ALN Nigeria | Aluko & Oyebode has been ranked in seven (7) practice areas in the 2024 edition of Chambers Global Guide for Nigeria, including top-tier recognition for the firm’s “West Africa-wide International & Cross-Border Capabilities.” Seventeen ALN Nigeria | Aluko & Oyebode partners were also individually recognised as leading practitioners. Published annually, the Chambers …
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The Federal Ministry of Interior (“FMoI”) has announced the suspension of the implementation of the expatriate employment levy (the “Levy”). The FMoI, in its announcement, stated that the implementation of the Levy has been suspended pending further consultation with stakeholders. The FMoI had earlier announced that the implementation of the Levy would commence on 15th …
Continue reading “Suspension of the Implementation of the Expatriate Employment Levy”
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The Central Bank of Nigeria (“CBN”) on 23 February 2024 released an exposure draft of the Revised Regulatory and Supervisory Guidelines for Bureau De Change Operations (“BDCs”) in Nigeria (the ‘’Draft Guidelines’’). The Draft Guidelines seek to amend the extant guidelines for BDCs in Nigeria made in 2015 (the “2015 Guidelines”). The Draft Guidelines form …
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Further to the recent release of the handbook on expatriate employment levy (the “Levy”) 2024 (the “Handbook”), the Federal Ministry of Interior (“the Ministry”) has now announced that the effective date for the implementation of the Levy is 15 March 2024. Companies subject to the Levy may, however, begin the registration of their expatriate employees …
Continue reading “Update On The Implementation Of The Expatriate Employment Levy”
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The Federal High Court (the “Court”) has affirmed the powers of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (“NMDPRA”) to impose and collect levies on petroleum products and natural gas sold in Nigeria. This was contained in a judgment delivered on 5 February 2024 by Justice Inyang Ekwo of the Abuja division of the …
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In our regulatory alert of 8 December 2023, we discussed the notice issued by the CAC on 5 December 2023 which was reversed by the subsequent notice issued by the CAC on 8 December 2023. Thus, the CAC directive for foreign owned companies to have N100m shares which must be fully paid up, failing …
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The Nigeria Data Protection Commission (“the Commission”) on 14 February 2024, issued a Guidance Notice on the Registration of Data Controllers and Processors of Major Importance (the “Guidance Notice”) pursuant to provisions of the Nigeria Data Protection Act 2023 (“NDPA”), Section 5(d) which empowers the Commission to register Data Controllers[1] and Data Processors[2] of Major …
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The Central Bank of Nigeria (the “CBN”) in a circular dated 14 February 2024, issued directives to all Authorised Dealers on the requirements for foreign currency cash pooling on behalf of International Oil Companies (“IOCs”) in Nigeria (the “Circular”). The CBN noted that the practice of transferring proceeds of crude oil exports by IOCs operating …
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Disputes seem to be an inevitable feature of complex construction and engineering projects, whether they concern delay, payment, or quality issues, and often a combination of all three. It should also be common ground that such disputes tend to be expensive, lengthy and require substantial management resources without any certainty as to the ultimate outcome. …
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The Securities and Exchange Commission (the “SEC” or the “Commission”) has announced the launch of applications for the second cohort of its Regulatory Incubation Program (“RI Program”). The Commission noted that applications will remain open till 8 April 2024. The RI Program was launched by the Commission in 2021 to address the needs of new …
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Introduction The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has communicated its resolve to enforce the domestic crude oil supply obligations to ensure adequate supply of crude oil to domestic refineries. This was revealed at a stakeholders’ meeting between NUPRC and oil producers on November 2023. NUPRC enjoined the crude oil producers to provide the details …
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We are pleased to be shortlisted for the upcoming IFLR (International Financial Law Review) Africa Awards 2024 in multiple categories, including: 1️⃣ Deal of the Year – Loan 2️⃣ Deal of the Year – M&A 3️⃣ Deal of the Year – Domestic 4️⃣ West African Loan Team of the Year 5️⃣ West African M&A Team of the …
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The Central Bank of Nigeria (“CBN”) on 31 January 2024 released the revised Guidelines for International Money Transfer Services in Nigeria (the ‘’Guidelines’’) which effectively repealed the previous guidelines issued in 2014 (the “2014 Guidelines”). The Guidelines were issued in light of the recent reforms to liberalise the foreign exchange market, and with the aim …
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Under Nigerian law, the limited by guarantee (“Ltd/Gte”) entity is incorporated for not-for-profit activities which may include commerce, art, science, religion, sports, culture, education, research, charity or other similar objects. The consent of the Attorney-General of the Federation (“AG”) is required for the incorporation of a Ltd/Gte.[1] The application for the AG’s consent is processed …
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We bring you our first quarterly Intellectual Property (IP) Newsletter, Volume 1, 2024. As we navigate the dynamic landscape of IP, this newsletter serves as a guide to keep you informed of the latest IP related developments and trends in Nigeria. Activities at the Regulatory Agencies Trade Marks Registry The Nigeria Institute of Advanced Legal …
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Introduction Nigeria’s financial technology (fintech) industry has experienced unprecedented growth over the last decade, and this has transformed the country’s financial landscape. The fintech industry offers innovative solutions by facilitating financial payments, access to credits and consumer financing solutions, flexible savings, and investment products. A sizeable youth population, increased smartphone penetration, and regulatory developments have …
Continue reading “Fintech M&A in Nigeria: Key Considerations and Projections”
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INTRODUCTION This is an update on the circulars and regulations released by the Central Bank of Nigeria (the “CBN”) in January 2024. We have also provided a report of relevant market, legislative, and case law updates that are relevant to the financial services sector that occurred during the month of January 2024. SYNOPSIS CBN REGULATORY …
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The Central Bank of Nigeria (“CBN“) on 31 January 2024 issued two (2) policies that pertain to foreign exchange remittances – the Guidelines for the Operation of International Money Transfer Services in Nigeria (the “IMTO Guidelines“) and the circular on the Removal of Allowable Limit of Exchange Rate Quoted by the International Money Transfer Operators …
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ALN Nigeria | Aluko & Oyebode is pleased to announce the admission of five outstanding lawyers to the Partnership of the firm, effective February 1, 2024. These lawyers bring extensive experience, exceptional expertise, and a proven record of success to our team, which will further strengthen our ability to deliver exceptional service to our clients. …
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The year 2023 recorded significant legal milestones in the Nigerian Electric Supply Industry (NESI) owing to an amendment to the Constitution that allows states to establish electricity markets within the states and the enactment of the Electricity Act, 2023 (the “Electricity Act” or “the Act”). The Electricity Act repealed the Electric Power Sector Reform Act, …
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Consumer protection refers to measures taken to safeguard the interests of buyers and customers against harmful, degrading, and/or harsh market practices. It also refers to measures that enable consumers make well-informed decisions about their choices and have access to effective redress mechanisms. The Federal Competition and Consumer Protection Commission (“FCCPC”) is the regulator primarily responsible …
Continue reading “Consumer Protection in the Fintech Industry “
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The Central Bank of Nigeria (the “CBN”) on 31 January 2024 issued a circular titled the “Harmonisation of Reporting Requirements on Foreign Currency Exposures of Banks” (the “Circular”), which it stated is aimed at managing risks and preventing potential losses that could pose significant challenges to the Nigerian financial system. The Circular comes as the …
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Understand new annual dues and penalties for professionals, firms, and entities under the 2023 FRC Nigeria Amendment Act. Avoid late fees and non-compliance with this guide.
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In commemoration of National Privacy Week 2024, themed “Shaping Tomorrow’s Privacy Landscape,” here are important messages from our associates: “Tomorrow’s privacy hinges on today’s choices. In order to shape the landscape of tomorrow our commitment lies in fostering a culture of data protection, where innovation and security come together to safeguard the digital future of …
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Lagos, Nigeria – January 2024: Aluko & Oyebode, Nigeria’s leading full-service commercial law firm, has rebranded itself as ALN Nigeria | Aluko & Oyebode, marking a significant milestone on its journey of offering top-tier legal services, pan-African expansion and global prominence. ALN Nigeria | Aluko & Oyebode’s rebranding marks a significant milestone in the Firm’s …
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As the African Continental Free Trade Agreement (AfCFTA) advances through various negotiation phases, several stakeholders have introduced operational tools to facilitate its implementation. One of these tools is the Pan-African Payment and Settlement System (PAPSS), which aims to play a key role in unlocking trade with the African Continental Free Trade Area. PAPSS, which hopes …
Continue reading “Revolutionising African Trade: Kenya Takes the Lead in Promoting PAPSS”
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On 5 December 2023, the Nigerian Inter-Bank Settlement System (NIBSS) issued a notice directing all deposit money banks, merchant banks, payment service banks, microfinance banks, mortgage banks, and mobile money operators (MMOs) to delist non-deposit-taking financial institutions (NDFIs) such as switching and processing companies, Payment Solution Service Providers (PSSPs), and Super Agents (SAs) as beneficiary …
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The Financial Reporting Council of Nigeria (Amendment) Act 2023 (the “Amendment Act”) made several changes to the Financial Reporting Council of Nigeria Act 2011. A key amendment is the expansion of the definition of Public Interest Entities (“PIE”). The PIE was previously defined to include governments, government organizations, quoted and unquoted companies, and any organizations …
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As we start the new year, we highlight some important legal developments in 2023 which impacts on estate and succession planning and emphasises the need for families to do their estate and succession planning effectively noting the changing legal landscape. Treatment of “Illegitimate Children” under Islamic Law Previously, Kenyan courts held that, under Islamic law, …
Continue reading “Succession and Family Law in Kenya – A Year in Review (2023)”
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Among other things, the derivatives market is essentially about mitigating financial market risk, and derivative contracts are the financial instruments used for that purpose. A derivative contract derives its value or price from an underlying asset such as currency, commodities, stocks, or bonds. Derivative contracts provide opportunities for financial market participants to capture value from …
Continue reading “An Overview of the Trading and Settlement of Derivative Contracts in Nigeria”
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The Corporate Affairs Commission (“Commission”) had issued a public notice stating that from 1 January 2024, the full penalties prescribed in the Companies and Allied Matters Act, 2020 and the Companies Regulations 2021 will be enforced for late filing of annual returns. However, the Commission has extended the deadline to April 1, 2024. The Companies …
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On 22 December 2023, the Central Bank of Nigeria (“CBN”) issued the Guidelines on the Operation of Bank Accounts for Virtual Assets Service Providers (the “Guidelines”). In issuing the Guidelines, the CBN has lifted its restrictions on banks and other financial institutions from operating accounts for cryptocurrency transactions. Before the issuance of the Guidelines, Virtual …
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The Aluko & Oyebode Capital Markets Insight is a quarterly report providing updates on laws, regulations, and other activities in the Nigerian capital markets. This edition outlines updates from regulators of different capital market segments in Nigeria. FMDQ RENAMES I&E WINDOW, NAFEM On 19 October 2023, the FMDQ Securities Exchange (“FMDQ“), a wholly-owned subsidiary of …
Continue reading “Capital Markets Regulatory Update – Q4 2023”
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In 2023, Aluko& Oyebode showcased steadfast commitment to transformative Corporate Social Responsibility (CSR) and Pro-Bono Initiatives. Our strategic approach and the active involvement of our people, defined a year characterized by significant positive change. This report highlights our 2023 CSR and Pro-bono Initiatives, provides insights into the impact of these initiatives. Click here to Read …
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Read moreIntroduction New leadership and the regulatory changes they bring can have a profound impact on the landscape of business operations[1]. Following the swearing in of President Bola Ahmed Tinubu on May 29, 2023, businesses have found themselves in a sprint to navigate new realities and find ways to adapt to new rules, policies and laws …
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In Tanzania, the issue of when withholding tax is due has been a subject of debate and interpretation for businesses, tax practitioners, and regulators alike. The principal issue to this discussion is whether withholding tax on interest is due on “actual payment” or on “accrual” of the same. The distinction between the two has significant …
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On 19 October 2022, former president Muhammadu Buhari signed the Nigeria Startup Act (the Act) into law. Prior to this, the country had no specific, encompassing startup legislation. The Act creates a foundational legal and institutional framework for supporting startups in Nigeria. One of the provisions of the Act is the introduction of a startup …
Continue reading “Establishment of the Startup Support and Engagement Portal”
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On 19 October 2022, former president Muhammadu Buhari signed the Nigeria Startup Act (the “Act”) into law. Prior to this, the country had no specific, encompassing startup legislation. The Act creates a foundational legal and institutional framework for supporting startups in Nigeria. One of the provisions of the Act is the introduction of a startup …
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On 5 December 2023, the Nigerian Inter-Bank Settlement System PLC (“NIBSS”) issued a notice directing all deposit money banks, merchant banks, payment service banks, microfinance banks, mortgage banks, and mobile money operators (“MMOs”) to delist non-deposit-taking financial institutions (“NDFIs”) such as switching and processing companies, Payment Solution Service Providers (“PSSPs”), and Super Agents (“SAs”) as …
