Insights

Nov 2022 PUBLICATIONS
Legal Insights

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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Nov 2022 PUBLICATIONS
Legal Insights

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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Nov 2022 PUBLICATIONS
Legal Insights

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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Nov 2022 PUBLICATIONS
Legal Insights

PENCOM Guidelines on Accessing RSA Balance for Residential Mortgage

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Oct 2022 NEWS
Legal Insights

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 …

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Oct 2022 PUBLICATIONS

The 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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Oct 2022 PUBLICATIONS
Legal Insights

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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Oct 2022 PUBLICATIONS
Legal Insights

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 …

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Oct 2022 PUBLICATIONS
Legal Insights

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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Oct 2022 NEWS
Legal Insights

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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Oct 2022 PUBLICATIONS
Legal Insights

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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Sep 2022 PUBLICATIONS
Legal Insights

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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Sep 2022 NEWS
Legal Insights

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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Sep 2022 NEWS
Legal Insights

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. …

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Sep 2022 NEWS
Legal Insights

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 …

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Sep 2022 NEWS
Legal Insights

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 …

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Sep 2022 NEWS
Legal Insights

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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Sep 2022 NEWS
Legal Insights

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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Sep 2022 NEWS
Legal Insights

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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Sep 2022 NEWS
Legal Insights

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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Sep 2022 NEWS
Legal Insights

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 …

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Sep 2022 PUBLICATIONS
Legal Insights

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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Sep 2022 NEWS
Legal Insights

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 …

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Aug 2022 NEWS
Legal Insights

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: …

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Aug 2022 NEWS
Legal Insights

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 …

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Aug 2022 NEWS
Legal Insights

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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Aug 2022 NEWS
Legal Insights

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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Aug 2022 NEWS
Legal Insights

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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Aug 2022 NEWS
Legal Insights

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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Aug 2022
Legal Insights

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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Jul 2022
Legal Insights

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 …

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Jul 2022 NEWS
Legal Insights

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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Jul 2022
Legal Insights

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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Jul 2022
Legal Insights

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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Jul 2022
Legal Insights

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 …

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Jul 2022
Legal Insights

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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Jun 2022
Legal Insights

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 …

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Jun 2022
Legal Insights

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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Jun 2022
Legal Insights

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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Jun 2022
Legal Insights

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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May 2022
Legal Insights

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 …

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May 2022
Legal Insights

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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May 2022
Legal Insights

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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May 2022
Legal Insights

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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May 2022
Legal Insights

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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Apr 2022
Legal Insights

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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Apr 2022
Legal Insights

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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Apr 2022
Legal Insights

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 …

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Apr 2022 NEWS
Legal Insights

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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Apr 2022 NEWS
Legal Insights

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 …

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Mar 2022 NEWS
Legal Insights

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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Mar 2022 NEWS
Legal Insights

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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Mar 2022 NEWS
Legal Insights

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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Mar 2022 NEWS
Legal Insights

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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Mar 2022 PUBLICATIONS
Legal Insights

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 …

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Mar 2022 NEWS
Legal Insights

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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Mar 2022 NEWSLETTERS
Legal Insights

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 …

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Feb 2022 PUBLICATIONS
Legal Insights

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 …

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Feb 2022 PUBLICATIONS
Legal Insights

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 …

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Feb 2022 NEWS
Legal Insights

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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Feb 2022 NEWS
Legal Insights

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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Feb 2022 PUBLICATIONS
Legal Insights

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 …

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Feb 2022 NEWS

The 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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Feb 2022 NEWS

The 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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Jan 2022 PUBLICATIONS
Legal Insights

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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Jan 2022 PUBLICATIONS
Legal Insights

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 …

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Jan 2022
Legal Insights

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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Jan 2022 PUBLICATIONS
Legal Insights

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 …

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Jan 2022 PUBLICATIONS
Legal Insights

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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Jan 2022 PUBLICATIONS
Legal Insights

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 …

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Dec 2021 NEWS
Legal Insights

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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Dec 2021 PUBLICATIONS
Legal Insights

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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Dec 2021 PUBLICATIONS
Legal Insights

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 …

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Dec 2021 NEWS
Legal Insights

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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Dec 2021 NEWS
Legal Insights

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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Nov 2021 NEWS
Legal Insights

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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Nov 2021 NEWS
Legal Insights

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

Aluko & 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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Nov 2021 NEWS
Legal Insights

