Aluko & Oyebode International Trade Practice Group is pleased to announce a one-day discourse on the “Threats and Opportunities of the African Continental Free Trade Area Agreement” on Tuesday, 21 March 2023. We will be discussing practical and theoretical issues arising under the African Continental Free Trade Area Agreement (AfCFTA). There will also be high-level …
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Introduction Data over the past decade has rightly gained significance and has been termed as the digital gold. It is now considered as one of the most important economic assets for any organization. One of the most important types of data that organizations process is personal data. Personal data means information relating to natural persons …
Continue reading “Aluko & Oyebode – Data Protection Outlook 2023”
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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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Introduction The Federal Ministry of Labour and Employment (the “Ministry”) has released the Guidelines on Labour Administration Issues in Contract Staffing/Outsourcing Non-Permanent Workers in Banks, Insurance and Financial Institutions (the “Guidelines”) effective 8 September 2022. The Guidelines seeks to set the basic terms and conditions to be observed by financial institutions and insurance companies in …
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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 …
Continue reading “Listing of Tech Start-ups on the NGX: Recent Developments”
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We bring you our first quarterly Intellectual Property Newsletter, Volume 1, 2023. As the election season begins, it is expected that the general public will exercise their civic right to vote as citizens of Nigeria. Activities at the Regulatory Agencies Trade Marks Registry The Registrar of Trade Marks, Dr. Shafiu Yauri hosted a routine session …
Continue reading “Intellectual Property Newsletter – Volume 1, 2023”
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Background On 29 September 2022, the Securities and Exchange Commission (“SEC” or the “Commission”) issued an exposure draft of the New Rules on Shariah Advisory Services for Non-Interest Capital Market Products (the “Draft Rules”). The Draft Rules have been issued further to the Commission’s efforts to promote transparency, while creating a level playing field for …
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Introduction The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) held a Pre-Bid Conference on 16 January 2023 to clarify modalities for the 2022/2023 Mini Bid Round (MBR) which was announced on 20 December 2022. The NUPRC has put on offer a total of seven (7) offshore blocks (PPL 300-DO, PPL 301-DO, PPL 302-DO, PPL 303-DO, PPL …
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Aluko & Oyebode is pleased to announce the appointment of Olujoke Aliu as Co-Managing Partner of the Firm. Joke Aliu’s appointment is effective January 9th, 2023. Reginald and Joke will jointly take responsibility for the firm’s overall management and guide its strategic direction. Joke is an active member of the Firm’s dispute resolution as well …
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We are delighted to announce that Aluko & Oyebode has been named the Nigeria Law Firm of the Year at the Chambers Africa Awards 2023, which took place on Thursday, January 12, 2023. In announcing the Award winner, Chambers and Partners stated that; “Aluko & Oyebode has a prominent position in the Nigerian market, …
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Please note that the Nigerian Upstream Petroleum Regulatory Commission has announced the commencement of its 2022 mini-bid round. To prequalify for the Mini-Bid Rounds 2022, you (“your company”) need to meet certain minimum legal, technical, and financial requirements. Please click here to review the NUPRC criteria document.
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Introduction On 1 April 2022, the Federal Inland Revenue Service (“FIRS”) announced the commencement of the operation of the Non-Interest Finance (Taxation) Regulations 2022 (the “Regulations”). The Regulations, which apply to non-interest financial instruments and institutions operating under the principles of Islamic commercial jurisprudence, were issued to provide a legal framework for the tax regulation …
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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 …
Continue reading “Analysis of the Nigeria Startup Act 2022”
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Aluko & Oyebode is delighted to have won the award for Best Solicitor in Terms of Value of Deals at the inaugural edition of the Nigerian Exchange Limited (“NGX”) Made of Africa Awards. Aluko & Oyebode was the only law firm that received an award at the event, which took place in Lagos on 6th …
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The Central Bank of Nigeria (CBN) Calls for Applications for Participation in Its Regulatory Sandbox – Download PDF Here. The Central Bank of Nigeria (the “CBN”) on Monday, 12 December 2022 issued an invitation to participants in the financial system to submit expressions of interest to participate in its Regulatory Sandbox (“the Sandbox”). It …
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Did you miss the A & O Insider Series – 6th Edition 📅? No worries. In case you missed it, you can watch highlights of the conversation between Lumi Mustapha and our Oluwatamilore Sowunmi. The Head of Legal at Founders Factory, Lumi Mustapha recently spoke about the Nigeria Startup act with Our Associate Oluwatamilore Sowunmi …
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Aluko & Oyebode (the “Firm”) is pleased to have advised Access Holdings Plc (“Access Corporation”) on its acquisition of an indirect equity stake in Sigma Pensions Limited from Actis Golf B.V., and the subsequent merger of Sigma Pensions Limited and First Guarantee Pension Limited (“FGPL”), a subsidiary of Access Corporation (the “Transaction”). Following the completion …
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Aluko & Oyebode (the “Firm”) is pleased to have advised Access Bank Plc (“Access Bank”) on the divestment of its entire equity stake in Access Pension Custodian Limited to First Pension Custodian Nigeria Limited, a subsidiary of First Bank of Nigeria Limited (the “Transaction”). The Transaction which received relevant regulatory approvals marked the divestment of …
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We congratulate our Of Counsel Gbenga Oyebode MFR, on his appointment as Chairman of Teach For All’s Board of Directors.
Teach for All is a global network of 61 independent, locally led and governed partner organizations that work to accelerate the network’s progress in addressing the complex challenges confronting children in disadvantaged communities by developing leadership in classrooms and communities to ensure all children can reach their full potential.