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In our October 2022 News Flash, we examined the provisions of the Revised Handbook on Expatriate Quota Administration 2022, released by the Ministry of Interior (MoI). This Handbook stipulates a requirement for companies with foreign shareholders in Nigeria to maintain a minimum paid-up capital of N100,000,000 (One Hundred Million Naira). The Corporate Affairs Commission (CAC) …
Read moreOur Of Counsel, Gbenga Oyebode MFR, recently participated in a compelling dialogue hosted by BIGWIG, a distinguished legal documentary series, and moderated by Richard Mofe Damijo. During the conversation, which commenced with Mr. Oyebode discussing his experience as a board member of several corporate entities, he further delved into important milestones in his 40 years …
Continue reading “Our Of Counsel, Gbenga Oyebode, MFR Featured on ‘Big Wig Series’ – Watch Now”
Read moreFifteen (15) Aluko & Oyebode Lawyers Ranked across eight (8) Practice Areas in the 33rd Edition of the IFLR1000 Guide We are pleased to announce that the latest rankings released by the IFLR1000 Guide have recognised fifteen (15) lawyers from Aluko & Oyebode as leading practitioners. These leading lawyers have earned their rankings based on …
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Read moreWe are pleased to announce that Aluko & Oyebode has retained its position as a Top Tier Firm (Tier 1) in eight practice areas in the 2023 International Financial Law Review (IFLR) 1000 Guide: 1️⃣ Banking 2️⃣ Capital Markets: Debt 3️⃣ Capital Markets: Equity 4️⃣ Mergers & Acquisitions (M&A) 5️⃣ Project Development: Energy 6️⃣ Project …
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Presenting a two-part video series where our Partner, Mark Mordi, SAN, thoroughly examines “The Business Facilitation Act and Its Impact on the Trademarks Act.” In the first part of the series, Mark, renowned for his expertise in Intellectual Property, will be discussing the essential intersections between these pivotal legal aspects, providing invaluable insights for businesses. …
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The Nigeria Data Protection Commission (NDPC) has recently published a Guidance Notice on the filing of Data Protection Compliance Audit Returns (CAR). In view of the new cycle of CAR filing, which will commence in 2024, the guidance notice provides Data Controllers and Data Processors with the opportunity to demonstrate accountability and also comply with …
Continue reading “NDPC Releases a Guidance Notice on Filing of Compliance Audit Returns”
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The Nigeria Data Protection Commission (NDPC) has recently published a Guidance Notice on the filing of Data Protection Compliance Audit Returns (CAR). In view of the new cycle of CAR filing, which will commence in 2024, the guidance notice provides Data Controllers and Data Processors with the opportunity to demonstrate accountability and also comply with …
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Aluko & Oyebode advises Edo State Government in connection with the passage of the Edo State College of Health Sciences And Technology Law 2023 Aluko & Oyebode (the “Firm”) is pleased to have acted as legal counsel to Edo State Government in connection with the drafting of the recently enacted Edo State College of Health, …
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Aluko & Oyebode advises GuarantCo in connection with the provision of an excess of loss guarantee with a maximum counter-guaranteed amount of NGN 20.23 billion (USD 25 million) to InfraCredit. Aluko & Oyebode (the “Firm”) is pleased to have advised GuarantCo; part of the Private Infrastructure Development Group (PIDG), in connection with the provision of …
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A Notary Public in Nigeria is authorised to carry out certain official acts including attesting to or certifying the authenticity of a deed or other legal documents such as birth certificates, school certificates, biodata pages of international passports, marriage certificates, etc. He also carries out the functions of administering oaths and witnessing the execution of …
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Aluko & Oyebode is pleased to have advised Tizeti Network Limited, West Africa’s pioneer solar-based internet service provider, in connection with the financing provided by Chapel Hill Denham’s Nigeria Infrastructure Debt Fund. The proceeds of the facility will be used to finance the roll out of state-of-the-art broadband network and Tizeti’s expansion into 15 more …
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Synopsis: CBN REGULATORY UPDATES CBN APPOINTS DESIGNATED BANKS FOR THE COLLECTION OF FEES UNDER THE NIGERIAN EXPORT SUPERVISION SCHEME The Central Bank of Nigeria (“CBN”) in its circular dated October 6, 2023, appointed some banks for the collection of fees under the Nigerian Export Supervision Scheme. CBN CLARIFIES THAT THE ENAIRA IS NOT A THREAT …
Continue reading “Banking & Finance Regulatory Update – October 2023”
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The ALN Ready Business Roadshow – Nigeria Edition was a dynamic event that showcased the wealth of investment and business opportunities in Nigeria. The roadshow brought together investors, advisors, and diplomatic missions from around the world to connect with business leaders and decision-makers in Nigeria. The event provided candid insights into the opportunities, challenges, and …
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The Nigerian Communications Commission (“NCC”) has released a new set of conditions for telecom operators offering Closed User Group (“CUG”) Services in the country. CUG services are a type of telecom service that allow mobile subscribers to send text messages or make and receive calls from any member associated within the group or other subscribers …
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We are pleased to announce that Aluko & Oyebode has achieved a remarkable total of 44 listings in the 2023 Who’s Who Legal (WWL): Nigeria report, marking a significant achievement as the law firm with the highest number of listings in Nigeria this year. Thirteen (13) of our partners have earned prestigious rankings across various …
Continue reading “Who’s Who Legal (WWL) 2023: Aluko & Oyebode Leads with 44 Notable Listings”
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After a successful Nigerian edition of the ALN Ready Business Roadshow webinar, we launched the ALN Nigeria Investment Guide. The Nigeria Investment Guide aims to serve as a business-oriented guide that includes a political & economic overview of the country, the regulatory environment in Nigeria, industry/sectors open to or restricted from Foreign Direct Investment (FDI), …
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Congratulations to Gbenga Oyebode, MFR, our Of Counsel, for being honoured with the 2023 Lifetime Achievement Award at the Access Justice Brooklyn Gala. The event took place on October 11, 2023, at the Brooklyn Museum in New York, where the organisers of the event emphasised that this recognition goes beyond his professional accomplishments. According to …
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We bring you our third quarterly Intellectual Property (IP) Newsletter, Volume 3, 2023. Activities at the Regulatory Agencies Trade Marks Registry The Hon. Registrar of Trade Marks, Dr. Adamu Yauri Shafiu, mni, held a meeting with IP Agents on August 1, 2023, to address issues relating to recordal and registration of trademarks. The Hon. Registrar …
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In May 2023, the Lagos office of Aluko and Oyebode had the pleasure of visiting Stadium Senior High School and Ajigbeda Girls Senior High School for the AO Teach For Nigeria week. This annual event is an opportunity for the firm to reaffirm its commitment to supporting educational initiatives that address educational inequality in Nigeria. …
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Introduction The pervasiveness and the allure of the internet continues to hold sway and wax stronger amongst different age groups, more so with the younger generation. A huge outcome of this, is the readiness of a number of users in sharing their personal data on various platforms. One of the rising challenges amidst all this, …
Continue reading “Privacy Please – Digital Age of Consent for Children – Series 6”
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Synopsis 1. CBN ANNOUNCES ALLOWABLE LIMIT FOR NAIRA PAYOUTS The Central Bank of Nigeria (“CBN”), by a circular dated August 9, 2023, announced the allowable limit of -2.5% to +2.5% of the Investors and Exporters window average rate of the previous day as the anchor rate for the Naira payout option. 2. CBN INTRODUCES OPERATIONAL …
Continue reading “Banking & Finance Regulatory Update – August 2023”
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Click Here to Download The Capability Statement for our Fintech Practice. In the ever-evolving landscape of African innovation, the intersection of technology, finance, and regulation has become a pivotal touchpoint. At the inaugural annual Aluko & Oyebode Fintech Webinar, our focus over the two-session event with fintech thought leaders and experts delved into critical …
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The Third Alteration to the 1999 Constitution of the Federal Republic of Nigeria, elevated the status of the National Industrial Court of Nigeria (NICN) to that of a superior court of record and conferred it with exclusive jurisdiction over labour, employment, and industrial relation matters. The jurisdiction of the NICN is expressly set out in …
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Introduction On 12 June 2023, the President of the Federal Republic of Nigeria signed the Evidence (Amendment) Act 2023 (the “Act/Amendment”) into law. It is important to note that the Amendment does not repeal the Evidence Act 2011 (the “2011 Act”) and is intended to reflect technological advancements in evidence-taking, particularly in court proceedings. This …
Continue reading “Highlights of the Evidence (Amendment) Act 2023”
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Business organizations often find themselves in situations where they may need to collect personal data beyond that of a data subject. A common example is where a data subject is filling out a form and an employer requires the data subject to provide the name, phone number, address, and other contact details of their next …
Continue reading “Privacy Please – Indirect Collection of Data”
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The Nigerian Immigration Service (NIS) has mandated the registration of all migrants who have lived in or plan to remain in Nigeria for over 90 days on a new Migration e-Registration Platform (the “Platform”). Expatriates are required to provide evidence of registration on the Platform before applying for any immigration permits such as CERPAC, resident …
Continue reading “Migration E-Registration Platform by Nigerian Immigration Service (NIS)”
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Over the course of a business arrangement, organizations often need to share and transfer data to various third parties in order to carry out the transaction. Almost every business relies on third parties to process personal data. However, the transfer of personal data to a third-party may expose such data to certain privacy risks. The …
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The Federal Government of Nigeria (FGN) through the Rural Electrification Agency (REA) has invited interested Solar PV Mini-Grid developers to participate in the Africa Mini-grids Program (AMP) aimed at supporting access to clean energy by increasing financial viability and promoting scaled-up commercial investment in low-carbon mini-grids. The AMP which is active in 21 African countries …
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World IP Review has listed Aluko & Oyebode Partners Uche Nwokocha and Mark Mordi SAN, as well as Senior Associates Ayokunle Adetula and Regina Onwumere among the world’s leading technology, trademark, and patent lawyers for 2023. The release of the 2023 WIPR Leaders Directory follows an extensive nomination period, in which the publication’s research team …
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The President of the Federal Republic of Nigeria has issued a directive on the delineation of regulatory oversight between the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) and the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in relation to the regulation of terminal operations and the export of crude oil pursuant to sections 7(ee) and …
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Introduction Another highlight of the Nigeria Data Protection Act (“NDPA” or the “Act”) is the establishment of a principal statutory authority known as the Nigeria Data Protection Commission (“NDPC” or the “Commission”). Recall that its predecessor, the Nigeria Data Protection Bureau (“NDPB”) was carved out from the National Information Technology Development Agency (NITDA) in 2022 …
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The concept of disclosure of Beneficial Ownership (“BO”) or Persons with Significant Control (“PSC”) of companies in Nigeria started gaining prominence over a decade ago in the drive to implement the Financial Action Task Force (FATF) recommendations on money laundering and financing of terrorism and further to Nigeria’s subscription to the membership of the Extractive …
Continue reading “Disclosure Obligations in Respect of Persons with Significant Control”
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Over the past few weeks, our #PrivacyPlease series has provided a detailed analysis of some key provisions in the Nigeria Data Protection Act (NDPA) 2023. So far, we have discussed the introduction of a ‘New Categorization of Data Controller/Processor & the Duty to Register as a Data Controller and Processor of Major Importance’ and ‘Cross-Border …
Continue reading “Privacy Please – New Legal Basis of Processing”
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FMDQ Securities Exchange Limited, a wholly owned subsidiary of FMDQ Group PLC, has launched its Exchange-Traded Derivatives market (“FMDQ ETD Market“). The ETD market went live on 12 July, 2023 with thirty-six (36) contracts across two (2) products, Federal Government of Nigeria (FGN) Bond Futures and Standard FX Futures. This development aims to introduce exchange-traded …
Continue reading “FDMQ Launches Exchange-Traded Derivatives Market”
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Introduction Cross border transfer of personal data simply means the sharing of personal data from one national jurisdiction to another. The expansion of the internet in the 21st century means that a number of international organizations can share all sorts of information including personal data seamlessly across various countries. The protection of personal data that will …
Continue reading “Privacy Please – Cross Border Transfer Of Personal Data”
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Aluko & Oyebode Regulatory Update CBN REGULATORY UPDATES 1. CBN RELEASES STATEMENT ON THE OPERATIONAL CHANGES TO THE FOREIGN EXCHANGE MARKET The Central Bank of Nigeria (“CBN”), by a press release dated June 14, 2023, announced the operational changes to the foreign exchange market. 2. CBN ISSUES OPERATIONAL FRAMEWORK FOR eNAIRA PAYMENT OPTION TO RECIPIENTS …
Continue reading “Regulatory Update | June 2023”
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Introduction The Petroleum Industry Act (PIA) empowers the Nigerian Midstream and Downstream Petroleum Regulatory Authority (the “Authority” / ”NMDPRA”) to issue licenses and permits for the transportation and storage of crude oil (midstream), and the conversion of crude oil into finished products (downstream)[1] to licence or permit holders (Regulated Entity(ies)) in the Nigerian oil and …
Continue reading “Commentary on the Assignment or Transfer of Licence and Permit Regulations, 2023”
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As highlighted in our publication – An Overview of the Nigeria Data Protection Act 2023, one of the key provisions of the Nigeria Data Protection Act (“NDPA” or “Act”) is the introduction of a new classification of data controllers and processors i.e., “Data Controllers and Data Processors of major importance” (“DCPMI”) and the compulsory registration …
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The Nigeria Data Protection Act 2023 (the “Act”) is the first major federal legislative instrument for the processing and protection of personal data in Nigeria and supersedes any other law or enactment that relates directly or indirectly to the processing of personal data. For a better understanding of the Act, we have prepared an overview …