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
Legal Insights

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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Nov 2021 PUBLICATIONS
Legal Insights

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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Oct 2021 NEWS
Legal Insights

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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Oct 2021 NEWS
Legal Insights

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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Oct 2021 PUBLICATIONS
Legal Insights

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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Sep 2021 PUBLICATIONS
Legal Insights

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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Sep 2021 NEWS
Legal Insights

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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Sep 2021 PUBLICATIONS
Legal Insights

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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Sep 2021 NEWS
Legal Insights

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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Sep 2021 NEWS
Legal Insights

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 …

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Sep 2021 NEWS
Legal Insights

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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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
Legal Insights

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 PUBLICATIONS
Legal Insights

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 …

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Aug 2021 NEWS
Legal Insights

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 …

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Aug 2021 NEWSLETTERSPUBLICATIONS
Legal Insights

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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Aug 2021 NEWS
Legal Insights

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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Aug 2021 NEWSLETTERSPUBLICATIONS
Legal Insights

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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Aug 2021 PUBLICATIONS
Legal Insights

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 …

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Aug 2021 NEWSLETTERS
Legal Insights

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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Aug 2021 NEWSLETTERS
Legal Insights

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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Aug 2021 NEWS
Legal Insights

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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Aug 2021 NEWS
Legal Insights

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 …

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Aug 2021 NEWS
Legal Insights

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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Jul 2021 NEWS
Legal Insights

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 NEWS
Legal Insights

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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Jul 2021 NEWSLETTERS
Legal Insights

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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Jul 2021 NEWS
Legal Insights

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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Jun 2021 NEWS
Legal Insights

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 …

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Jun 2021 NEWS

We 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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Jun 2021 PUBLICATIONS
Legal Insights

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 …

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Jun 2021 NEWSLETTERSPUBLICATIONS
Legal Insights

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 PUBLICATIONS
Legal Insights

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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Jun 2021 NEWS
Legal Insights

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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May 2021 NEWS
Legal Insights

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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May 2021 NEWS
Legal Insights

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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May 2021 NEWS
Legal Insights

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 …

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May 2021 NEWSLETTERS
Legal Insights

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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May 2021 NEWS
Legal Insights

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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May 2021 NEWS
Legal Insights

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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May 2021 NEWS
Legal Insights

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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Apr 2021 NEWS
Legal Insights

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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Apr 2021 NEWS
Legal Insights

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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Apr 2021 NEWS
Legal Insights

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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Apr 2021 NEWSPUBLICATIONS
Legal Insights

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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Apr 2021 PUBLICATIONS
Legal Insights

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 …

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Apr 2021 NEWS

We 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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Apr 2021 NEWS
Legal Insights

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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Apr 2021 NEWS
Legal Insights

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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Apr 2021 NEWS
Legal Insights

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 NEWS
Legal Insights

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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Apr 2021 NEWSLETTERS
Legal Insights

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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Apr 2021 NEWS
Legal Insights

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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Mar 2021 NEWS
Legal Insights

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
Legal Insights

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
Legal Insights

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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Mar 2021 NEWS
Legal Insights

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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Mar 2021 NEWSLETTERS
Legal Insights

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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Mar 2021 NEWS
Legal Insights

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 …

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Mar 2021 NEWS
Legal Insights

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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Mar 2021 NEWS
Legal Insights

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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Mar 2021 NEWS
Legal Insights

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 …

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Feb 2021 NEWS
Legal Insights

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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Feb 2021 NEWS
Legal Insights

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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Feb 2021 NEWS
Legal Insights

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 …

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Feb 2021 NEWS
Legal Insights

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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Feb 2021 NEWS
Legal Insights

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
Legal Insights

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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Feb 2021 NEWS
Legal Insights

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
Legal Insights

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
Legal Insights

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
Legal Insights

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
Legal Insights

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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Jan 2021 PUBLICATIONS
Legal Insights

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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Jan 2021 NEWS
Legal Insights

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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Jan 2021 NEWS
Legal Insights

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
Legal Insights

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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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

We 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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Dec 2020 NEWS
Legal Insights

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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Dec 2020 NEWS

We 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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Nov 2020 NEWS
Legal Insights

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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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
Legal Insights

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 …

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Oct 2020 NEWS

The 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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Oct 2020 NEWS
Legal Insights

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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Oct 2020 NEWS
Legal Insights

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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Oct 2020 NEWS
Legal Insights

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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Oct 2020 NEWS
Legal Insights