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The Startup Practice team at Aluko & Oyebode invites you to the 6th edition of our virtual series, The Insider Series on Friday, 2nd of December, 2022 from 1:00 PM (WAT). It is themed “Beyond the Letter of the Law: Assessing the Startup Act”. Our guest comes from a renowned community of co-founders and early-stage …
Continue reading “The Insider Series – 6th Edition with Lumi Mustapha”
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Our Partner Mark Mordi (SAN) is a member of the Working Committee for the WIPO-ARIPO-USDOJ Africa Regional Benchbook that just concluded a 4-day meeting in Geneva, Switzerland that took place from the 14th of November to the 18th of November 2022. The Africa Intellectual Property (IP) bench book is being facilitated by the World Intellectual …
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DID YOU KNOW? The Nigeria Startup Act 2022 (the “Act“) has provisions aimed at incentivising the establishment of innovative startups in Nigeria. The Act also introduces incentives targeted at stakeholders such as angel investors, venture capitalists, private equity funds, accelerators, or incubators involved in the startup ecosystem. Some of such incentives are outlined in this …
Continue reading “The Nigeria Startup Act 2022 – Incentives for Startups”
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The recent enactment of the Nigeria Startup Act (“Startup Act“) has introduced a new regulatory framework for startups in Nigeria. The Startup Act is expected to drive growth in Nigeria’s tech industry, and its proper implementation will contribute to the development of an enabling environment for startups to thrive. Here are four provisions in the …
Continue reading “The Nigeria Startup Act 2022”
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Introduction On 19th October 2022, Nigeria took a significant step in its quest to encourage the economic growth of startups with the assent of the Startup Bill by President Muhammadu Buhari. The Nigeria Startup Act [the Act] brings with it key provisions to encourage financial investments in startups. Our focus will be on the tax …
Continue reading “Tax Implications of the Nigeria Startup Act 2022”
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ALN Virtual Tech Conference themed “Decoding the Future of Tech in Africa” was a 3-day conference with eight (8) sessions that brought together a dynamic community of innovators, leading start-ups, SMEs, tech corporates, thought leaders, and other industry stakeholders disrupting the Continent. Day 1 Pulse of Tech in Africa – Moderated by Gbenga Oyebode and …
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Founders and investors looking to create solutions or invest within the financial technology (FinTech) sector in Nigeria would need to embrace its regulatory landscape. This is the first of a series highlighting key regulators of the FinTech sector in Nigeria. Central Bank of Nigeria The Central Bank of Nigeria (the “CBN“) is the lead regulator …
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Across the continent, countries in Africa are gearing up for the energy transition by implementing policy and legislative frameworks that take into account the energy crisis and the need for a renewable, decarbonized, decentralized energy supply that addresses climate change and the commitments made under the Paris Agreement. Ahead of the United Nations Climate Change …
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The Nigerian Communications Commission (NCC) has published the Draft Information Memorandum (IM) for its upcoming auction of the remaining lots of 2 x 100MHz in the 3.5GHz spectrum band to support 5G deployment in Nigeria. To support the attainment of its objective of reliable communications services and innovative digital technologies, the draft IM provides much needed guidance …
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Aluko & Oyebode has been named the Frontier Legal Advisor of the Decade at the Private Equity Awards (PEA) 2022 Decade Awards. We are the only Nigerian firm recognised this year at the awards ceremony organised by Private Equity Africa. The PEA Awards is regarded as the ultimate accolade of success in the African private …
Read moreThe Nigerian Midstream and Downstream Petroleum Regulatory Authority (“NMDPRA” or “the Authority”) was established by the recently enacted Petroleum Industry Act (“PIA” or “the Act”) 2021, the first major update of the legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry in decades. This article focuses on the Authority, which is responsible for …
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The National Data Protection Adequacy Programme (the “NADPAP”) Whitelist is expected to be issued by the Nigeria Data Protection Bureau (the “NDPB”) in the last quarter of 2022 or first quarter of 2023. The NDPB is the Nigerian agency responsible for data protection and privacy in Nigeria. The NDPB earlier this month issued a compliance …
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The Immigration Act, 2015, makes it mandatory for every company with foreign equity participation to obtain a business permit from the Minister of Interior before it commences business in Nigeria. This applies to a company that is wholly owned by foreigners or a joint venture company between locals and foreign partners irrespective of the percentage …
Continue reading “New Capital Requirements for Foreign Investors in Nigeria”
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Introduction – Intellectual Property Newsletter – Volume 3 2022 We bring you our third quarter Intellectual Property Newsletter, Volume 3, 2022. Activities at the Regulatory Agencies The Federal Government of Nigeria in collaboration with the World Intellectual Property Organization (WIPO) held a three-day stakeholders’ validation workshop on September 13 to 15, 2022, to review the …
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Aluko & Oyebode (the “Firm”) is pleased to have advised Health54, the healthcare-focused corporate venture capital arm of CFAO Group, in connection with a US$3 million pre-Series A funding round in Lifestores Healthcare Holdings Limited (“Lifestores” or the “Company”), a Nigerian healthtech startup. The round, which was significantly oversubscribed, was led by Health54, with the …
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Introduction The Federal Competition and Consumer Protection Commission (the “Commission”) has released the Limited Interim Regulatory/Registration Framework and Guidelines (the “Guidelines”) for Digital Lending 2022. This is stated to be in exercise of the powers conferred upon it by sections 17, 18 and 163 of the Federal Competition and Consumer Protection Act, 2018. The Guidelines …
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Introduction The National Health Insurance Authority Act (the “Act”) was passed by the National Assembly in 2021 and assented to by President Muhammadu Buhari in May 2022, thus, launching a drive for an inclusive health care system in Nigeria. The Act repealed the National Health Insurance Scheme Act Cap N42, 2004, which was enacted in …
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We are pleased to have contributed to the whistleblowing cross-jurisdictional guide by Webber Wentzel. The guide focuses on 9 key questions across 8 African jurisdictions, namely: Botswana; Ethiopia; Ghana; Kenya; Mauritius; Mozambique; Nigeria and South Africa providing an analysis of the continent’s position and treatment of whistleblowers demonstrates how far we have come in Africa …
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Since January 2011, when the Central Bank of Nigeria (“CBN“) released the Guidelines for Foreign Exchange Derivatives and Modalities for CBN FX Forwards,[1] the Nigerian derivatives market has grown steadily. For context, in November 2014, FMDQ Group Plc (previously known as FMDQ OTC Plc) began publishing data on turnover of products traded on its platform. …
Continue reading “Overview Of Recent Developments in the Nigerian Derivatives Markets”
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The continuous development in technology, advances in artificial intelligence, and with drones becoming easily accessible, has led to more commercial adoption and industrial applications. The versatility of the technology is such that it is possible to apply it in several time/cost-effective ways across multiple industries, to carry out functions such as: a. Agriculture – Drone …
Continue reading “Use Cases for Drone Technology: Commercial Use”
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We are delighted to announce that the IFLR1000 Guide released its latest rankings and recognised 15 Aluko & Oyebode lawyers as leading lawyers. The leading lawyers have been ranked based on their outstanding financial and corporate transactional work in the following categories: Expert Consultant, Market Leader, Notable Practitioner, Highly Regarded, Rising Star Partner, and Rising …
Continue reading “Aluko & Oyebode Receives Top Rankings in the 2022 Edition of the IFLR1000 Guide”