Continue reading “Privacy Please – An Overview of the Nigeria Data Protection Act 2023”
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What is ESG? The acronym ESG stands for Environmental, Social and Governance. It is a set of principles that guide a company’s strategy, operations and activities and guides the assessment of its impact on the environment, customers, stakeholders and the wider society. The concept of “ESG” emerged from an initiative led by the United Nations …
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Introduction In the recently decided case, Mufutau Ajayi v Securities and Exchange Commission (2023)[1] (“Mufutau“), the Supreme Court handed down a decision on the long-debated question as to whether exclusive jurisdiction over matters relating to capital and securities market operations vest in the Federal High Court (the “FHC“) or the Investments and Securities Tribunal (the …
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On Monday 12th of June 2023, President Bola Ahmed Tinubu assented to the passage of the Nigeria Data Protection Bill into law. The draft Data Protecti on Bill was introduced by the National Data Protection Bureau (“NDPB”) on the 4th of October 2022 and was approved by the Federal Executive Council in February 2023. The …
Continue reading “Introducing the Nigeria Data Protection Act 2023”
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The Central Bank of Nigeria (“CBN”) on 3 May 2023, issued the approved guidelines for the regulation of representative offices of foreign banks in Nigeria (the “Guidelines”). Representative offices were statutorily recognised under the Banks and Other Financial Institutions Act. Prior to the issuance of the Guidelines, all that was required to operate a representative …
Continue reading “CBN Issues Guidelines for Foreign Bank Representative Offices”
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The Federal Government through the Federal Ministry of Interior (the Ministry) has introduced the “Brown Card”, a new legal document that confers permanent residency on qualified foreigners. Prior to the introduction of the brown card, foreign nationals resident in Nigeria had to renew their permanent residence permit in Nigeria every 2 years or 5 years …
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“Work of ART” or “Tool for the ARTful Dodger”? The Award Review Tribunal mechanism in the Arbitration & Mediation Act 2023
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The Nigerian Communications Commission (NCC) recently released and published an updated list of licensees who have been assigned frequency slots in the 2.1, 2.3, 2.6 and 3.5 gigahertz (GHZ) spectrum bands across various states in the country. Most notable among the spectrum band is the 3.5GHZ which has been assigned to MTN Nigeria Communications Plc, …
Continue reading “NCC Releases New Updates on its Frequency Assignment Tables”
Read moreAluko & Oyebode Regulatory Update CBN REGULATORY UPDATES CBN Releases Guidelines For The Regulation Of Representative Offices Of Foreign Banks In Nigeria CBN Releases Circular On The Accreditation Of Cheque Printers CBN Asserts That Bvn Issued In Nigeria Has No Expiry Date CBN Releases Statement On The Operating Guidelines For Rt200 Non-Oil Export Proceeds Repatriation …
Continue reading “Regulatory Update | May 2023”
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A Q&A guide to corporate governance law in Nigeria. The Q&A gives a high-level overview of corporate governance trends; the main forms of corporate entity used; the corporate governance legal framework; corporate social responsibility and reporting; board composition and restrictions; directors’ remuneration; management rules and authority; directors’ duties and liabilities; transactions with directors and …
Continue reading “Corporate Governance and Directors’ Duties in Nigeria: Overview”
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Our Managing Partner, Joke Aliu, contributed to the recently published report, “Africa’s Growing Dispute Resolution Landscape.” This collaborative publication by the UK Ministry of Justice (MOJ) and GREAT Legal Services in partnership with Africa Legal provides a comprehensive analysis of the evolving Alternative Dispute Resolution (ADR) landscape in Africa and its significance in the region. …
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We bring to you our second quarterly IP Newsletter, Volume 2, 2023, and also celebrate with the general public on this year’s World IP Day commemoration themed – Women and IP: Accelerating Innovation and Creativity. Activities at the Regulatory Agencies Trade Marks Registry The officials of the Trade Marks Registry held a meeting with …
Continue reading “Intellectual Property Newsletter – Volume 2, 2023”
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On Friday, March 17th, 2023, the President of the Federal Republic of Nigeria signed the Copyright repeal and re-enactment Bill (the “Bill”), which is now the Copyright Act, 2022 (the “Act”). The Act contains ample and innovative provisions that address modern-day realities, technological advancements, and international best practices, including the need to ensure Nigeria’s compliance …
Continue reading “Key Highlights of the Copyright Act 2022”
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On 19 March 2023, the two (2) largest banks in Switzerland, Credit Suisse Group AG (“Credit Suisse”) and UBS Group AG (“UBS”), entered into a merger agreement (the “Merger”) further to the intervention of the Swiss Federal Department of Finance, the Swiss National Bank (the “SNB”), and the Swiss Financial Market Supervisory Authority (“FINMA”). As …
Continue reading “Additional Tier 1 Bonds: The Credit Suisse Situation and Lessons for Nigeria”
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Aluko & Oyebode (the “Firm”) is pleased to have advised Acumen Fund Inc. (“Acumen”), a non-profit impact investment fund focused on investing in social enterprises servicing low-income individuals and communities, on its strategic investment into CropSafe Agro Services Limited (“CropSafe”), a high-impact agricultural social enterprise whose innovative grain-drying method is supporting smallholder farmers across Nigeria …
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The President of the Federal Republic of Nigeria recently assented to sixteen (16) Constitution Alteration Bills, some of which have decentralised certain critical sectors of the economy previously controlled by the Federal Government. Notable sectors of the economy affected by the amendments are railway and electricity. We have provided commentaries on the implications of the …
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The Federal Government of Nigeria, through the Federal Ministry of Mines and Steel (the Ministry) and in compliance with the Infrastructure Concession Regulatory Commission Establishment Act 2005 and the National Policy on Public-Private Partnership (N4P) intends to involve the private sector in the redevelopment, operation and maintenance of the National Iron Ore Mining Company (NIOMC) …
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The Nigerian Communications Commission (NCC) updated its licensing procedure on April 19, 2023, to include the steps for filing online licence applications. Although the option for online application submission has always been available on the NCC e-service portal, many applicants preferred to deliver their applications to the NCC physical office address to avoid undue delays, …
Continue reading “Nigerian Communications Commission – Online Licence Application Process”
Read moreAluko & Oyebode Regulatory Update CBN REGULATORY UPDATES CBN Issues Operational Guidelines for Open Banking in Nigeria CBN Releases an Exposure Draft of The Regulatory Framework for Agent Banking in Nigeria CBN Reissues Old 200, 500 and 1000 Naira Notes as Legal Tender in Nigeria CBN Increases The Monetary Policy Rate From 17.5% to 18% …
Continue reading “Regulatory Update | March 2023”
Read moreWorld Intellectual Property is celebrated yearly on April 26. In Commemoration of the day, Aluko and Oyebode will be hosting a webinar with the theme “Women and IP: Accelerating Innovation and Creativity” on April 27 at 2:00 pm (WAT). About our Guest: Mira Mehta is co-Founder and CEO of Tomato Jos – a fully integrated …
Continue reading “World Intellectual Property Day Fireside Chat with Mira Mehta”
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The Startup Team at Aluko & Oyebode hosted the 7th edition of the Insider Series on March 30, 2023, on “Navigating Nigeria’s Proptech Space: Opportunities and Challenges.” Our guest speaker, Tola Adesanmi, a Nigerian entrepreneur and the CEO of Spleet Africa, a property technology startup providing affordable co-living and flexible accommodations across Africa, will be …
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The Copyright Bill, 2022 was assented to by President Muhammadu Buhari on the 17th of March 2023. The Copyright Act 2022 (the Act) repeals the Copyright Act, Cap C28, Laws of the Federation of Nigeria, 2004. The Act addresses the erstwhile major challenges that copyright holders experience in the digital space and provides right holders …
Continue reading “The Copyright Bill 2022”
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Aluko & Oyebode is pleased to have advised Access Holdings PLC (“Access HoldCo”) and Access Bank Plc (“Access Bank”) in connection with an unsecured facility of up to US$300 million obtained from the African Export-Import Bank (“AFREXIM”). The facility amount is to be invested by Access HoldCo into its banking subsidiary – Access Bank Plc, …
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The Cross Rivers State government, in collaboration with the Cross River State Ministry of Industries, the State’s Public Private Partnership Council and the Bureau of Public Private Partnership has announced the call for expression of interest from investors for the concession of some of the state-owned key industries and assets. The submission deadline has been …
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The first quarter of 2023 comes with relief for the telecoms sector as the Federal Government of Nigeria has confirmed its implementation of the exemption of the telecom sector from excise duty as stated in the Finance Act of 2020. The implementation of the duty, if you recall, was opposed by the Minister of Communications …
Continue reading “Federal Government Removes Excise Duty For Telecoms Services”
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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 …
Continue reading “Aluko & Oyebode announces new co-managing partner, Joke Aliu”
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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 …
Continue reading “Watch A & O Insider Series – 6th Edition with Lumi Mustapha”
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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 …
Continue reading “Partner Mark Mordi, SAN contributes to WIPO-ARIPO-USDOJ Africa Regional Benchbook”
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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 …
Continue reading “Key Regulators in the Nigerian FinTech Sector”
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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 …
Continue reading “Intellectual Property Newsletter – Volume 3 2022”
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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 …
Continue reading “The National Health Insurance Authority Act, 2021”
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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 …
Continue reading “Aluko & Oyebode advises Lily Hospitals Limited, a Leading Hospital group”
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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. …
Continue reading “Key Terms in a Term Sheet”
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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 …
Continue reading “Re-Inauguration of Task Force for Enforcement of Expatriate Quota”
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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 …
Continue reading “Central Clearing Counterparties in the Nigerian Financial Markets”
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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 …
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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 …
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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 …
Continue reading “Introduction of New Expatriate Quota Rules in Nigeria”
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 …
Continue reading “Notification of Movement of Expariate Employees”
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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 …
Continue reading “PENCOM Issues an Operational Framework for Non-Interest Ethical Fund”
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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 …
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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 …
Continue reading “Incorporation of Company Limited by Guarantee – Attorney General’s Consent”
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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 …
Continue reading “Aluko & Oyebode advises on the Demutualisation of The Nigerian Stock Exchange”
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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 …
Continue reading “Single Shareholder and Single Director Company Structure under the CAMA 2020”
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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 …
Continue reading “Aluko & Oyebode Recognised as Industry Leader in Chambers Global 2021”
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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 …
Continue reading “The CBN issues the Framework for Regulatory Sandbox Operations”
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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 …
Continue reading “Treatment of Broadcasting Rights in the Two Largest Markets in Sub-Saharan Africa”
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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 …
Continue reading “Structuring a REIT in Nigeria: Key Legal and Tax Considerations”
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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 …
Continue reading “Intellectual Property Newsletter | Fourth Issue 2020”
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 …
Continue reading “PZ Cussons Nigeria Appoints Gbenga Oyebode, MFR as Chairman”
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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 …
Continue reading “The New Licence Categorisations for the Nigerian Payments System”
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 …
Continue reading “Legal Workshop on Dispute Management for Infrastructure Projects in Africa”
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 …
Continue reading “Aluko & Oyebode Ranks Highly in the 2021 IFLR1000 Guide”
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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 …
Continue reading “Recent Unfolding Events”
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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 …
Continue reading “NCC Lifts Suspension of Spectrum Trading Guidelines”
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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 …
Continue reading “Amendments to the 6th Edition of the Nigeria Broadcasting Code”
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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 …
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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 …
Continue reading “SEC Issues a Statement on the Classification and Treatment of Digital Assets”
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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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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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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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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 …
Continue reading “Termination without Reason: Has the Law in Nigeria Changed?”