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 …

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Sep 2020 PUBLICATIONS
Legal Insights

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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Sep 2020 NEWS
Legal Insights

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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Sep 2020 NEWS
Legal Insights

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 …

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Sep 2020 PUBLICATIONS
Legal Insights

On 14 September 2020, the Securities and Exchange Commission (“SEC” or the “Commission”) published an official statement on its website communicating its position on the regulation of digital assets (also referred to as crypto assets) in Nigeria (the “Statement”) By virtue of the Statement, the SEC has taken the view that unless proven otherwise, crypto …

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Sep 2020 NEWS
Legal Insights

Aluko & Oyebode is proud to have won the Nigerian Project Finance Firm of the Year Award at the inaugural IFLR Sub-Saharan Africa Awards 2020. Also, Kofo Dosekun, Managing Partner at Aluko & Oyebode is the recipient of the Women in Business Law Award at the inaugural 2020 IFLR Sub-Saharan Africa Awards. The IFLR Sub-Saharan Africa …

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Sep 2020 PUBLICATIONS
Legal Insights

The enactment of the Finance Act in January 2020 has been heralded as a milestone event due to the far-reaching amendments it made to several tax statutes. The Stamp Duties Act[1] is one of the tax statutes amended by the Finance Act – the first amendment since the law was enacted in 1939. The main …

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Sep 2020 NEWS
Legal Insights

Our flash note on the 19 of August 2020 (click here), stated that the Lagos State Film and Video Censors Board (the “Board”) had issued a notice stating that all audio and visual contents produced and sold within Lagos State will attract the payment of a 5% levy on each item. Further to the notice, the Board …

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Sep 2020 PUBLICATIONS
Legal Insights

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
Legal Insights

WATCH ON YOUTUBE>>   Aluko & Oyebode hosted a webinar for stakeholders in the Entertainment and Sports Sector to discuss the recent amendments to the sixth (6th) edition of the Nigeria Broadcasting Code. The webinar was held on Monday, 7th September 2020 at 2:00pm. Theme: “An Inside Look on the Nigeria Broadcasting Code and its …

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Aug 2020 NEWS
Legal Insights

On 27 August 2020, the Central Bank of Nigeria (the “CBN”) issued the revised Guidelines for Licensing and Regulation of Payment Service Banks (“PSBs”) in Nigeria (the “Revised Guidelines”). In order to leverage on technology to promote its mandate of financial inclusion, the CBN had earlier issued the 2018 Guidelines for Licensing and Regulation of …

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Aug 2020 NEWS
Legal Insights

In continuation of the recapitalisation exercise of Insurance and Reinsurance Companies in Nigeria , the National Insurance Commission (“NAICOM” or the “Commission”) on 17 August 2020 issued a Circular No NAICOM/DPR/CIR/25-05/2020 (the “Circular”) to convey its directive on the minimum paid up share capital policy for insurance and reinsurance companies in Nigeria and provide a …

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Aug 2020 PUBLICATIONS
Legal Insights

It appears that some form clarity has now been provided by the recent pronouncement of the Executive Vice Chairman of the Nigerian Communications Commission (the ”NCC”), Prof. Umar Garba Danbatta, on the erstwhile controversial charges for USSD billing. As with most controversies, the commercial terms became a big issue between the Mobile Network Operators (MNOs) …

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Aug 2020 NEWS
Legal Insights

We are pleased to announce that we have been shortlisted for the inaugural IFLR Sub-Saharan Africa Awards 2020. We are finalists in the following categories: Nigeria Capital Markets Firm of the Year Nigeria loans Firm of the Year Nigeria M&A Firm of the Year Nigeria Project Finance Firm of the Year Capital Markets Deal of …

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Aug 2020 NEWS
Legal Insights

The Lagos State Film and Video Censors Board (the “Board”) issued a notice on 12 August 2020 stating that all audio and visual contents produced and sold within Lagos State will attract the payment of a 5% levy on each item. The Board also stated that practitioners involved in the production, sale, distribution of audio and visual …

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Aug 2020 PUBLICATIONS
Legal Insights

The President on Friday 7, August 2020 signed into law the Companies and Allied Matters Bill, 2020. The new Companies and Allied Matters Act 2020 (the Act) repeals and replaces the extant Companies and Allied Matters Act, 1990. Some of the provisions of the Act include the following: Private companies (including foreign-owned private companies) can …

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Aug 2020 NEWS
Legal Insights