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On 11 August 2022, the Nigerian Communication Commission (Commission) issued an advertorial for the submission of application for Mobile Virtual Network Operators (MVNO) licenses within 30 days of the advert. However, due to several reasons including: (i) the amplitude of the requirements for the grant of the license (ii) the fact that it is the …
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Aluko & Oyebode is delighted to have advised Lily Hospitals Limited (Lily), a leading hospital group in the Midwest and Southern region of Nigeria in relation to the acquisition of the majority shares of an exiting strategic investor (a global healthcare fund) by another global healthcare operator with investments across Africa. The transaction allows Lily …
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A term sheet is an initial formal document between a start-up founder and investor(s). It is typically non-binding; although sometimes, it can be. The document would usually summarise the key terms of a funding round and would often form the basis for the provisions of a shareholders’ agreement and the articles of association of the proposed start-up. …
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Aluko & Oyebode (the “Firm”) is pleased to have recently advised SYNLAB International GmbH, in relation to its buy-out of its Nigerian venture partners in Synlab Nigeria Limited, one of the largest diagnostic and pathology laboratories companies in Nigeria. The closing conditions are almost completed. This is a follow-up to an earlier transaction in which, …
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Introduction Unmanned Aerial Vehicles (UAVs) or unmanned aircraft systems more popularly known as “drones” are remote-controlled pilotless aircraft or small flying devices. Drones are typically composed of a combination of computer hardware and software designed for a specific function that works in conjunction with onboard sensors and a global positioning system. While the use of …
Continue reading “Drone Technology: Uses, Applications and Regulation in Nigeria”
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Introduction Artificial intelligence has found its way into the legal profession and is playing an increasingly transformative role in helping lawyers and clients Whilst application of AI in the legal space is cautionary, areas legal researchers, paralegals, lawyers, and litigators alike are relishing the great support it offers. Notably, there will always be concerns about …
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On this episode of the ‘Chat Legal with A & O’, Associates with the Litigation Practice, Associates Joy Mgbado, and Olamide Sholabomi discuss tips and recommendations with Negotiating Your Dispute Clause. The importance of a clearly drafted dispute resolution clause should never be underestimated. It may have serious implications for how disputes arising under a …
Continue reading “Negotiating Your Dispute Clause | Chat Legal with A & O | Episode II”
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We are pleased to announce that Aluko & Oyebode has maintained its ranking as a Top Tier Firm (Tier 1) in eight practice areas in the 2022 International Financial Law Review [ IFLR ] 1000 Guide: 1️⃣ Banking 2️⃣ Capital Markets: Debt 3️⃣ Capital Markets: Equity 4️⃣ Mergers & Acquisitions 5️⃣ Project Development: Energy 6️⃣ Project Development: …
Continue reading “Aluko & Oyebode Retains Top Rankings in the 2022 IFLR1000 Guide”
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The global Nigerian law firm, Aluko & Oyebode, share a new podcast series ‘Chat Legal with A & O‘ where the attorneys across the practice share insights, trends, and outlook on pressing issues and development in key jurisdictions in Nigeria and around the globe. The multimedia format legal podcast is titled ‘Chat Legal with A …
Continue reading “Demystifying FinTech | Chat Legal with A & O Podcast”
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Aluko & Oyebode is pleased to have won 4 awards at the IFLR Africa Awards 2022 in the following categories: Capital Markets Deal of the Year (Access Bank Tier-1 Eurobonds) Project Finance Firm of the Year (Nigeria) Lifetime Achievement Award – Gbenga Oyebode, MFR IFLR Women Dealmakers Hall of Fame – Olubunmi Fayokun It is …
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The Federal Government through the Federal Ministry of Interior (the Ministry) has re-inaugurated a 21-member expanded taskforce (the Taskforce”) as part of its ongoing efforts to ensure strict enforcement of the Government’s expatriates’ quota policy (the “EQ policy”). The aim is to end the alleged abuses and gross violations of the policy. The Taskforce was …
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There has been a surge of interest in the use of artificial intelligence (AI) in healthcare in recent years. Artificial intelligence (AI) has the potential to transform the field of medicine. To be specific, AI will most likely improve access to healthcare and how patients are treated, but it will also optimize resource allocation, allowing health systems to function more effectively and efficiently. The potential for AI to reshape the field of healthcare, to aid in diagnosis and enable a more personalized precision approach to medicine is limitless.
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Overview of the Money Laundering (Prevention and Prohibition) Act 2022 On 12 May 2022, the President of the Federal Republic of Nigeria, Muhammadu Buhari as part of the efforts to strengthen the AML/CFT regime in Nigeria signed into law the following Bills; (i) Money Laundering (Prevention and Prohibition) Bill, 2022 (ii) Terrorism (Prevention and Prohibition) …
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Introduction The distribution of content in the global media and entertainment industry is rapidly changing. Due to the increasing accessibility of content creation technologies such as high-resolution cameras, content development software, and smartphones, almost anybody can now create, publish, and share written, audio, and video content. This trend is further accelerated by the proliferation of …
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On Tuesday, 19 July 2022, the President unveiled the Nigerian National Petroleum Company Limited (“NNPC Ltd”); the new limited liability company which has replaced the erstwhile Nigeria National Petroleum Corporation (NNPC), the national oil corporation of the Federal Republic of Nigeria. NNPC Ltd was incorporated in September 2021 in furtherance to the Petroleum Industry Act …
Continue reading “The Nigerian National Petroleum Company Limited – “Privatising” the NNPC”
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The Partners of Aluko & Oyebode are pleased to announce the admission of Tosin Iyayi and Ngo-Martins Okonmah into the Firm’s Partnership, effective 1 August 2022. Tosin has 15 years’ experience in banking litigation, debt recovery, and insolvency, having joined the firm as a law graduate in 2007. Her major clients include some of the …
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Introduction On 6 June 2022, the Nigerian Communications Commission (the “NCC”) released an updated requirements for Individual Licence application. The NCC has approved the additional requirements in furtherance of its mandate as enshrined in the Nigerian Communications Act (“NCA”) 2003. While some of the requirements remain the same, some additions and amendments are noticeable. ReadMore
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Aluko & Oyebode (the “Firm“) is pleased to have advised Dot Ensure Limited (and its affiliates) (“Dot“) on its acquisition of a majority stake in Royal Exchange Healthcare Limited (“REHL” or the “Company“), a national health maintenance organisation duly registered under the National Health Insurance Scheme. The transaction was structured to advance consideration to the …
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As part of the updates and changes to the NCC requirements for an Individual License, the NCC updated the requirements for application for an Individual License to operate Automated Vehicle Tracking Service (AVTS) and VAS (Content Service using Short Code). AVTS applicants and VAS (Content Service using Short Code) applicants must, in addition to the …
Continue reading “Changes to AVTS and VAS Application Requirements”
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Introduction On 29 June 2022, the Central Bank of Nigeria (the “CBN”) approved and issued the risk-based cybersecurity framework guidelines for other financial institutions (“OFIs”) in Nigeria (the “Guidelines”). The Guidelines have been issued further to the CBN’s effort to strengthen the cyber resilience of OFIs especially following the increase in the number and sophistication …
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What has changed? The NCC has updated the list of documents to be submitted for Individual Licenses in the following categories: The general requirements for all Individual License applicants All Automated Vehicle Tracking Service (AVTS) applicants (in addition to the general license requirements) All VAS (Content Service using Short Code) applicants (in addition to the …