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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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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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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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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) …
Continue reading “Nigerian Communications Commission Revises Determination on USSD Pricing”
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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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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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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 …
Continue reading “Companies and Allied Matters Act 2020”
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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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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 …
Continue reading “NITDA Issues Draft Framework on Alternative Dispute Resolution for the ICT Sector”
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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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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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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 …
Continue reading “FIRS Clarifies Stamp Duty Rate on Lease Agreements”
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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 …
Continue reading “Other States Adopt Reduction of Right of Way Charges”
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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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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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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 …
Continue reading “Intellectual Property Newsletter | Second Issue 2020”
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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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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, …
Continue reading “Expatriate Quota Administration Handbook”
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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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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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In a statement published by the Department of Petroleum Resources (“DPR”) on 30 June 2020, the DPR has assured stakeholders that reforms are being implemented to ensure that the 2020 bidding round would be transparent, and not encounter similar issues as the 2003 bidding round. According to the DPR, the current framework will ensure that …
Continue reading “The 2020 Marginal Fields Bid Round”
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Significantly, the pandemic offers an opportunity for Nigeria to build her e-sports. Following the outbreak of COVID-19, there has been an alarming increase in the use of internet technologies in varying sectors, the sports sector inclusive. These include e-payment services, video conferencing technologies, cloud services and video streaming platforms. In the sports industry, Over-the-top (OTT) …
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In continuation of its efforts towards building a financial services sector that promotes innovation, the Central Bank of Nigeria (the “CBN”) on 23 June 2020 issued a Circular PSM/DIR/CON/CWO/07/011 to all Deposit Money Banks, Mobile Money Operators and Payment Service Providers (the “Circular”). By the Circular, the CBN stated that it had published an exposure …
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We are delighted to announce that our Managing Partner, Kofo Dosekun and Partners, Olubunmi Fayokun, and Oghogho Makinde, have been recognised as IFLR1000 Women Leaders for 2020. 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 …
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Aluko & Oyebode (the “Firm”) is delighted to have acted as sole Nigerian legal counsel in connection with the issuance, by Africa Finance Corporation (“AFC” or the “Corporation”), of a US$700 Million Regulation S Eurobond due 2025 with a coupon of 3.125 percent (the “Eurobond Issuance”) for which the Firm represented the Joint Lead Managers …
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On 30 January 2019, the President of the Federal Republic of Nigeria assented to the Federal Competition and Consumer Protection Act (the FCCP Act). Prior to the enactment of the FCCP Act, Nigeria had no comprehensive competition legislation that dealt with antitrust, abuse of dominant position and merger control issues. The regulation of merger control …
Continue reading “The Nigeria Chapter in The Public Competition Enforcement Review – 12th Edition”
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The Presidential Taskforce on COVID-19 (the “PTF”) has issued the Revised Quarantine Protocol (the “Protocol”) for all persons arriving in Nigeria from any country (including returnees/stranded Nigerians), effective 08 June 2020. The Protocol outlines the government’s expectations of travellers into Nigeria before departure, while on board and upon arrival in Nigeria. Below are the highlights …
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At the time of writing, the COVID-19 pandemic has resulted in the death of more than 370,000 people in the world. The rapid spread of the novel Coronavirus has disrupted global economic activity and triggered volatility in the international and local capital markets. The uncertainty occasioned by the pandemic has also adversely impacted investor appetite …
Continue reading “COVID-19: Debt Issuances In A Pandemic”
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The Lagos State government has announced its plans to revert to the pre-2018 land use charge rate. This was announced by the Commissioner for Finance, Dr. Rabiu Olowo, at the 2020 Ministerial Briefing marking the first-year anniversary of the Babajide Sanwo-Olu led administration. The Land Use Charge Law, which consolidated all property and land-based charges …
Continue reading “Lagos State to Revert to Pre-2018 Land Use Charge”
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The National Information Technology Development Agency (the ”NITDA”) is the Nigerian agency mandated under the National Information Technology Development Act (the “Act”) to create a framework for the regulation of Information Technology whilst preserving and ensuring the privacy of Nigerians. The NITDA, in recognition of Government agencies as the biggest processors of personal data of …
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The Department of Petroleum Resources (“DPR”) has announced the commencement of the 2020 Marginal Field Bid Round Exercise with a total of fifty-seven fields located on land, swamp and shallow offshore terrains open for offers. This bid round exercise is open to all indigenous companies and investors interested in participating in exploration and production business …
Continue reading “Marginal Fields Bid Round 2020”
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On 3 June 2020, the National Insurance Commission (“NAICOM” or the “Commission”) issued a Circular No NAICOM/DPR/CIR/25-04/2020 (the “Circular”) conveying its decision to segment the recapitalisation process and extend the deadline for the implementation of the recapitalisation exercise by insurance and reinsurance companies. NAICOM noted that the COVID-19 pandemic has negatively impacted efforts to proceed …
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WATCH ON YOUTUBE>> Aluko & Oyebode hosted its Fintech/ Private Equity Webinar themed “Enabling Regulation: The Need for Stakeholders to Better Facilitate and Promote Innovation” on Thursday, 11th June 2020 at 12:00PM. As much as innovation by companies and industries is usually seen as curtailed by regulations, regulatory efforts are also easily challenged and frustrated …
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Aluko & Oyebode is pleased to have advised Sanlam Emerging Markets Proprietary Limited in connection with its acquisition of FBN Holdings Plc’s shareholding in FBN Insurance Limited. Following the transaction, Sanlam will hold a 100% equity stake in FBN Insurance Limited and its wholly-owned subsidiary, FBN General Insurance Limited. Sanlam Emerging Markets Proprietary Limited is …
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Open banking (i.e. the authorised provision of consumer banking data to third parties through application programming interfaces) looks set to drive innovation and competition in the banking sector to the benefit of customers. However, the financial services industry should be aware of the potential risks associated with opening banking, including market concentration, data compliance concerns, …
Continue reading “Open Banking – Revolution or Risk?”
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The Nigerian Civil Aviation Authority (“NCAA”) in a circular dated 27 May 2020, issued a public health protocol in conjunction with the Federal Ministry of Health for Nigerian flight crew (the “Protocol”) in a bid to curtail the spread of COVID-19 amongst flight crew members and passengers. The circular applies to airlines, airports and other …
Continue reading “The Federal Government Approves New Health Protocol for International Flights”
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Aluko & Oyebode is pleased to have advised Goodwell Investments (“Goodwell”) on its participation in Tomato Jos’ €3.9 million Series A round funding. Goodwell, via its West Africa partner Alitheia Capital, led the round with participation from Acumen Capital Partners and VestedWorld. Tomato Jos, a leading agricultural production company, was founded in 2014 with a vision to make tomato …
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Our flash note on 20 May 2020 (click here) showed that Ekiti state was the first to comply with the Federal Government’s directive to reduce Right of Way (RoW) by reducing the RoW charges from N4,500 (Four Thousand Five Hundred Naira only) to N145 (One Hundred and Forty-Five Naira only), (approximately US$0.37 (Thirty-Seven Cents). Several …
Continue reading “Other States Adopt Reduction of Right of Way Charges”
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The Firm is pleased to have advised Axxela Limited in the establishment of its ₦50 Billion Bond Issuance Programme and the issuance of its ₦11.5 Billion Series 1 Bonds with a 24% oversubscription. Axxela Limited, a portfolio company with a vision of becoming the preferred and fastest-growing gas & power firm in sub-Saharan Africa, has …
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Right of Way charge is a levy paid by telecommunication companies to state governments, permitting telecommunication companies to dig up the roads and install telecommunications hardware such as optic fibre cables that carry internet traffic. The Right of Way charge has been fraught with inconsistencies across the states in terms of charges and has negatively …
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The outbreak of the novel coronavirus (COVID-19) and the race by scientists all over the world to find a cure has sparked-off several issues and debates in many areas of law such as Labour/Employment law, Aviation law and Contract law amongst others. Intellectual Property (IP) Law is equally not spared as the race for a …
Continue reading “COVID-19: Public Health Requirement and Patent Rights”
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On 25 January 2019, the National Information Technology Development Agency (“the NITDA”) issued the Nigerian Data Protection Regulation (“the Regulation”) to regulate organisations that collect and process personal data (“Data Controllers”). The Regulation mandates Data Controllers, who process the personal data of more than 2,000 subjects, to submit a summary of their organisation’s data protection …
Continue reading “Second Extension of Filing of 2020 Audit Report issued by NITDA”
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Since the onset of the COVID-19 pandemic in Nigeria, business organisations have been considering how best to respond to its impact. Where contractual obligations have become impossible, businesses have looked to force majeure and (where applicable) frustration in order to suspend performance or terminate the contract in its entirety. However, for many businesses, the impact …
Continue reading “Insurance Relief: Has your Business been interrupted by COVID-19?”
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In this edition of Managing Disruption Podcast Series, our Partner, Oghogho Makinde shares her insights on how to mitigate legal risks in labour and employment matters. In order to stay afloat in these unprecedented times, most employers are faced with having to make tough business decisions regarding employment in view of the economic impacts of …
Continue reading “PODCAST: COVID-19 and Employee Matters”
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Nigerian jurisprudence generally allows the joinder of a person as co-plaintiff or co-defendant to a suit pending before a court of first instance. Thus, under most of the rules of the courts of first instance, an application may be made by a party to a suit for the joinder of another person as a co-plaintiff …
Continue reading “Joinder of a Person as a Co-Respondent to an Appeal”
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Following President Muhammadu Buhari’s directive on a phased and gradual easing of the lockdown measures imposed to contain the spread of COVID-19 in Lagos, Ogun and the Federal Capital Territory, Abuja, most businesses are reopening, and employees are returning to work. As businesses reopen, the government rules for reopening must be adhered to; employers must …
Continue reading “COVID-19: Return to Work Recommendations for Nigerian Employers”
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In Nigeria, the effects of the COVID-19 pandemic in relation to projects may arise as a result of: (i) regulatory pronouncements by federal and state governments restricting movements, shutting business operations (including construction activities as in the case of Lagos State) and imposing health and safety measures to contain the spread of the virus such …
Continue reading “COVID-19: Nigerian Construction and Infrastructure Industry”
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The directive of the President of the Federal Republic of Nigeria on 27 April 2020 provided guidance on the phased and gradual easing of lockdown measures in Abuja, Ogun and Lagos States from 04 May 2020. States were also encouraged to adapt and expand the measures as may be necessary to suit their specific circumstances …
Continue reading “Guidance on Phased Easing of Lockdown Measures in Lagos State”
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The COVID-19 pandemic has resulted in the increased processing of health data globally. We have discussed below some data privacy issues organisation should be considering in light of the COVID-19 crisis in Nigeria. What type of information can be collected from individuals relating to COVID-19 that is likely to be considered personal data under Nigerian …
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We are proud to announce the release of the Aluko & Oyebode COVID-19: Managing Disruption Podcast Series. This Series is focused on how businesses can navigate the changing dynamics in economies, following the COVID-19 pandemic. In our first podcast, Oghogho Makinde, Partner in the Corporate and Commercial practice of Aluko & Oyebode, discusses ways to …
Read moreThe novel coronavirus pandemic (“Pandemic” or “COVID-19”) has impacted businesses and communities around the globe. Countries have announced varying levels of restrictions on the movement of people and trade and borders have been closed to all but essential travel. In a bid to contain the spread of COVID-19 in Nigeria, the Federal Government recently issued …
Continue reading “COVID-19: Managing Disruption in the Nigerian Aviation Industry”
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The COVID-19 pandemic has both global health and economic implications. It has been predicted that the effect of COVID-19 pandemic on the global economy may be far worse than the 2008 Global Recession. The global shutdown of borders and restriction of movement by Governments around the world has impacted businesses, large and small. In these …
Continue reading “COVID-19: Employment and Labour Relations”
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Intellectual property (IP) pertains to creations of the human intellect, it comprises majorly of patents, industrial designs, copyright and trademark. IP right provides exclusive rights to the owners, proprietors, inventors and creators of works/innovation in order to reap commercial benefits and fully utilize from their creative efforts or reputation for a given period. It is …
