was enacted in 1986 to regulate the licensing of Private Guard Companies (“PGCs”) in Nigeria. Thirty two years after the enactment of the Act, the Minister of Interior issued the Private Guard Companies Regulations, 2018 (the “Regulations”) pursuant to his powers under section 35 …

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Oct 2019

We are pleased to announce that we have been shortlisted for the 2019 ESQ Nigerian Legal Awards. We are finalists in the following categories: Law Firm of the Year – Large Practice Banking and Finance Capital Market Oil and Gas Dispute Resolution Energy and Power Mergers and Acquisitions Private Equity Real Estate and Construction Telecommunications …

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Sep 2019

Background The National Office for Technology Acquisition and Promotion (“NOTAP”) is responsible for monitoring, regulating and facilitating the inflow of foreign technology in Nigeria. NOTAP’s mandate is implemented primarily through the evaluation and registration of technology transfer agreements which are required to be submitted to NOTAP within 30 days from the effective date. The agreements …

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Jul 2019

We are delighted to be shortlisted in five (5) categories for The African Legal Awards 2019: African Law Firm of the Year – Large Practice Energy & Natural Resources Team of the Year Intellectual Property Team of the Year Mergers & Acquisitions Team of the Year TMT Team of the Year Click Here for more information. The African Legal …

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Jul 2019

On 25 January 2019, the Nigeria Information Technology Development Agency (the “NITDA”) issued the Nigeria Data Protection Regulation, 2019 (the “Data Protection Regulation”). The key objectives of the Data Protection Regulation include to: safeguard of the rights of natural persons to data privacy; foster safe conduct of transactions involving the exchange of personal data; prevent …

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May 2019 NEWS

The National Information Technology Development Agency (NITDA) published a notice of the commencement of the full implementation of the Nigeria Data Protection Regulations 2018 (“the Notice”) on 16 May 2019.

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Jun 2018 PUBLICATIONS

Companies in the European Union (the “EU”) have been preparing for 25 May 2018, the much anticipated date when the EU’s General Data Protection Regulation (“GDPR”) became effective. 

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