Continue reading “Individual Licence Application Requirements”
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The Nigerian Communications Commission (the “NCC”) released updated requirements for Individual Licence applications. What is an Individual License and who can apply for it? Individual Licences are licenses issued by the NCC to conduct specified telecommunications activities. The licencing terms include conditions that regulate the licensees and their activities. Some of the services and activities …
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Introduction In the Nigerian judicial system, garnishee proceedings are a commonly used means of executing monetary judgments. The process is governed primarily by the Sheriffs and Civil Process Act[1] (“SCPA”) and involves applying to the court for an order, commonly known as a garnishee order absolute, attaching the money of a judgment debtor in the …
Continue reading “Garnishee Proceedings in Nigeria: The Need for Reform”
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We are delighted to announce that Aluko & Oyebode has joined ALN – Africa’s leading alliance of law firms – making a bold statement about our modern strategic vision and our role in the transformational shifts happening in the way excellent legal services are delivered in Africa. We are now ALN’s firm of choice for …
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The Federal High Court of Nigeria has ruled on the amendment to the 6th Edition of the Nigeria Broadcasting Code (the “Code”). By way of background, the National Broadcasting Commission (the “Commission”) issued an amendment to the Code in March 2020, which made the following significant changes to the broadcasting ecosystem: Wholesale offer, which essentially …
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We bring you our second quarter Intellectual Property Newsletter Volume 2, 2022 Activities at the Regulatory Agencies At the recently concluded training by the Nigerian Trademarks Registry, the Registrar of Trademarks, Dr Shafiu Adamu Yauri assured stakeholders that a taskforce committee has been set up to ensure that matters are swiftly resolved in order to …
Continue reading “Intellectual Property Newsletter – Volume 2 2022”
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The Federal Inland Revenue Service (“FIRS”) on 11 May 2022 issued a circular titled “Information Circular on the Claim of Tax Treaties Benefits and Commonwealth Tax Relief in Nigeria”. Sequel to the circular, a public notice on the application of withholding tax (“WHT”) on dividends, interests, and royalties paid by Nigerian residents to recipients who …
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On 12 May 2022, the President of the Federal Republic of Nigeria, Muhammadu Buhari as part of the efforts to strengthen the AML/CFT regime in Nigeria signed into law the following Bills; (i) Money Laundering (Prevention and Prohibition) Bill, 2022 (ii) Terrorism (Prevention and Prohibition) Bill, 2022 (iii) Proceeds of Crime (Recovery and Management) Bill, …
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Aluko & Oyebode (the “Firm”) is delighted to have advised Access Bank Plc (the “Bank”), Nigeria’s largest bank by asset size (with a presence in 17 countries), in connection with its issuance of a US$50 Million Regulation S 5-year Senior Unsecured Step-Up Puttable Green Bond due 2027 (the “Bond”). The Bond, which is the Bank’s …
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In this article, we examine the current position of the Nigerian law on the subject of political donations by corporates. We will attempt a comparative analysis with other jurisdictions such as the United States, the United Kingdom, and India and make some recommendations on how political donations can be regulated in Nigeria. With the 2023 …
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Aluko & Oyebode (the “Firm”) is pleased to have acted as Solicitors to The Company for Habitat and Housing in Africa (“Shelter Afrique”) in connection with Shelter Afrique’s establishment of a ₦200 Billion Bond Issuance Programme (the “Programme”) and the issuance of ₦40 Billion Series I (Tranches A and B) Bonds under the Programme (the …
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Historically, central clearing counterparties (“CCPs“) have played a critical role in global financial markets. They have, however, become even more critical in financial markets, with clearing now globally accepted as an effective risk management mechanism. To illustrate, in response to the global financial crisis in 2009, G20 leaders committed to reforming the overall structure of …
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On the 14th of April 2022, the Director-General of the National Office for Technology Acquisition and Promotion (”NOTAP”), Dr. Dan-Azumi Ibrahim (the “DG”), in a press conference on the public presentation of indigenous software for the implementation of Executive Order 5 (the “Order”) executed by the President of the Federal Republic of Nigeria on February …
Continue reading “Restriction of The Issuance of Visa Approvals to Expatriate Professionals”
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Aluko & Oyebode is delighted to have advised Access Bank Plc (“Access Bank” or “Bank”), one of Africa’s largest retail banks, on its restructuring into a non-operating financial holding company. The restructuring, which has culminated in Access Holdings Plc (“Access HoldCo”) becoming the listed parent entity of Access Bank, its subsidiaries and related group companies …
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Pursuant to the Companies and Allied Matters Act (“CAMA”) 2020, the requirement for companies to have an ‘authorized share capital’ has been replaced with ‘minimum issued share capital’ principle. Section 124 of CAMA 2020 which replaces section 99 of CAMA 2004 provides that no company shall have a share capital which is less than its …
Continue reading “Cancellation of Unissued Share Capital of Companies”
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We are delighted to announce that our Partner, Uche Nwokocha has been selected as an outstanding Intellectual Property practitioner in the elite World IP Review Leaders 2022. WIPR Leaders, published by World IP Review, is a comprehensive guide to the top intellectual property lawyers practicing in the areas of patents and trademarks across the globe. …
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On 9th March 2022, Aluko & Oyebode hosted the 4th edition of its International Women’s Day celebration themed, “#BreakTheBias”. Discussions centred around challenging the status quo of women in the workforce. SPEAKERS Rolake Akinkugbe-Filani, Chief Commercial Officer, Mixta Africa Dr. Ola Brown, Founder, Flying Doctors Healthcare Investment Company MODERATOR Ife Omotola, Associate, Aluko & Oyebode …
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We are delighted to have advised on two award winning transactions – which won the International Bank/FI Bond Deal of the Year and the Structured Loan Deal of the Year Awards at the Bonds, Loans & Sukuk Africa Awards 2022. Aluko & Oyebode is delighted to have advised Access Bank Plc (the “Bank”) in connection …
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On 3 March 2022, the Securities and Exchange Commission (“SEC” or the “Commission“) released a circular providing further regulatory clarity as it pertains to the procurement of ‘No Objection‘ letters from issuers’ primary regulators (the “Circular“). In relevant circumstances, ‘No Objection’ letters are a prerequisite for the approval of capital market transactions by the Commission. …
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Introduction The Insurance Web Aggregators Operational Guidelines (the “Guidelines”) was recently issued by the National Insurance Commission (NAICOM) (the “Commission”) and took effect from 1 February 2022. All insurance companies and web aggregators operating under any agreement of a business relation whether called a “Web Aggregation” business or otherwise, are expected to comply with the …
Continue reading “An Analysis of the Insurance Web Aggregators Operational Guidelines, 2022”
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We are pleased to announce that Aluko & Oyebode has been ranked in five (5) practice areas in the 2022 edition of Chambers Global. Additionally, the Firm received the most Band 1 practice rankings and the most individual rankings for a law firm in Nigeria. 5 Practice Area Rankings Banking & Finance (Band 1) Corporate/Commercial …
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We bring you our first quarter Intellectual Property Newsletter Volume 1 for 2022. Activities at the Regulatory Agencies The Nigeria Centre for Disease Control (NCDC) continues to adopt international best practices and COVID-19 guidelines to protect Nigerian residents. The general public has been advised to adhere to the COVID-19 measures issued by the government such …