Continue reading “Innovate for a Green Future – Nigeria”
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The National Information Technology Development Agency (the ”NITDA”) is statutorily mandated under the National Information Technology Development Act (the “Act”) to regulate information and communication technology (“ICT”) matters in Nigeria. Whilst recognising the challenges faced by most organisation during COVID-19 pandemic, particularly in the context of the lockdown and the need to work remotely, the …
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Nigeria has adopted strict measures at both national and state levels to curb the spread of the COVID-19 disease. These measures include the total or partial restriction of movement and social distancing rules which have had a severe impact on the ability of companies to comply with corporate governance rules and statutory requirements of regulatory …
Continue reading “COVID-19: Corporate Governance and Regulatory Registries in Nigeria”
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In response to COVID-19, various policies and regulatory measures have been introduced by the Federal Government of Nigeria (FGN) and its agencies (such as the Department for Petroleum Resources (DPR)), and by various state governments. We highlight below some of the key developments which should be borne in mind by companies active in this sector. …
Continue reading “COVID-19: Regulatory Watch for the Oil and Gas Industry”
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It is common in Nigeria, particularly in the banking and oil & gas sectors, to see labour contractors recruit workers and deploy them to third parties in furtherance of labour supply agreements. This practice, which appears to be recognised globally, creates a ternary labour relationship between the labour contractor, the end-user, and the employee who …
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The world is in the middle of a global health crisis. This has resulted in significant adverse conditions for businesses around the globe. One of the most significant consequences for the oil and gas sector is the triggering of an oil price war following disagreements about production cuts amidst the significant decline in the demand …
Continue reading “COVID-19: Legal and Practical Considerations for the Oil and Gas Industry”
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As some key states in Nigeria enter into the fourth week of lockdown due to the COVID-19 Pandemic, different sectors are considering the impact of the pandemic and various regulatory interventions on their operations. In the financial services sector, while some corporates could potentially be looking to banks for funding to bridge liquidity gaps, lenders …
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CBN Regulatory Interventions The CBN has made a number of interventions to mitigate the economic impact of the pandemic. These interventions include the creation of a N50 billion credit facility targeted at households and SMEs affected by the pandemic, a N100 billion credit facility specifically aimed at the healthcare sector to meet potential increased demand …
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The National Information Technology Development Agency (The”NITDA”) is the agency with supervisory powers to promote, develop and regulate the information and communications technology (ICT) sector in Nigeria. Having identified the role of the ICT sector in earlier an communique (click here) as critical, the NITDA upon the direction of the Honourable Minister of Communications and …
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Nigeria has adopted strict measures at both national and state levels to curb the spread of the COVID-19 disease. These measures include the total or partial restriction of movement, social distancing rules and the suspension of court sittings across the Federation, except for urgent, essential and time bound matters. These measures have had a severe …
Continue reading “COVID-19 and Dispute Resolution in Nigeria”
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The National Information Technology Development Agency (the ”NITDA”) is statutorily mandated under o the National Information Technology Development Act (the “Act”) to collaborate with any local or state Government, company, firm, or person in any activity, which in the opinion of the agency is intended to facilitate the attainment of the objective of the Act. …
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The National Information Technology Development Agency (the ”NITDA”) in line with its mandate to develop, standardise and regulate Information technologies and data interchange has advocated for the use of Internet of Things (“IoT”) in the fight against COVID-19. The collection and collation of data on a real time basis has become critical in the fight …
Continue reading “NITDA Issues Guidance on the COVID-19 Pandemic: Internet of Things”
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Following the Federal Government’s directive on the 23rd of March, 2020, to restrict international flights into and out of Nigeria in a bid to contain the spread of the coronavirus, the Ministry of Interior on the 6th of April 2020, has issued a notice that it will extend at no cost, visitors’ visas and resident …
Read moreAluko & Oyebode has been ranked a top-tier firm in the 2020 edition of the Legal 500 EMEA, a guide to the best lawyers and law firms across Europe, the Middle East and Africa. The Firm remained top-tier rankings in 5 practice areas: Banking and Finance/Capital Markets; Commercial, Corporate/M&A; Energy and Natural Resources; Dispute Resolution and …
Continue reading “Aluko & Oyebode Recognised As A Leading Firm in The Legal 500 EMEA 2020”
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On 15 April 2020, The Nigerian Stock Exchange (the “NSE”) published the “Guidance on Companies’ Virtual Board, Committee, and Management Meetings” (the “Guidance”) in response to the legal and regulatory uncertainties occasioned by the COVID-19 pandemic and the current inability of companies’ board, board committees and management teams to hold physical meetings. The Guidance provides …
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The National Insurance Commission (“NAICOM” or the “Commission”) has recently issued circulars to insurance operators to convey the Commission’s decisions towards mitigating the adverse impact of COVID-19 on the Insurance sector. By a Circular No NAICOM/DPR/CIR/29/2020 dated 27 March 2020, NAICOM, further to its recognition of the impact of the COVID-19 pandemic on the insurance …
Continue reading “NAICOM Issues Circulars on the Effect of COVID-19 on Insurance Operators”
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WhatsApp, the Facebook owned instant messaging app (the “Company”) is imposing new restrictions on its forwarding feature in order to slow the dissemination of fake news through frequently forwarded messages. The intention behind this is to disrupt false COVID-19 information and to curtail the spread of misinformation. Under the new restriction, a user who receives …
Continue reading “WhatsApp Imposes New Limit on Forwarding to Fight Fake News”
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In a bid to contain the spread of the Coronavirus and manage the impact of the pandemic on lives and the economy, Lagos State Government issued the Infectious Diseases (Emergency Prevention) Regulations 2020 (“Regulations”) on 27 March 2020. The Regulations were passed pursuant to the Lagos State Health Law 2015 and Section 8 of the …
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The Nigerian Court of Appeal on 25 July 2017 delivered a landmark decision which has introduced some significant changes to the long-established litigation regime in Nigeria, specifically in the context of claims arising from crude oil spillage. Before this decision, it was legally permissible for litigants seeking financial compensation in Nigerian courts for injuries they …
Continue reading “Evaluating the Current Trend in Oil Spill Litigation in Nigeria”
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The Department of Petroleum Resources (“DPR”) on 30 March 2020 issued a Circular directing all oil & gas operators, contractors and service providers to take steps to mitigate the spread of Coronavirus (“COVID-19”) at project/construction sites by: ensuring safety and welfare of all personnel; ensuring strict compliance with relevant Government directives on social distancing, curfew, …
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On 25 January 2019, the National Information Technology Development Agency (“the NITDA”) issued the Nigerian Data Protection Regulation (“the Regulation”) to regulate organisations that collect and process personal data (“Data Controllers”). The Regulation mandates Data Controllers, who process the personal data of more than 2,000 subjects, to submit a summary of their organisation’s data protection …
Continue reading “NITDA Notice on Extension of Filing of 2020 Audit Report”
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This Advisory Update has been prepared to provide practical measures for managing the impact of COVID-19 or Corona Virus on the operations of companies/businesses operating in Nigeria. Commercial Contracts We understand that there may be concerns on how to deal with commercial contracts and any interruptions in performance of obligations as a result of the …
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Read moreIn response to the Coronavirus (COVID-19) pandemic and the guidelines issued by WHO, we would like to keep you abreast of the measures Aluko & Oyebode is taking to ensure the safety of our staff, clients and work environment. Part of the major measures taken by the Federal Government of Nigeria and the Lagos State …
Continue reading “Aluko & Oyebode | Coronavirus | Workplace Safety UPDATE”
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The National Housing Fund Act 1992 (the “Act”) establishes the National Housing Fund (the “Fund”) into which deductions from employees’ salaries and other monies required by the Act are paid. Any employee earning N3,000 (three thousand Naira) and above per annum in either the public or private sector in Nigeria is required to contribute 2.5% …
Continue reading “Compliance with the National Housing Fund Act”
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NOTAP takes steps to automate registration process The National Office for Technology Acquisition and Promotion (NOTAP) held a technical training in January 2020 on the process of registering agreements with the Office using the online platform. The online registration system will give Applicants control over the registration process. NOTAP has indicated that the online registration …
Continue reading “Intellectual Property Newsletter | First Issue 2020”
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Aluko & Oyebode is pleased to have advised Orange Digital Ventures LLC (ODV), a strategic corporate venture fund of the Orange Group, on the US$1.5 Million seed investment round in Youcheck Online Services Limited (Youverify). The investment forms part of the €50 million African corporate venture fund launched by ODV to boost Africa’s mobile & …
Read moreIn response to the Coronavirus (COVID-19) pandemic and the guidelines issued by WHO, we would like to keep you abreast of the measures Aluko & Oyebode is taking to ensure the safety of our staff, clients and work environment. Part of the major measures taken by the Federal Government of Nigeria and the Lagos State …
Continue reading “Aluko & Oyebode | Coronavirus | Workplace Safety (UPDATE)”
Read moreIn response to the Coronavirus (COVID-19) pandemic and the guidelines issued by WHO, we would like to keep you abreast of the measures Aluko & Oyebode is taking to ensure the safety of our staff, clients and work environment. Our people are our greatest asset, and our first priority remains to ensure their safety and …
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The Partners of Aluko & Oyebode are pleased to announce the admission of Funmilayo Otsemobor into the Firm’s Partnership, with effect from 1 April 2020. Funmilayo joined Aluko & Oyebode in 2009 and is a core member of the Firm’s Banking & Finance Practice. She has robust experience in Project & Infrastructure Finance, Banking Law, …
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On 25 January 2019, the National Information Technology Development Agency (“the NITDA”) issued the Nigerian Data Protection Regulation (“the Regulation”) to regulate organisations that collect and process personal data (“Data Controllers”). The Regulation empowers the NITDA to register and license Data Protection Compliance Organisations (“DPCOs”), who are required to monitor, audit, conduct training and data …
Continue reading “NITDA: Notice on Filing of 2020 Annual Audit Report”
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Aluko & Oyebode hosted an event to commemorate this year’s International Women’s Day themed: “An Equal World is an Enabled World”. Discussions centred around the need for women to constantly develop, gain and acquire skills in an ever-evolving world. Speakers Mia Essien, SAN – Managing Partner, Principles Law Partnership (Keynote Speaker) Aishah Ahmad – Deputy …
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Read moreAluko & Oyebode’s position as a leading Nigerian law firm is reaffirmed in Chambers Global Rankings for 2020. Aluko & Oyebode is the only Nigerian law firm to be given Band 1 rankings in four (4) practice areas in this year’s edition of the Chambers Global. Noted practice areas include Banking and Finance (Band 1); Corporate/Commercial (Band …
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Under the Nigerian Communications Act, operators in the telecommunications space are required to install equipment with interception capability that allows law enforcement agencies on the occurrence of any public emergency or in the interest of public safety to access communication data. To provide clarity on interception, which has to date been regarded as opaque, the …
Continue reading “The Lawful Interception of Communications Regulations”
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On 27 January 2020, the Nigerian Content Development and Monitoring Board issued a public notice, notifying stakeholders, particularly operators and service providers in the Nigerian oil and gas industry, of their obligation to submit statutory reports in accordance with the Nigerian Oil and Gas Industry Content Development Act, 2010. Read more >>
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Aluko & Oyebode in collaboration with Clifford Chance will host a training on ISDA Master Agreement, Swaps and Derivatives on Thursday, 13th February 2020. This training is themed “The Road Ahead: Fostering Safer and Effective Derivative Market in Africa”. At this training, the facilitators will share their perspectives and experiences on the following topics: Understanding …
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The Nigerian Immigration Service has recently issued a new Nigerian visa policy. The Nigeria Visa Policy (the “Policy”) is designed to support the attainment of the Economic Recovery and Growth Plan, improve the Nigerian business environment and attract foreign direct investment in Nigeria, amongst other things. A major highlight of the Policy is the introduction …
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The Finance Act amends various provisions of Nigerian tax legislations such as the Companies Income Tax Act (“CITA”), Value Added Tax Act (“VAT Act”), Capital Gains Tax Act (“CGTA”), Petroleum Profits Tax Act (“PPTA”), Personal Income Tax Act (“PITA”) and Stamp Duties Act (“SDA”). The Finance Act also introduces amendments to the provisions of the …
Continue reading “The Finance Act 2019: Significant Changes to Nigeria’s Tax Landscape”
Read moreOne of the significant developments in arbitration witnessed in Rivers State of Nigeria in 2019 was the enactment of Rivers State Arbitration Law (the Law). The Law applies to arbitration in Rivers State except where the parties expressly agree that another arbitration law will apply. Consistent with the principle of party autonomy in arbitration, parties …
Continue reading “Emergency Arbitrator and the new Rivers State Arbitration Law 2019”
Read moreThe Federal Inland Revenue Service (“FIRS”) has issued a public notice notifying all taxpayers (Individuals, Partnerships, Enterprises, Corporate organisations) of a nationwide tax enforcement exercise commencing from 18 December 2019. Amongst the taxes listed is the National Information Technology Development Levy under the National Information Technology Development Agency Act (“NITDA”). The NITDA levy applies to …
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Introduction The financial services and products offered in Nigeria have changed significantly in recent years as a result of scientific and technological innovation and ever-evolving consumer behaviour and needs. In turn, this has resulted in a proliferation of new fintech companies. ‘Fintech’ generally refers to the various technologies and innovations used to provide financial services …
Continue reading “How Should Nigeria Regulate its Fintech Industry?”