Aluko & Oyebode is pleased to have advised the IHS Group on its Eurobonds issuance and multi-currency loan transaction which won the Corporate Debt Deal of the Year award at the Bonds, Loans & Sukuk Awards, 2020. Aluko & Oyebode acted as counsel to the initial purchasers on the issuance of the US$500,000,000.00 Notes due …

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Aug 2020 NEWS
Legal Insights

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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Aug 2020 NEWS
Legal Insights

Aluko & Oyebode is pleased to have advised AXA Mansard Insurance Plc in connection with the divestment of its shareholding from its subsidiary, AXA Mansard Pensions Limited (the “Company”). The transaction involved the provision of legal advice to AXA Mansard Insurance Plc on the sale of its shareholding in the Company to Eustacia Limited, (a …

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Aug 2020 NEWS
Legal Insights

The Federal Ministry of Youth and Sports Development (the Ministry) headed by Mr. Sunday Dare released the Draft 2020 National Sports Industry Policy aimed at restructuring the Sports industry in Nigeria and changing the perception of sports in Nigeria from a solely recreational activity to one that can drive economic development in the country. To …

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Jul 2020 NEWS
Legal Insights

On Monday, July 20, 2020, the Federal Inland Revenue Service (“FIRS”) issued a public notice clarifying the administration of stamp duties in Nigeria (the “Public Notice”). The Public Notice among other things sets out the basis of stamp duty payments as well as the applicable stamp duty rates for various chargeable instruments. One of the …

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Jul 2020 NEWS
Legal Insights

The Lagos State Government has taken a different approach by setting up a special purpose vehicle, Western Telecoms and Engineering Limited, (the “Company”) for the purpose of its unified fibre duct infrastructure and connectivity project. This project was approved under the Lagos State Public Private Law by the Lagos State House of Assembly in alignment …

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Jul 2020 NEWS
Legal Insights

We are pleased to announce that we have been shortlisted in three (3) categories for The African Legal Awards 2020: Environmental & Renewables Team of the Year Litigation and Dispute Resolution Team of the Year Transportation and Infrastructure Team of the Year Click Here for more information. The African Legal Awards set out to recognise exceptional achievement from within Africa’s …

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Jul 2020 NEWS
Legal Insights

Aluko & Oyebode is pleased to have advised leading Nigerian bank, Access Bank Plc (the “Bank”) on the Nigerian law aspects of the Bank’s acquisition of the Transnational Bank (Kenya) Plc. The acquisition of the Transnational Bank (Kenya) Plc marks the entry of the Bank into the Kenyan banking market, a key gateway in East …

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Jul 2020 NEWSLETTERS
Legal Insights

The Pending Industrial Property Commission Bill (IPCOM) Over the years, efforts have been made to overhaul the current Intellectual Property laws and governing bodies by providing for the establishment of the Industrial Property Commission of Nigeria through the Industrial Property Commission Bill (IPCOM Bill). The IPCOM Bill that seeks to harmonize the Intellectual Property laws …

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Jul 2020 COVID-19NEWSNEWSLETTERS
Legal Insights

DOWNLOAD WEBINAR SLIDE DECK In this webinar, we focused on Nigerian and English law issues arising in the commodities and shipping industries as a result of COVID-19 and Oil Price Disruption. This webinar was jointly presented by Aluko & Oyebode and Reed Smith. Topics include amongst others: Force majeure under sale contracts and charterparties; Negative …

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Jul 2020 NEWS
Legal Insights

The Citizenship and Business Department of the Ministry of Interior (the “Department”) which is responsible for issuing business permit and expatriate quota positions, has issued a revised handbook on Expatriate quota administration (the “Handbook”). The Handbook outlines the services that the Department offers, general rules and documentation requirements FOR business permits and expatriate quota positions, …

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Jul 2020 NEWS
Legal Insights

Aluko & Oyebode is pleased to have advised Honoris United Universities, a pan-African education group backed by global investment firm Actis, in its acquisition of the entire shareholding of Nile University of Nigeria. The acquisition of Nile University of Nigeria marks the debut entry of the pan-African education group into West Africa. The transaction was …

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Jul 2020 NEWS
Legal Insights

The Federal Inland Revenue Service (FIRS) will commence recovery of outstanding stamp duties including duties that have been collected on behalf of the Federal Government by state and other agencies but are yet to be remitted by the relevant ministries, departments and agencies, deposit money banks, etc. This was announced at the inauguration of the …

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