Continue reading “Intellectual Property Newsletter Volume 1 2022”
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A few weeks ago, I was given the assignment of writing about a man I had never met. The brief was to interview his family members, colleagues, friends and business associates, and to tell his story to those who did not have the opportunity of meeting him. The man is Bankole Olumide Aluko (“BOA” or …
Continue reading “Bankole Olumide Aluko, SAN: Recollections”
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Bankole Olumide Aluko, SAN (“BOA”) was born on August 2,1956, at Massey Street Hospital in Lagos, Nigeria to the family of Mrs. Janet Adebisi and Dr. Timothy Mofolorunso Aluko. He was their fourth child. BOA’s early education was at Maryhill Convent School in Ibadan. When his Common Entrance (as it was then called) results were …
Continue reading “Bankole Olumide Aluko, SAN – An Irreplaceable Icon”
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Aluko & Oyebode is pleased to have advised Pan African Towers Limited (“Pan African Towers”) through its special purpose vehicle, PAT Digital Infra Fund SPV Plc, as Solicitor to the Issuer, on the establishment of a ₦50 Billion Bonds Issuance Programme (the “Programme”) and the successful issuance of ₦10 Billion Series I Senior Guaranteed Fixed Rate Infrastructure …
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Aluko & Oyebode (the “Firm”) is pleased to have advised Guaranty Trust Holding Company Plc (“GTCo”) on the acquisition of the entire shares of Investment One Funds Management Limited (“IOFM”) and Investment One Pension Mangers Limited (“IOPM”), the mutual fund and pension subsidiaries of Investment One Financial Services Limited, respectively. The effect of this acquisition …
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Disputes in the Nigerian construction industry are driven primarily by political, commercial, project delivery, claims-related and legal risks. Commercial, project and legal risks could be the result of lack of regulatory expertise; ambiguity in contractual requirements; poorly defined project scope; improper risk allocation matrix; combative contracting culture; lack of sophistication of the project team; border …
Continue reading “The Construction Disputes Law Review (Nigeria Chapter)”
Read moreThe Minister of Interior the (“Minister”), recently issued a directive introducing new processes and guidelines for the implementation and regulation of expatriate quota approvals in Nigeria. The additional guidelines are intended to ensure the effective monitoring and utilization of the quota approvals granted to organisations with business operations in Nigeria. The processes introduced are highlighted …
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Read moreThe Nigerian Immigration Services (“NIS”), as part of its responsibilities to control the entry and departure of persons in and out of Nigeria, has introduced a new process with respect to the travels out of and into Nigeria by expatiates under a valid quota position issued by the NIS. All companies are now required to …
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Our Partner, Tunde Fagbohunlu, SAN has co-authored a chapter on “Substantive Protections: Obligations” in the first edition of Global Arbitration Review’s The Guide to Investment Treaty Protection and Enforcement. This chapter discusses three distinct substantive protections: umbrella clauses, transfer of funds clauses and prohibitions of performance requirements. For each substantive protection, he provides an overview …
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Introduction On 18 November 2021, President Muhammadu Buhari signed into law the Climate Change Bill 2021 following the passing of the bill by the Senate just a month earlier on 13 October 2021. The Climate Change Act 2021 (the “Act”) has been described as one of Nigeria’s life-changing laws. Given the increasing need for environmental …
Continue reading “A Review of Nigeria’s Climate Change Act, 2021”
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Introduction In 2011, the Federal Government of Nigeria issued the Companies Income Tax (Exemption of Bonds and Short-Term Government Securities) Order (the “CIT Exemption Order”) which commenced on 2 January 2012, to encourage investments in the Nigerian debt capital markets. The following securities were exempted from companies income tax under the CIT Exemption Order: Short …
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Introduction The international and domestic capital markets, in exploring various forms of funding options, over the years have facilitated the prominence of ethical-based debt financing. In recent times, the government and corporate entities within Nigeria are increasingly accessing the capital markets to attract funding from investors inclined to a peculiar form of ethical-based debt instruments …
Continue reading “Understanding SUKUK – Series 1”
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There has been a lingering debate in both legal and academic circles as to the proper interpretation of the compensation provisions of the Oil Pipelines Act (hereafter referred to as “the OPA”) since the Nigerian Court of Appeal issued its famous decision in NAOC v. Ogbu. Whilst several commentators argue that the decision was reached …
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Introduction The Securities and Exchange Commission (“SEC” or the “Commission“) on 29 October 2021 introduced new rules in relation to the issuance of social bonds in Nigeria (the “Social Bond Rules“). The Social Bond Rules (among other things) contain provisions defining social bonds, the types of projects eligible for social bonds, conditions for approval, as …
Continue reading “An Examination of the Securities and Exchange Commission’s Rules on Social Bonds”
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Aluko & Oyebode (the “Firm”) is delighted to have advised Access Bank Plc (the “Bank”) in connection with its successful issuance of US$500 million Basel III compliant Perpetual Non-Call (9.125% Rule144A/Regulation S) Additional Tier 1 Eurobond Notes (the “AT1 Issuance”), which have been admitted to trading on the International Securities Market of the London Stock …
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The Securities and Exchange Commission (“SEC” or the “Commission”) on 30 August 2021 introduced new rules to the provisions on mergers, takeovers and acquisitions (the “New Rules”), amending the provisions of the SEC Rules and Regulations 2013 (as amended) (the “SEC Rules”). In our last issue, we analysed the impact of the New Rules on …
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1. Project Finance Panorama 1.1 Sponsors and Lenders The main trends that have influenced the project finance market in Nigeria in the last 12 months are not unconnected to the need to bridge the infrastructure deficit in Nigeria. The absence of capital from the government and the need to bridge the existing deficit in infrastructure …
Continue reading “The Nigeria Chapter: Chambers Project Finance 2021 Global Practice Guide”
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Aluko & Oyebode (the “Firm”) is pleased to have advised Access Bank Plc (the “Bank”), Nigeria’s largest bank by asset size with operations spanning 12 countries, in connection with its successful issuance of US$500 million 6.125 percent Rule144A/Regulation S Senior Unsecured Eurobond Notes due 2026 which have been admitted to trading on the London Stock …
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We are pleased to announce the conferment of our Partner, Mark Mordi, FCIArb, with the rank of Senior Advocate of Nigeria (SAN) by the Nigerian Legal Practitioners Privileges Committee. He was sworn in by the Chief Justice of Nigeria at the Supreme Court, Abuja on 8 December 2021. Mark joined Aluko & Oyebode in 1996 …
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Aluko & Oyebode (the “Firm”) is pleased to have acted as Solicitors to the Trustees in connection with Ardova Plc’s establishment of a ₦60Billion Bond Issuance Programme (the “Programme”) and the issuance of ₦25.3Billion Series I (Tranches A and B) Bonds under the Programme (the “Issuance”). The Issuance marks the largest Naira-denominated bond issuance from …
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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 …
Read moreAluko & Oyebode (the “Firm”) is pleased to have advised MTN Nigeria Communications Plc (“MTN Nigeria”) as Solicitor to the Issue, in connection with the successful issuance of its ₦89,999,000,000.00 Series II 10-year 12.75% fixed rate Bonds, due 2031 (the “Issuance”). The Issuance is the second bond issuance by MTN Nigeria under its ₦200,000,000,000.00 Bond …