Read moreThe Department of Petroleum Resources (“DPR”), on 17 October 2019 issued the Guidelines for the Release of Staff in the Nigerian Oil and Gas Industry, 2019 (the “2019 Guidelines”), pursuant to Regulation 15A of the Petroleum (Drilling and Production) Regulations (as amended). The 2019 Guidelines repeals and replaces the Guidelines No. 1 of 2015 for …
Read moreIn collaboration with the Lagos Chamber of Commerce International Arbitration Centre (LACIAC), Aluko & Oyebode will be sponsoring and hosting the IBA Arb40 – Young ICCA Workshop on “Computation of Damages” on Tuesday, 10 December 2019. This IBA Arb40 – Young ICCA Workshop will feature panel sessions led by legal practitioners and quantum experts, dedicated …
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Read moreAluko & Oyebode and Blaugrana Sports International (BSI), the official licensee of FC Barcelona Football Academy (FCBESCOLA LAGOS) in Nigeria has entered an agreement to promote the development of sports and talent management in Nigeria. The aim of this partnership is to work closely with BSI in mitigating legal bottlenecks in the Nigerian sports industry …
Read moreIt is undeniable that the social media makes sharing of information remarkably easy and reinforces the right to freedom of expression of the individual. However, the lot of every right is that it has limits. A strain on the right to freedom of expression is the duty not to cause injury to another person without …
Read moreThe Private Guard Companies Act (the “PGC Act” or the “Act”), was enacted in 1986 to regulate the licensing of Private Guard Companies (“PGCs”) in Nigeria. Thirty two years after the enactment of the Act, the Minister of Interior issued the Private Guard Companies Regulations, 2018 (the “Regulations”) pursuant to his powers under section 35 …
Read moreAluko & Oyebode is pleased to have advised Olam International (“Olam”) and Crown Flour Mills Limited (“CFM”) on the US$330 Million acquisition of Dangote Flour Mills Plc by CFM. Olam is one of the world’s largest food and agribusiness companies, operating in over 70 countries around the world. The acquisition is part of Olam’s strategy …
Read moreThe Nigeria Immigration Service (NIS) has initiated a mandatory E-Registration exercise for all resident and visiting migrants in Nigeria. The intention of this initiative is to enable the NIS to maintain an accurate representation of the migrant population in Nigeria. Thus, all non-Nigerians i.e. nationals of Economic Council of West African States (ECOWAS) and other …
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Read moreWe are pleased to have advised China Development Bank on its US$629 Million Financing of the Lekki Deep Sea Port project, Nigeria’s first deep seaport, and the largest non-recourse project finance transaction concluded in Nigeria in the last 5 years. The project is sponsored by Tolaram Port Investment Inc. under a concession originally granted by …
Read moreThe Supreme Court recently held in the case of Federal Republic of Nigeria v. Enwenede Solomon & Ors (Solomon’s Case) that aside from the Constitution, rules of court or a statute can also curtail the unlimited jurisdiction of a State High Court under the Constitution. Seven years earlier, the same court had held in the …
Read moreWe are pleased to have advised Nigeria’s leading payment processing company; Interswitch Limited, in relation to the acquisition of a 60% stake in E’clat Healthcare Limited, a technology company providing electronic primary healthcare services. E’clat Healthcare Limited through its software provides electronic and wireless primary healthcare services to a number of hospitals, state governments and …
Read moreIntroduction Limitation laws prescribe the period within which an aggrieved party can initiate an action to enforce a legal right. These laws seek to encourage parties to enforce their legal rights timeously and to avoid stale claims. There are several justifications for limitation laws. However, two of such justifications are prominent. The first is that …
Read moreWe are pleased to announce that we have been shortlisted for the 2019 ESQ Nigerian Legal Awards. We are finalists in the following categories: Law Firm of the Year – Large Practice Banking and Finance Capital Market Oil and Gas Dispute Resolution Energy and Power Mergers and Acquisitions Private Equity Real Estate and Construction Telecommunications …
Read moreWe are pleased to announce that Aluko & Oyebode has maintained its ranking as a Top Tier Firm (Tier 1) in seven practice areas in the 2020 IFLR1000 Guide, namely: Banking Capital Markets: Debt Capital Markets: Equity Mergers & Acquisitions Project Development: Infrastructure Project Development: Power Project Finance Nine (9) Aluko & Oyebode partners were …
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Read moreWe are pleased to announce that our Partner, Hamid Abdulkareem has been appointed as an officer of the International Bar Association (IBA) Arbitration Committee with effect from 1 January 2020 to 31 December 2021. He will co-chair IBA’s under-40 subcommittee (IBA Abr40) during his tenure, along with Anina Liebkind of Baker McKenzie. “This is an …
Read moreIntroduction The Supreme Court of Nigeria recently held in the case of Ibrahim v Obaje that a Power of Attorney can transfer interest in land to a donee and that the consent of the Governor is not needed for transfer of title or alienation of rights between private individuals where there is no overriding public …
Read moreAluko & Oyebode is pleased to have advised Metropolitan International Holdings (Proprietary) Limited and its affiliates (“MMI”) in connection with the divestment by MMI of its entire shareholding in Metropolitan Life Insurance Nigeria Limited. The transaction involved the provision of advice to MMI on the sale of the entire shareholding of Metropolitan Life Insurance Limited …
Read moreAluko & Oyebode acted as Nigerian counsel to leading international banking group, Standard Chartered Plc (the “Group”) on the Nigerian aspects of the Group’s spin out from its global private equity business, and the sale of the majority of its private equity investment portfolio to ICG Strategic Equity Advisors, a unit of Intermediate Capital Group …
Read morePrior to the enactment of the Electric Power Sector Reform Act, 2005 (“EPSRA” or the “Act”), the methodology for setting electricity prices in Nigeria had been vague and uncertain. One of the primary reforms that the Act introduced was to empower the Nigerian Electricity Regulatory Commission (“NERC”) to develop a cost-reflective tariff regime for the …
Read moreThe Federal Government of Nigeria has in recent times, taken steps to review and introduce notable changes to the existing tax system. The changes include the introduction of a new Value Added Tax (“VAT”) rate which has been approved by the Federal Executive Council, the signing into law of the Police Trust Fund (Establishment) Act, …
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Read moreBackground The National Office for Technology Acquisition and Promotion (“NOTAP”) is responsible for monitoring, regulating and facilitating the inflow of foreign technology in Nigeria. NOTAP’s mandate is implemented primarily through the evaluation and registration of technology transfer agreements which are required to be submitted to NOTAP within 30 days from the effective date. The agreements …
Read moreBusiness organisations typically require initial and recurrent capital inflows to fund their operations and figuring out the best option for capitalising an organisation is an important decision which can have a major impact on the success or otherwise of any business organisation. While various innovative forms of financing such as crowd funding and peer to …
Continue reading “Debt Capital vs. Equity Capital: Finding the Right Fit for your Business”
Read moreCompetition law seeks to ensure a fair marketplace by prohibiting unfair conduct that seeks to gain a greater market share than would be realised through effective competition. Mergers and acquisition transactions are likely to have anti-competitive effects as such transactions may make it difficult for smaller companies to enter or succeed in any market. Such …
Read moreWe are pleased to announce that our Partner, Babatunde Fagbohunlu, SAN has been nominated for the African Arbitrator of the Year Award. The inaugural African Arbitration Awards is scheduled to hold in Nairobi on Friday, 30th August 2019 and it is hosted by the East Africa International Arbitration Conference (EAIAC). Co-located with EAIAC 2019, the …
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Aluko & Oyebode Partners, Olubunmi Fayokun and Oghogho Makinde have been recognised as IFLR1000 Women Leaders for the second year in a row. They are among the only six female practitioners that were recognised in Nigeria. The annual list recognizes approximately 300 female lawyers with “impressive track records” who are considered to be among the …
Read moreNigeria has long been a challenging jurisdiction in which to obtain and enforce registered trademark rights. Recent changes represent significant and positive steps forward, as issues are finally being addressed. Earlier this year, the Nigerian Trademarks Registry published a compendium of its trademark rulings – the first time that it has done so since being …
Read moreOn July 23, 2019, the National Insurance Commission (“NAICOM”) issued two circulars numbered NAICOM/DPR/CIR/25-01/2019 and NAICOM/DPR/CIR/25-02/2019 (the “Circulars”), in furtherance of its circular of May 20, 2019 which introduced a new minimum paid up share capital policy for insurance and reinsurance companies in Nigeria. The Circulars provided directives to insurance and reinsurance companies on the …
Read moreThe Problem There has been a trend where third parties adopt well-known trademarks in the incorporation of their companies. By so doing, the trademark forms part of the company name of the third party. Often, such third parties proceed to register their trademark with the said name; but even where they do not register the …
Continue reading “Incorporation of Trademarks as Company Names by Third Parties”
Read moreThe Federal Inland Revenue Service (the “FIRS”) is currently working with the National Assembly to amend the Nigerian tax laws to adequately capture income earned by technology companies from Nigeria and transactions with Nigerian residents. The Chairman of the FIRS, Babatunde Fowler, reiterated at the “FIRS Stakeholders Retreat on the Taxation of the Digital Economy”, …
Continue reading “Taxing Digital Economy: FIRS Advocates for Law Reform”
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Aluko & Oyebode hosted its Capital Market Roundtable discussion themed: “Engendering an Effective Regulatory Landscape for Competition Law in Nigeria – Promoting a Fairer Market” with 50 stakeholders in the Nigerian capital market and Mr. Oscar Onyema, CEO, The Nigerian Stock Exchange (NSE) as keynote speaker. Ms. Olubunmi Fayokun, Senior Partner and head of the …
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We are delighted to be shortlisted in five (5) categories for The African Legal Awards 2019: African Law Firm of the Year – Large Practice Energy & Natural Resources Team of the Year Intellectual Property Team of the Year Mergers & Acquisitions Team of the Year TMT Team of the Year Click Here for more information. The African Legal …
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Read moreOn 25 January 2019, the Nigeria Information Technology Development Agency (the “NITDA”) issued the Nigeria Data Protection Regulation, 2019 (the “Data Protection Regulation”). The key objectives of the Data Protection Regulation include to: safeguard of the rights of natural persons to data privacy; foster safe conduct of transactions involving the exchange of personal data; prevent …
Continue reading “The Nigeria Data Protection – Implementation Framework 2019”
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Aluko & Oyebode will be hosting its 2019 Capital Market Roundtable on Thursday, 25 July 2019 at 10:00am. The theme of the roundtable is: “Engendering an Effective Regulatory Landscape for Competition Law in Nigeria – Promoting a Fairer Market” and against this backdrop we have carefully selected topics for discussion from the perspective of different …
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Read moreA Bill for an Act to repeal the Nigeria Football Association Act and enact the Nigeria Football Federation Act (“NFF Act”) has been passed by the Nigerian Senate at the National Assembly. Several commentators have opined that the Bill when passed into law will set football in Nigeria on a path for greatness as the …
Continue reading “A Review of the Nigeria Football Federation Bill”
Read moreAluko & Oyebode advised Goodwell Investments, via its West Africa partner, Alitheia Capital, on its investment in MAX.ng, the pioneer app-based motorcycle hailing in West Africa. Under the investment round, MAX.ng has raised about $7.5 million from a group of investors including NovaStar Ventures, Yamaha, world-leading Japanese motorcycle and marine hardware manufacturer, Bill Gates-backed Breakthrough …
Continue reading “Aluko & Oyebode advises Goodwell on its investment in MAX.Ng (Series A Funding)”
Read moreWe are pleased to announce that our Chairman, Gbenga Oyebode has been appointed to the Board of Trustees of the Foundation. This statement was released by Ford Foundation on Thursday, 20th June 2019. “I am honored and privileged to join the board of the Ford Foundation. I am delighted to be part of the foundation’s …
Read moreThe Nigerian Immigration Service (NIS) has launched a new Visa-On-Arrival application process for all business travellers and African Union Countries. Visitors coming into Nigeria can now apply for Visa On Arrival online prior to their arrival. The Visa On Arrival (VOA) allows visitors coming into Nigeria, to obtain their visa at the point of entry. …
Read moreAccording to recent media reports, the President of the Federal Republic of Nigeria, as part of the 2019 budget has directed the Nigerian National Petroleum Corporation (NNPC) to reduce its share in various joint ventures (JV) with international oil and gas companies (IOCs) to 40 per cent in the 2019 fiscal year. The NNPC currently owns …
Continue reading “Federal Government to reduce Stakes in Joint Venture Oil Assets to 40%”
Read moreThe National Insurance Commission (“NAICOM”) on May 20, 2019 published Circular No: NAICOM/DPR/CIR/25/2019 (“the Circular”), on the review of the minimum paid up capital for insurance and reinsurance companies. The Circular applies to all insurance and reinsurance companies except Takaful [see below] operators and micro-insurance companies.