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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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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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On 28 October 2021, the National Pension Commission (the “Commission”) announced the introduction of the Non-Interest Fund (Fund VI) (the “Non-Interest Fund “) and issuance of its Operational Framework for the Non-Interest Fund (Fund VI) (the “Operational Framework”). The introduction of the Non-Interest Fund is in furtherance of the Commission’s objective to provide diverse investment …
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Aluko & Oyebode is pleased to have advised the Edo State Government on the repeal of the Edo State College of Nursing and Midwifery Law 2015 and enactment of the Edo State College of Nursing Sciences Law. The Firm, in collaboration with relevant policymakers in the health sector in Edo State, reviewed and drafted the …
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Aluko & Oyebode is delighted to have acted as sole legal adviser to Nigerian Exchange Group Plc (“NGX Group”) in connection with the landmark listing by introduction of its 1,964,115,918 ordinary shares on the Main Board of Nigerian Exchange Limited (the “Listing”). The Listing was effected after due compliance with the listing requirements of NGX …
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Corporate organisations typically require capital on a recurring basis for the purpose of financing their business objectives and projects, and one of the ways by which such organisations raise funding is through the issuance of financial instruments. Companies may choose, subject to applicable laws and regulations, to issue equity instruments (e.g., shares and stocks), debt …
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The Securities and Exchange Commission (“SEC” or the “Commission”) on 30 August 2021 introduced new rules to the provisions on mergers, takeovers, and acquisitions (the “New Rules”), amending the provisions of the SEC Rules and Regulations 2013 (as amended) (the “SEC Rules”). The New Rules contain provisions pertaining to certain forms of business divestitures such …
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Aluko & Oyebode (the “Firm”) is pleased to have advised Alitheia IDF on its investment in the US$3million Series A funding round by ReelFruit, a fast-growing brand involved in the manufacturing and distribution of processed dried fruits and beverage products. Under the investment round, Alitheia IDF led other investors with an investment of US$2million. The …
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On Monday, 9 August 2021, the Federal High Court (FHC), Port Harcourt Division, declared that the Rivers State Government (and not the Federal Inland Revenue Services (FIRS)) is empowered to collect Valued Added Tax (VAT) and Personal Income Tax (PIT) in the State (the “Rivers State VAT Decision”). Background of the Case The Attorney-General of …
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The Partners of Aluko & Oyebode are pleased to announce the admission of Adeolu Idowu into the Firm’s Partnership. Adeolu, who will head our Governance Risk & Compliance (GRC) practice, is a seasoned expert with experience across several sectors including Oil & Gas and Telecommunications. At different times, she was a top management executive in …
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Aluko & Oyebode has been named National Law Firm of the Year (Nigeria) at the IFLR Africa Awards 2021, announced on Thursday, 9 September 2021. The Firm received the highest number of awards for a law firm in Nigeria: National Law Firm of the Year (Nigeria) Nigerian Law Firm of the Year (M&A) Nigerian Law …
Continue reading “Aluko & Oyebode wins big at the IFLR Africa Awards 2021”
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We are honoured to have received the Competition and Regulatory Team of the Year and Property and Construction Team of the Year (African Firm) Awards at the prestigious African Legal Awards 2021. The awards ceremony was held virtually on Friday, 3 September 2021 and it was hosted by Legal Week and the Corporate Counsel Association …
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Read moreWe 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 …
Continue reading “Aluko & Oyebode Receives Top Rankings in the 31st Edition of the IFLR1000 Guide”
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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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Background and Introduction of the Petroleum Industry Act, 2021 On 16 August 2021, the President of the Federal Republic of Nigeria assented to the Petroleum Industry Act, 2021 (the “Act”). The key objective of the Act is to restructure and transform the Nigerian oil and gas industry. The Act provides legal, governance, regulatory and fiscal …
Continue reading “An Overview of the Petroleum Industry Act, 2021”
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In April 2021, Africa Construction Law, in collaboration with some of the leading law firms in the African construction law space (including Hogan Lovells and Aluko & Oyebode), organised a week-long programme which brought together experts and stakeholders from across the globe, to discuss the opportunities, challenges and areas for growth within the construction industry …
Continue reading “Growing Opportunities for the Construction Industry in Africa”
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Introduction On 13 August 2021, the Central Bank of Nigeria (the “CBN”) issued an exposure draft of the risk-based cybersecurity framework guidelines for other financial institutions (“OFIs”) in Nigeria (the “Draft Guidelines”). The Draft Guidelines have been issued further to the CBN’s effort to strengthen the cyber resilience of OFIs especially following the increase in …
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The Federal Government of Nigeria (“FGN”) has directed the Federal Inland Revenue Service (“FIRS”) to collect and remit the statutory deductions due to the National Agency for Science and Engineering Infrastructure (“NASENI”) pursuant to the National Agency for Science and Engineering Infrastructure Act, Cap N3, Laws of the Federation of Nigeria, 2010 (the “Act”). The …
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On the 4th of August 2021, the Central Bank of Nigeria (the “CBN”) issued an exposure draft of the guidelines for the regulation and supervision of credit guarantee companies (“CGC”) in Nigeria (the “Draft Guidelines”). The Draft Guidelines have been issued further to the CBN’s effort to improve access to lending for micro, small, and …
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Over the past two years, as Nigeria grapples with the economic challenges arising from the global recession of 2018 and the covid-19 pandemic, Nigeria’s fiscal and monetary regulators have sought to deploy a number of economic and regulatory tools or interventions with the objective of stabilising the economy, facilitating and improving access of the real …
Continue reading “The Nigeria Chapter in the 7th edition of The Lending and Finance Secured Review”
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In December 2020, the Central Bank of Nigeria (CBN) issued the circular on new licence categorisation for the Nigerian payments systems (the “New Categorisation Circular”). Pursuant to the New Categorisation Circular, companies seeking to combine activities under the switching and mobile money operations (MMO) are only permitted to do so only under a holding company …
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Following the conclusion of the monetary policy committee meeting held on 27 July 2021, the Governor of the Central Bank of Nigeria (the “CBN”) Godwin Emefiele announced the immediate discontinuance of the sale of foreign currency to bureau de change (BDC) operators as well as the immediate suspension of the issuance of new licences to …
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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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We are pleased to announce that we have been shortlisted for the IFLR Africa Awards 2021. We are finalists in the following categories: National Law Firm of the Year: Nigeria (Capital Markets) National Law Firm of the Year: Nigeria (Loans) National Law Firm of the Year: Nigeria (M&A) National Law Firm of the Year: Nigeria …
Continue reading “Aluko & Oyebode Shortlisted in Eleven Categories for the IFLR Africa Awards 2021”
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Aluko & Oyebode has been listed among the world’s top international arbitration law firms in Global Arbitration Review’s GAR 100 (14th Edition), the authoritative global independent researches of the best law firms specialising in international arbitration. GAR is the leading global resource on international arbitration news and community intelligence. Now in its 14th edition, the …
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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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Aluko & Oyebode is pleased to have advised Guaranty Trust Bank Plc (the “Bank”) in connection with the restructuring of the Bank through a Scheme of Arrangement into a new non-operating financial holding company, Guaranty Trust Holdings Plc (the “Holdco”) becoming the ultimate listed parent entity of the Bank and its subsidiaries (“Scheme”). Against the …
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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 …
Continue reading “CBN issues Revised Guidelines on Mobile Money Services in Nigeria”
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The Partners of Aluko & Oyebode are pleased to announce the admission of Imaobong Haastrup into the Firm’s Partnership. Prior to this elevation, Imaobong was a Managing Associate in the Firm’s Dispute Resolution Practice. She joined Aluko & Oyebode in 2011 and specialises in commercial litigation and arbitration with a focus on Oil & Gas …
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The Customs and Excise Management Act Cap. C45 LFN 2004 (CEMA) is the principal legislation guiding the administration of customs and excise in Nigeria. The CEMA makes provisions regulating the importation and exportation of goods in Nigeria. Section 3 of the CEMA provides for the Customs and Excise Management Board (“the Board”) which is established …
Continue reading “A Review of the Nigeria Customs Service’s Powers of Search and Seizure”
Read moreWe are pleased to announce the appointment of Aluko & Oyebode Senior Associate, Tosin Iyayi, as the Secretary of the Insolvency and Restructuring Committee of the Nigerian Bar Association Section on Business Law. Tosin is a seasoned litigator and a core member of the Firm’s banking, insolvency, and debt recovery dispute team. She has represented …
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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, …
Continue reading “CBN issues Regulatory Framework for Open Banking in Nigeria”
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INTRODUCTION Since the publication by the Fédération Internationale des Ingénieurs Conseils (“FIDIC”) of the 2017 Edition of the FIDIC Suite of Contracts, there have been discussions about its key features and how they differ from those of the 1999 FIDIC Suite of Contracts. Many commentators have pointed out the distinction between the notification and claims …
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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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Aluko & Oyebode in collaboration with international law firm Baker Mckenzie, hosted a virtual Oil & Gas Construction Law Roundtable series for select senior oil and gas stakeholders operating in Nigeria, which took place on 26th January 2021, 4th, 18th, and 25th February, and 2nd March 2021. The series offered participants insight in addressing current …
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Aluko & Oyebode is pleased to have advised MTN Nigeria Communications Plc on the establishment of its ₦200,000,000,000.00 Bond Issuance Programme and the issuance of the ₦110,000,000,000.00 Series 1 Bonds. The Transaction is the first bond issuance by a Nigerian telecommunications company and one of the largest bond issues by a corporate entity in the …
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Aluko & Oyebode IP news team brings you the Second Quarter Volume 2 of our Intellectual Property newsletter. Activities at the Regulatory Agencies As the government regulatory agencies continue to open activities with the public during this period: The Honourable Trademarks Registrar, Mr Shafiu Yauri joined the Nation’s think tank, Course 43 of the National …
Continue reading “Intellectual Property Newsletter | Second Issue 2021”
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Introduction The term “damages” generally refers to the pecuniary compensation which the law awards to a person for the injury he has sustained by reason of the act or default of another whether that act or default is a breach of contract or tort.[1] It is one of the remedies available to a claimant under …
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We are pleased to announce that our Chairman, Kofo Dosekun, and Partners, Olubunmi Fayokun, and Oghogho Makinde, have been recognised as IFLR1000 Women Leaders for 2021. Women Leaders are the leading female transactional lawyers in the world. These lawyers have impressive track records and are consistently recommended by clients and peers for the quality of their advice and service. …
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Aluko & Oyebode (the “Firm”) is pleased to have acted as sole Nigerian legal counsel in connection with the successful issuance of US$750 Million 2.875 per cent Rule144A/Regulation S Notes due 2028 (the “Bond Issuance”) by Africa Finance Corporation (the “Corporation”) for which the Firm represented the “Joint Lead Managers” (First Abu Dhabi Bank PJSC, …
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The Companies and Allied Matters Act, 2020 (“CAMA 2020”) has introduced some material changes to the regulation and governance of companies in Nigeria. One of such changes is the inclusion of major asset transactions. CAMA 2020 has established a procedure for companies to approve “major asset transactions.” CAMA 2020 defines a major asset transaction as …
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The Companies and Allied Matters Act, 2020 (“CAMA 2020”) has introduced the concept of significant control reporting into Nigerian company law. Persons with significant control in any company are now required to disclose to the company the particulars of such control within 7 (seven) days of acquiring such significant control. Companies, must in turn, notify …
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Watch on YouTube>> To commemorate World Intellectual Property Day 2021, Aluko & Oyebode hosted a webinar themed “IP and SMEs – Leveraging on IP Assets for Market Penetration and Business Growth”. Discussions included: Key Intellectual Property considerations for SMEs Protection mechanisms for IP Assets of SMEs SMEs strategies for dispute resolution SMEs market penetration strategies …
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Following the enactment of the Companies and Allied Matters Act (“CAMA”) 2020, there has been positive changes to the incorporation process of companies limited by guarantee (Ltd/Gte). The process is largely the same as in the repealed CAMA, however requirement and process for procuring the consent of the Attorney General of the Federation has been …
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The Companies and Allied Matters Act, 2020 (“CAMA 2020”) has changed the previous provisions in the repealed CAMA on the composition of the statutory audit committee for public companies. In the repealed CAMA, the composition of the audit committee of public companies was six (6) members with an equal number of shareholders and directors. However, …
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In a bid to streamline the taxes and levies collectable by each tier of government within the Nigerian federation and also provide a legal regime to check arbitrary imposition of taxes and levies on individuals and businesses, the then Head of State, General Abdulsalami Abubakar, promulgated the Taxes and Levies (Approved List of Collection) Decree …
Read moreWe are delighted to announce that Aluko & Oyebode has been ranked a top-tier Nigerian law firm in the 2021 edition of the Legal 500 EMEA, a guide to the best lawyers and law firms across Europe, the Middle East and Africa. The Firm was ranked in six (6) main practice areas that are researched and …
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The Comptroller General of the Nigeria Immigration Service (the “NIS”) has directed that all expatriates must now provide evidence of tax payment before renewal of residence or work permits, effective 01 April 2021. This directive also applies to expatriates who are nationals of the Economic Community of West African States. Prior to this, the requirement …
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The recently enacted Companies and Allied Matters Act 2020 (the “CAMA 2020”) has a great innovation which simplifies the process for striking off certain companies from the register of companies. A company can apply to the Corporate Affairs Commission (the “CAC”) for its name to be struck off the CAC register of companies on the …
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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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The recently enacted Companies and Allied Matters Act 2020 (the “CAMA 2020”) has introduced limited liability partnerships (“LLP”) and limited partnerships (“LP”) into Nigerian companies law and this is a very welcome development which reflects global practice. Individuals and corporate entities can register LLPs and LPs. There must be a minimum of two partners and …
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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 …
Continue reading “Telecommunication, Media, Entertainment & Technology: WHAT’S TRENDING?”