Read more*VP reassures investors of government’s interest in achieving objectives of SEZs *FG condemns negative reports on NSEZCO The Federal Government has assured the strategic investment partners and advisers of the Nigeria Special Economic Zone Investment Company Limited (NSEZCO) of its commitment to the development of special economic zones across the country. The assurance was given …
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Read moreFriday 17, May Aluko & Oyebode advised MTN Group Limited in connection with the Listing by Introduction of its Nigerian subsidiary, MTN Nigeria Communications Plc (“MTN Nigeria”) of its entire ordinary shares on The Nigerian Stock Exchange. The listing, which is the largest listing by introduction on the Nigerian Stock Exchange, resulted in MTN Nigeria …
Read moreAluko & Oyebode has once again been recognised as a leading law firm in Nigeria. The Firm was ranked as a top-tier firm in six (6) main practice areas that are researched and evaluated by Legal 500 for Nigeria. Noted practice areas include: Banking, Finance and Capital Markets; Commercial, Corporate and M&A; Dispute Resolution; Energy …
Continue reading “Aluko & Oyebode Achieves Top-Tier Rankings in Legal 500 EMEA 2019”
Read moreWe congratulate our Associate, Inyene Robert, who has been selected for the 2019 Africa Arbitration Academy, which is scheduled to hold in London. The 2019 cohort is the representation of about 15 countries in Africa. Inyene is an Associate in the Firm’s Litigation, Arbitration and ADR Practice Group. Inyene completed her LL.B programme as the …
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Read moreAluko & Oyebode commemorated this year’s World Intellectual Property Day with a forum themed: “Reach for Gold: Intellectual Property and Sports”. This forum was organised in collaboration with the American Business Council, Lagos Chamber of Commerce International Arbitration Centre (LACIAC) and the Anti-Counterfeiting Collaboration (ACC) of Nigeria. The event speakers from the sports and business community, sports …
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Aluko & Oyebode acted as transaction counsel in connection with the initial public offering of shares (IPO) by Skyway Aviation Handling Company Plc (SAHCO), Nigeria’s most prominent aviation ground handling service provider. Under the IPO, Sifax Group (the majority shareholder of SAHCO) offered for sale 406,074,000 shares of 50 kobo each at N4.65 per share. …
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We are honoured to be a recipient of the prestigious “Special Recognition Award (Private Sector)” at the Presidential Enabling Business Environment Council (PEBEC) Awards Ceremony, held at the State House Conference Hall, Abuja. The award was presented to the Firm by Nigeria’s Vice President, Prof. Yemi Osinbajo on Wednesday, 3rd April 2019. This award was …
Continue reading “Aluko & Oyebode receives PEBEC’s Special Recognition Award (Private Sector)”
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As part of Aluko & Oyebode’s celebration of International Women’s Day, we dedicated our monthly learning session to Women, with the theme: “Women in Changing Times: Passion, Career, Growth and Wealth Creation.” The event was held on Thursday, 28th March 2019. The event was graced by the presence of notable industry leaders which includes: Mo …
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Read moreThe National Housing Fund (Establishment) Bill (the “Bill”) 2018, passed by both houses of the National Assembly, was on 18 February 2019 transmitted to the Office of the President for Presidential Assent. The Bill, if signed into law, will repeal and replace the extant National Housing Fund (Establishment) Act Cap N45 Laws of the Federal …
Continue reading “The National Housing Fund (Establishment) Bill 2018 Awaits Presidential Assent”
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Aluko & Oyebode is delighted to have advised Access Bank Plc (“Access Bank“) on its historic merger with Diamond Bank Plc (“Diamond Bank“). The transaction was executed in furtherance of the implementation, by Access Bank, of its 2018 5-year corporate strategic plan with the vision of becoming Africa’s gateway to the world and the world’s …
Continue reading “Aluko & Oyebode advises Access Bank Plc on its Merger with Diamond Bank Plc”
Read moreThe president, on the 6th of February 2019 signed the Federal Competition and Consumer Protection Bill into Law. The Act is aimed at developing and promoting fair, efficient and competitive markets in the Nigerian economy with a view to eliminating anti-competitive practices, facilitating access by Nigerian citizens to safe products, as well as securing the rights of consumers in Nigeria.
Read moreThis legislation has been modelled, to a great extent, on the European Union competition law derived primarily from Articles 101 to 106 of the Treaty on the Functioning of the European Union.
Read moreAluko & Oyebode’s position as a leading Nigerian law firm is reaffirmed in Chambers Global Rankings for 2019. Aluko & Oyebode is the only Nigerian law firm to be given Band 1 rankings in four (4) practice areas in this year’s edition of the Chambers Global. Noted practice areas include Banking and Finance (Band 1); …
Continue reading “Aluko & Oyebode retains Top Tier Status in Chambers Global Rankings for 2019”
Read moreBusinesses and investors are increasingly looking to enter Africa and expand operations across the continent. Nigeria and South Africa are two of Africa’s strongest economies with 2019 likely to unlock even greater opportunities in these countries. Recognising this and responding to client needs, Aluko & Oyebode and leading South African law firm, Webber Wentzel, recently …
Read moreThe President of the Federal Republic of Nigeria on the 6th of February 2019 signed the Federal Competition and Consumer Protection Bill into law. The Bill (now an Act) is aimed at developing and promoting fair, efficient and competitive markets in the Nigerian economy with a view to eliminating anti-competitive practices, facilitating access by Nigerian …
Read moreThe National Pension Commission (“PENCOM”) on 28 January 2019 granted its approval for the operation of the Nigerian University Pension Management Company (“NUPEMCO”) as a Pension Fund Administrator (“PFA”) based on an evaluation of NUPEMCO’s compliance with PENCOM’s stipulated requirements. NUPEMCO is the teachers’ union pension company and will now carry on the business of …
Continue reading “PENCOM Grants New PFA License”
Read moreThe Financial Reporting Council (the “FRC”) recently issued the Nigerian Code of Corporate Governance (“the Code”) 2018 to regulate corporate governance best practices. The Code is applicable to both public and private companies. The Code, which was officially launched on 15th January 2019, consists of seven (7) parts and twenty-eight (28) principles which broadly cover …
Continue reading “Analysis of the Nigerian Code of Corporate Governance 2018”
Read moreThe Nigeria Information Technology Development Agency (the “NITDA”), on the 25th of January 2019, issued the Nigeria Data Protection Regulation, 2019 (the “Data Protection Regulation”)
Read moreWe are delighted to co-sponsor the 2019 Entry Level Associate Training Exercise (ELEVATE). ELEVATE is a practical inter-firm professional development programme collaboratively designed and sponsored by Aluko & Oyebode and 5 other Nigerian law firms for their respective entry-level lawyers as they begin professional careers in corporate and commercial legal practice. The ELEVATE sponsor firms …
Read moreWe are proud to sponsor the first Regional Training Workshop on Dispute Management in Africa Infrastructure Projects that was held in Lagos, Nigeria on Friday, 18 January 2019. The workshop was collaboratively executed by the firm of Aluko & Oyebode in conjunction with the Lagos Chamber of Commerce International Arbitration Centre (LACIAC), the Association for Consulting Engineering in Nigeria (ACE) – …
Read moreDecember 2018 Outstanding Trademarks Registration Certificates The current Registrar of the Nigerian Trademarks Registry, Mr. Shafiu Adamu Yauri, continues to champion the clearance of all awaiting registration certificates. There has been continuous publication of awaiting applications in the Trade Mark Journals. Validity of NAFDAC E-Permit In September 2018, National Agency for Food and Drug …
Continue reading “Intellectual Property Newsletter | Fourth Issue 2018”
Read moreIntroduction In June 2018 – in view of the increasing focus on cybersecurity worldwide and the rise in cyber threats both in and outside Nigeria – the Central Bank of Nigeria (CBN) issued a draft risk-based framework and guidelines on cybersecurity for deposit money banks (DMBs) and payment service providers (PSPs), which will come into …
Continue reading “CBN issues Draft Guidelines to address Cybersecurity in Financial Sector”
Read moreAluko & Oyebode acted as transaction counsel in connection with the initial public offering of shares (IPO) by Skyway Aviation Handling Company Plc (SAHCO), Nigeria’s most prominent aviation ground handling service provider. The shares would be listed on The Nigerian Stock Exchange in the only IPO to be brought to The Nigerian capital market over …
Read moreThe Federal Government of Nigeria (FGN) has published an official gazette (“the Gazette”) of the current list of pioneer industries and products (“the List”) approved by the Federal Executive Council (“the FEC”) in August 2017. Though released in November 2018, the Gazette became operative in August 2017. The Gazette embodies the first update to the …
Read moreWe are delighted to announce that Aluko & Oyebode has retained its ranking as a Top Tier Firm (Tier 1) in all 7 practice areas in the 2019 IFLR1000 Guide, namely: Banking Capital Markets Infrastructure Energy Mergers & Acquisitions Oil & Gas Project Finance Nine (9) Aluko & Oyebode partners were rated as “highly regarded” …
Continue reading “Aluko & Oyebode Receives Top Rankings in IFLR1000 2019”
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The position of the Registrar of Trademarks, Patents and Designs Registry, Nigeria has for many years being occupied by a single Registrar, who doubles as both the Registrar of Trademarks and Patents and Designs registry.
Read moreThere are two Bills currently pending before the National Assembly proposing amendments to the Personal Income Tax Act (as amended) 2011.
Read moreAfter years spent in recession, Nigeria is now starting to see some upward movement in its GDP numbers. Such positive economic indicators offer good opportunities for investors. It is a nation that is fully focused on growing its economy.
Read moreCompanies in the European Union (the “EU”) have been preparing for 25 May 2018, the much anticipated date when the EU’s General Data Protection Regulation (“GDPR”) became effective.
Read moreThe Nigerian Trademarks, Patents and Designs registry has published 4 more new Trademarks Journals, dated 24 April, 2018. Three (3) of the published Journals are for online applications, while 1 is for manual applications.
Read moreThe Lagos State House of Assembly recently passed the Lagos State Electric Power Sector Reform Law (the “Law”) and same has since been assented to by the Lagos State Governor. The Law essentially aims to boost electricity supply in Lagos State (the State) through the establishment of an embedded power scheme and the creation of offences for energy theft.
Read moreThe Lagos State House of Assembly recently passed the Lagos State Electric Power Sector Reform Law (the “Law”) and same has since been assented to by the Lagos State Governor. The Law essentially aims to boost electricity supply in Lagos State (the State) through the establishment of an embedded power scheme and the creation of offences for energy theft.
Read moreOn 29th January 2018, the Lagos State House of Assembly has passed a Law to Provide For The Consolidation Of Property And Land Based Charges And Make Provisions For The Levying And Collection Of Land Use Charge In Lagos State; otherwise referred to as the Land Use Charge Law of Lagos State, 2018 (the “LUC Law”).
Read moreThe 2015/2016 global crash in the price of crude oil caused a severe shock to the Nigerian economy, reliant as it is on this commodity for most of its foreign exchange earnings.
Read moreThe Trademarks, Patents and Designs registry has escalated efforts to ensure that business owners and stakeholders alike have their needs met especially with respect to the publication of trademark application. The registry published Trademark Journals Vol.2 No. 1 on 24th November, 2017, Vol.3 No. 1 on 11th December 2017 and Vol. 4 No. 1 on 15th December 2017.
Read moreWe are pleased to announce the election of Aluko & Oyebode Partner, Tonye Krukrubo, as the Vice Chairman of the Chartered Institute of Arbitrators, UK (Nigeria Branch), Port Harcourt Chapter.
Read moreIn the era of declining oil revenues and the government’s drive to shore up tax revenues, it is no wonder that our proverbial Caesar – the Federal Inland Revenue Service (the “FIRS”) – is seeking to clarify the chargeable rates on various instruments and enforce payments of stamp duties more efficiently. Whilst the FIRS’ actions are laudable, any such actions by the FIRS must be within the ambit of the Stamp Duties Act (the “SDA”). To put this simply, Caesar cannot ask for more than the law permits.
Read moreWe are pleased to announce the appointment of our Partner, Dr. Simeon Obidairo, as a Senior Fellow at the School of Oriental and African Studies (SOAS), University of London.
Read moreThe Presidential Enabling Business Environment Council (PEBEC) is an inter-governmental and inter-ministerial council which is chaired by His Excellency, Vice President Yemi Osinbajo, SAN, and comprises 10 ministers, the Head of Civil Service of the Federation, Governor of the Central Bank of Nigeria, representatives from Lagos & Kano State governments, the National Assembly and the private sector.
Read moreWe are pleased to announce the election of Aluko & Oyebode Partner, Chukwuka Ikwuazom, as the Chairman of the Nigerian Bar Association, Lagos Branch.
Read moreIn line with its mandate to promote a sound financial system in Nigeria, the Central Bank of Nigeria (the “CBN”) on 14 June 2017 released a circular titled “Exposure Draft of the Framework for Licencing, Regulation and Supervision of Private Asset Management Companies in Nigeria”.
Read moreThe Nigerian Electricity Regulatory Commission (NERC) in exercise of powers conferred on it by section 96 of the Electric Power Sector Reform Act, 2005 (EPSRA) has developed a draft “Business Continuity for the Nigerian Electricity Supply Industry Regulations, 2017” (the draft “Regulations”) to provide business continuity measures for the smooth running of the Nigerian Electricity Supply Industry (NESI).