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These questions relate to the effects that insolvency proceedings initiated in Nigeria produce on arbitration commitments (foreign as well as national/local) involving the insolvent party. Part I: Impact of Insolvency Proceedings on Ability to Commence or Continue Arbitration Does the law of Nigeria contain any provision on the effect that the opening of insolvency proceedings …
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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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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 …
Continue reading “NITDA Extends Filing of 2021 Audit Report”
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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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Aluko & Oyebode is pleased to have acted as sole legal adviser to The Nigerian Stock Exchange (“The Exchange”) in connection with the demutualisation and restructuring of The Exchange. The demutualisation process, which was effected pursuant to the Demutualisation of The Nigerian Stock Exchange Act, 2018 via a Scheme of Arrangement sanctioned by the Federal …
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The recently enacted Companies and Allied Matters Act (“CAMA”) 2020 allows companies registered in Nigeria to have a single shareholder and single director. The single shareholder structure is suitable for individuals and corporate entities (especially foreign investors) who want to establish wholly owned entities in Nigeria. The previous mandatory requirement to have a minimum of two …
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Operators in the Nigerian oil and gas industry are familiar with the Guidelines issued by the Department of Petroleum Resources (“DPR”) on the release of Nigerians working in the industry. The extant Guidelines were released on 17 October 2019 and replaced the Guidelines issued by the DPR on 5 March 2015. In brief, the Guidelines …
Continue reading “National Industrial Court of Nigeria’s decision on the 2019 DPR Guidelines”
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On 21 January 2021, the Securities and Exchange Commission (“SEC”) published its approved Rules on Crowdfunding (the “Crowdfunding Rules” or the “Rules”), following the release of its draft exposure rules on crowdfunding on 28 March 2020. Crowdfunding refers to the means by which persons or entities, in want of funds for specific objectives, raise a …
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Aluko & Oyebode will be hosting a virtual event to commemorate this year’s International Women’s Day themed: “Choose To Challenge”. Discussions will centre around celebrating the work of women creatives and forging inclusive work cultures where women’s careers thrive and achievements are celebrated. SPEAKERS Olajumoke Adenowo, Principal Architect, AD Consulting Bolanle Austin-Peters, Founder, Terra Kulture Temitayo …
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The recently enacted Companies and Allied Matters Act (“CAMA”) 2020 has introduced several changes in the way companies are regulated in Nigeria. One of such changes is that the entire share capital of companies must be fully issued. Prior to this, in the repealed CAMA 1990 every company could have a prescribed authorised share capital …
Continue reading “Minimum issued Share Capital Requirement in the CAMA 2020”
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We are pleased to announce that Aluko & Oyebode has been ranked in five (5) practice areas in the 2021 edition of Chambers Global. Additionally, the Firm received the most Band 1 practice rankings and the most individual rankings for a law firm in Nigeria. 5 Practice Area Rankings Banking & Finance (Band 1) Corporate/Commercial …
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Employment contracts play an important role in the assignment of copyright developed in the course of employment. Its terms could determine issues relating to ownership and use of such copyright. The aim of this Newsletter is to address salient issues arising from the ownership of copyright developed in the course of employment. We hope the …
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As part of Aluko & Oyebode’s (“the Firm”) commitment to provide valuable support to Nigerian businesses, two units within the Firm, namely, (i) the Telecommunications, Media, Entertainment & Technology unit; and (ii) the Dispute Resolution unit, have identified the film industry (Nollywood) as recipients of our corporate social responsibility initiative. The Firm acknowledges the hard …
Continue reading “Filmmakers Assistance [Press Release]”
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On 7 August 2020, the Companies and Allied Matters Act (the “CAMA 2020”) was passed into law; repealing the Companies and Allied Matters Act of 1990 (the “CAMA 1990”). The CAMA 2020 introduces various changes to the administration of companies in Nigeria and in particular, has reduced the filing fees payable on the registration of …
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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 …
Continue reading “The Implication of the CBN Circulars on Cryptocurrency Transactions in Nigeria”
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Aluko & Oyebode is pleased to have advised Allianz Nigeria Insurance Limited (“Allianz Nigeria” or the “Company”) in connection with the acquisition of the entire shareholding of its minority shareholders by its core shareholder, Société Fonciere Europeenne B.V through a Scheme of Arrangement (the “Scheme”). Following the completion of the Scheme, the Firm also advised …
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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 …
Continue reading “NCC Releases SIM Replacement Policy for the Nigerian Telecommunications Industry”
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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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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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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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Aluko & Oyebode in collaboration with Baker Mckenzie will host a Roundtable Series on Oil & Gas Construction Law covering the following topics: Procurement methods and risk allocation (Tuesday, 26 January 2021) Regulatory landscape, local content requirement and compliance considerations (Thursday, 4 February 2021) Effective contract management (Thursday, 18 February 2021) Dealing with contractor claims …
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Real Estate Investment Trusts (“REITs”) play a critical role in providing capital to bridge the real estate deficit while also providing investors with the opportunity of benefiting from large and diversified holdings of real estate. Notwithstanding the opportunities available in the sector, the Nigerian REIT market remains underutilised and underdeveloped. This assertion gains credence from …
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The Firm is pleased to have advised the United States International Development Finance Corporation (DFC) in connection with a US$250 million tier-2 capital loan advanced to Africa Finance Corporation (AFC), the leading infrastructure solutions provider in Africa. We are proud to have been involved in this key transaction which will be instrumental in bridging Africa’s …
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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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As 2020 draws to a close, we bring you the 4th volume of our IP newsletter and extend a special greeting to our clients, readers, and friends for staying with us throughout these unprecedented times. We look forward to bringing you continued updates in the New Year and use this opportunity to wish you an …
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Read moreAluko & 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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Read moreWe are pleased to announce that our Chairman, Gbenga Oyebode has been appointed by the Board of Directors of PZ Cussons Nigeria Plc as Non-Executive Director and Chairman of the Board effective 11th December 2020. Gbenga was conferred with national honours of Nigeria (Member of the Order of the Federal Republic of Nigeria “MFR” and …
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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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Read moreWe are pleased to announce the conferment of our Partner, Chukwuka Ikwuazom, with the rank of Senior Advocate of Nigeria (SAN) by the Nigerian Legal Practitioners Privileges Committee. He was sworn in by the Chief Justice of Nigeria at the Supreme Court, Abuja on 14 December 2020. Chukwuka Ikwuazom was elevated to Partner in the …
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Aluko & Oyebode (“The Firm”), Nigeria’s largest and leading full service law firm, in collaboration with other law firms such as Hogan Lovells, Linklaters and Baker Mckenzie, as well as the Lagos Chamber of Commerce International Arbitration Centre (LACIAC) and Association for Consulting Engineers in Nigeria (ACEN), hosted a virtual regional training workshop on dispute …
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Read moreIn 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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Roaming service in the international space is almost taken for granted because there are different dedicated frequency bands applicable to the same technology in different jurisdictions. Thus, there is a need to situate this discussion in the national space. The underlying principles for national roaming is the same for international roaming i.e. they both enable …
Continue reading “NCC Grants Trial Approval for National Roaming Service”
Read moreThe purpose of this communication is to convey our deep appreciation for the support and encouragement from our clients, friends, and colleagues from far and wide during these difficult and challenging times. Earlier this year, we were faced with challenges that arose from the COVID-19 pandemic. These challenges have persisted to date. More recently in …
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The Nigerian Communications Commission (“NCC”) further to its mandate as the regulator of the communications industry has lifted the suspension on the Spectrum Trading Guidelines (the “Guidelines”), 2018. As you may recall, the NCC had, earlier in May 2020, suspended the Guidelines in order to review the Guidelines with the objective of optimising the usage …
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Aluko & Oyebode (the “Firm”) is delighted to have acted as sole Nigerian legal counsel in connection with the successful issuance, by Africa Finance Corporation (“AFC” or the “Corporation”), of its inaugural CHF150 Million Regulation S Senior Unsecured Benchmark Green Bond (“the Bond”) due 2025 (the “Bond Issuance”) for which the Firm represented the Joint …
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General Activities at the Regulatory Agencies following the Easing of Lockdown in Nigeria The Nigerian government has gradually eased the lockdown by issuing fresh guidelines and following the issuance of the guidelines, the Trademarks, Patents and Designs Registry; the Nigerian Copyright Commission (NCC); the Nigerian Agency for Food and Drugs Administration and Control (NAFDAC); the …
Continue reading “Intellectual Property Newsletter | Third Issue 2020”
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In August 2020, the Central Bank of Nigeria (“CBN”), whose mandates includes the performance of major developmental functions that are focused on the key sectors of the Nigerian economy (i.e. financial, agricultural and industrial sectors) released the Framework for the Implementation of Intervention Facility for the National Gas Expansion Programme (the “Programme”). The objectives of …
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On 26 March 2020, the National Broadcasting Commission (the ”NBC”) issued the amendments to the 6th Edition of the Nigeria Broadcasting Code (the “Amendments”). At the core of the Amendments is the removal of practices identified by the NBC as anti-competitive. The Amendments seek to restrict broadcasters and licensees of the NBC from entering into …
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Aluko & Oyebode is delighted to have received the Environmental & Renewables Team of the Year Award at the African Legal Awards 2020. The award announcement was made during a virtual award ceremony hosted by Legal Week and the Corporate Counsel Association of South Africa on 17 September 2020. This is the second time that Aluko & Oyebode is …