Read moreThis Banking Regulation guide provides a high level overview of the governance and supervision of banks, including legislation, regulatory bodies and the role of international standards, licensing, the rules on liquidity, foreign investment requirements, liquidation regimes and recent trends in the regulation of banks.
Read moreFollowing the success of the INTA first regional meeting in Africa titled “Building Africa with Brands”, held in Cape Town, South Africa, INTA has introduced the Roundtable (usually hosted in U.S cities) to Africa for the first time. The Africa roundtable committee members were drawn from Nigeria, South Africa and Kenya. The members are Uche Nwokocha (chair), Simon Brown, Afam Nwokedi, Lara Kayode, and John Syekei.
Read moreAluko & Oyebode acted as Nigerian Legal Counsel to the Joint Lead Managers, Citibank Global Markets Limited, Goldman Sachs International and Standard Chartered Bank in connection with the US$800 Million eurobond issuance by IHS Netherlands Holdco B.V., the holding company of IHS Nigeria Limited, which is the largest mobile telecommunications infrastructure provider in Africa.
Read moreThe Financial Reporting Council (“FRCN”) of Nigeria on the 17th of October 2016 issued a three-in-one National Code of Corporate Governance (“NCCG”), which seeks to provide regulations on corporate governance as it relates to, public and private companies registered under Nigerian law as well as Nigerian public entities.
Read moreThe Nigeria Trademarks, Patents and Designs Registry has completed the first phase of its data capture project which it commenced on 1st October, 2015. This process entailed the digitalization of its trademarks by capturing the data into to the World Intellectual Property Organisation (WIPO)…
Read moreSince the discovery of petroleum in Nigeria in 1956 at Oloibiri in the Niger Delta region of the country, the Nigerian Government has invested extensively in the oil and gas sector leading to the country’s dependence on the proceeds of petroleum exports, which account for about 90% of its gross earnings.
Read moreThe effective means standard defined in the cases of Chevron Corporation and Texaco Petroleum Company v The Republic of Ecuador (‘Chevron’) and White Industries Australia Limited v Republic of India (‘White Industries’ )is increasingly relied upon by investors encountering inordinate delays and disconcerting confusion in the judicial system of a host state.
Read moreNigeria offers protection for a range of intellectual property rights including copyrights, trademarks, patents and designs. Being largely an importer of technology and finished products, trademark rights remains the most significant…
Read moreTunde Fagbohunlu SAN (Partner, Head of Litigation, Arbitration and ADR Groups, Aluko & Oyebode, Nigeria), John Miles (Managing Director of JMiles & Co, Nairobi) and Kamal Shah (Partner, Head of the Africa Group, Stephenson Harwood, London) have co-authored this comprehensive account of arbitration in key jurisdictions in Africa. The book was written in conjunction with leading African arbitrators and lawyers.
Read moreThe National Agency for Food and Drug Administration and Control (NAFDAC) has implemented a few changes in recent times which have the effect of putting the agency’s standards on par with some internationally maintained standards.
Read moreThe 14th Bankole Olumide Aluko (BOA) Football Tournament Closing Ceremony as was much expected, came to a successful end. he closing ceremony as usual opened with the third-place playoff match as it was last year between Aluko & Oyebode and Tayo Oyetibo & Co/Bayo Osipitan & Co.
Read moreThe Nigerian State has an objective to improve and protect the air, land, water, forest and wildlife of Nigeria. The National Environmental Standards and Regulations Enforcement Agency (Establishment) Act, 2007 (“NESREA Act”) is the primary environmental legislation in Nigeria.
Read moreThe International Trademark Association (INTA) Roundtable program was established to enhance networking and educational opportunities for INTA members throughout the world. The intention is that INTA members would host small Roundtables to provide interactive, high-quality discussion for attendees to share ideas, insights and practice tips in a non-commercial, non-competitive environment.
Read moreThe frequent change in the administration of the Trademarks Patent and Designs Registry has caused untold hardship to all stakeholders. The Registrar has been changed three times in the last 9 months and each new administration comes on board with its own policies without building on existing policies.
Read moreSimeon Obidairo to speak on “International Co-operation in Fraud and other Economic Crime Investigation, Use of Mutual Assistance and Multi-Jurisdictional Asset Freezing Orders” at the 3rd Annual Cross-Border Litigation And Asset Recovery Forum 2015, 5 November 2015, Lagos, Nigeria.
Read moreNigeria is Africa’s most populous nation with a population of over 170 million people. Of these, it is estimated that less than 50% currently have access to electricity supply. Where access to electricity is available, a full day of uninterrupted electricity is not guaranteed.
Read moreWe are pleased to announce that our Partner, Adeniyi Adegbonmire, has been conferred 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 21st September 2015.
Read moreThe Trademarks Patents & Designs Registry has informed all applicants that a Power of Attorney (POA) document must be filed along with all applications to register trademarks, patents and designs.
Read moreAs part of its ongoing attempts at stabilizing the value of the Naira as against other foreign currencies, the Central Bank of Nigeria (CBN) issued a circular to all Nigerian banks on the 4th of August 2015, prohibiting Nigerian banks from granting foreign currency loans to customers who solely generate Naira denominated revenues from their businesses.
Read moreThe Nigerian Bar Association (“NBA”) had on 14 November, 2014 at its National Executive Committee meeting held at Uyo, Akwa Ibom State, approved the affixing of stamps and seals on legal documents prepared by legal practitioners in compliance with Rule 10 of the Rules of Professional Conduct, 2007, (“RPC”).
Read moreBy virtue of the provisions of Section 254C(1)(f) of the Constitution of the Federal Republic of Nigeria 1999 (“the Constitution”)[1], the National Industrial Court (the “Court” or “NIC”) is conferred with jurisdiction to adjudicate on disputes relating to or connected with unfair labour practices or international best practices in the Nigerian Labour industry.
Read moreOn 7th April, 2015, the President of the National Industrial Court of Nigeria (‘NIC’) made 2 (two) subsidiary instruments with commencement dates of 6th April, 2015,
Read moreArbitration is a method of dispute resolution which operates largely outside the state sponsored Court structure often utilized by businesses globally.
Read moreMr. Gbenga Oyebode, MFR is a founding Partner of Aluko & Oyebode and is also the Chairman of the management board of Aluko & Oyebode. Over the years, Mr. Oyebode has development significant experience in project finance, corporate law, energy and natural resource, telecommunications and aviation law…
Read moreWe are happy to come back to our readers with an update on current happenings in our jurisdiction, firstly, our brand new government.
Read moreIn a bid to install and improve on an anti-money laundering regime in Nigeria and fight the financing of terrorism, the Money Laundering (Prohibition) Act 2011 (“the 2011 Act”) was enacted.
Read moreIn 2014, a significant level of mergers and acquisitions (“M&A”) was recorded in various sectors of the Nigerian economy. The sectors included banking, oil and gas, food and beverages, power, insurance and manufacturing.
Read moreWe bring to you the first edition of our bi-monthly publication for 2015. What appeared from the on-set to be a busy year has since waned as a result of the uncertainty with Nigeria’s general election.
Read moreIn two consolidated appeals argued by a team from Aluko & Oyebode led by Chukwuka Ikwuazom, a tax partner in the firm, the Tax Appeal Tribunal (the “Tribunal”) on 12 February 2015 set aside assessments of additional Petroleum Profits Tax (PPT) and Education Tax (EDT) in the cumulative sum of US$166.1 Million which had been issued by the Federal Inland Revenue Service (“FIRS) on an international oil company (the “Appellant”) on the alleged basis that the Appellant wrongly calculated the balancing charge due on the disposal of its undivided participating interests in certain oil mining leases (“OMLs”).
Read moreIt is no doubt that the rebasing of a country’s Gross Domestic Product (GDP) firms up its position, as it helps improve the country’s economic profile amongst foreign portfolio investors and foreign direct investors.
Read moreAluko & Oyebode has advised AXA, a global insurance and asset management group, in connection with its successful acquisition of 100% of Assur Africa Holdings which hold a 77% equity stake in Mansard Insurance Plc (“Mansard”) from Africinvest, DEG, ADP, FMO and Proparco for €198 Million (US$246 Million).
Read moreOver the years, our firm has consciously embarked on CSR programmes and initiatives. From 2009 to date, Aluko & Oyebode has supported the ‘Run for a Cure’ programme initiated by Child Survival and Development Organisation of Nigeria (CS-DON) in its effort to raise awareness about Breast, Child and Cervical Cancer in Nigeria and also provide testing and treatment equipment to help give hope to people battling cancer.
Read moreThe International Visitor Leadership Program (IVLP) is the U.S. Department of State’s premier professional exchange program. Through short-term visits to the United States, current and emerging foreign leaders in a variety of fields experience this country firsthand and cultivate lasting relationships with their American counterparts.
Read moreUnder the common law as applicable in Nigeria, parties to a contract are free to determine the law that will govern their contractual obligations. Such choice must be bona fide and legal and there must not be any reason to avoid the choice on the ground of public policy. Even where the seller and the debtor are resident within Nigeria and the transaction that gives rise to the receivables and the payment of the receivables takes place in Nigeria, the foregoing principle will apply. However, the mandatory provisions of Nigerian law would continue to apply to the contract.
Read moreNew Year greetings from Aluko & Oyebode (A&O) as we bring you our bi-monthly and first newsletter for the year 2013. Last year was a busy one for us; we were fully engaged in serving our clients, writing articles, delivering papers at conferences, and improving our staff through regular training. We also increased our staff strength to adequately manage our large clientele base which continues to grow.
Read moreAluko & Oyebode (A&O) has re-launched its IP Newsletter in a new format with engaging content, the latest IP news in Nigeria, tips for foreign investors doing business in Nigeria, tips on the protection of IPRs and more. This bi-monthly newsletter is written with a view to address the concerns of several of our global clients on different IP issues.
Read moreThe Petroleum Industry Bill (the “PIB” or the “Bill”) is perhaps the most talked about piece of legislation in Nigeria ever, given the far reaching reforms which it proposes to an industry which is the single most significant contributor to the national economy. Originally introduced in December 2008, the Bill has undergone numerous revisions and has been the subject of intense debate from stakeholders.
Read moreThe Petroleum Industry Bill (the “PIB” or the “Bill”) is perhaps the most talked about piece of legislation in Nigeria ever, given the far reaching reforms which it proposes to an industry which is the single most significant contributor to the national economy. Originally introduced in December 2008, the Bill has undergone numerous revisions and has been the subject of intense debate from stakeholders.
Read moreA Trademark is a major platform or format by which product owners project into streams of commerce, goods and services.
Read moreAluko & Oyebode achieves 18 listings across the following nine section of its practice in the recent release of the Who’s Who Legal Awards.
Read moreIn its quest to digitize its operations and allow for online registration of trademarks, patents and designs, the Nigerian Trademarks, Patents and Designs Registry has now set up its official website that will allow for online registration of trademarks, patents and designs.
Read moreRegistry News – ACC, Nigeria and INTA to Work Together for this Year’s Roundtable – Aluko & Oyebode Listed in 2011 Patent Survey – SON Representative Speaks at the ACC General Meeting on SON’s Anti-Counterfeiting Operations – Aluko & Oyebode Admits New Partners, Promotes Associates to Senior Associates.
Read moreThe year 2010 brought some good stories to tell as well as the bad ones both locally and internationally. The economic down turn of the past two years have not shown much of an improvement. The world politics have also recorded its share of decline. In spite of the vicissitudes that characterized this year, we have been able to record some developments in respect of Intellectual Property administration and protection.
Read moreContent – Marketing and Distributing Foods and Drugs in Nigeria – Trademarks News – INTA/ANTI – Counterfiting Coalition Conference – Aluko & Oyebode News
Read moreAluko & Oyebode has been named Nigeria Law Firm of the Year 2010 in the Who’s Who Legal Awards. With the benefit of over 12 years of independent research, Who’s Who Legal used the thousands of nominations it has received from clients and private practice professionals to identify the leading firms and individuals in 31 practice areas, as well as the top firm in over 50 countries and five US states.
Read moreReproduced with permission from Law Business Research. This article was first published in Getting the Deal Through – Public Procurement 2010 (published in April 2010; Contributing Editor Hans-Joachim Prieß, Freshfields Bruckhaus Deringer). For further information please visit www.GettingTheDealThrough.com
Read moreThis edition of the Aluko & Oyebode IP newsletter for February 2010 contains the following items of interest:- 1. A case for Multiple Collecting Societies for the Nigerian Entertainment Industry 2. Trademark News 3. Standards Organisation of Nigeria 4. Anti-counterfeiting Collaboration, Nigeria 5. National Agency for Food, Drugs, Administration and Control (NAFDAC) unveils New Anti-Counterfeiting Service. 6. The Aluko & Oyebode’s Bankole Olumide Aluk (BOA) Football Tournament Kicks Off
Read moreCONTENT Message from the Intellectual Property Law Partner Domain Name Branding: The Expectations of Intellectual Property Right Owners Registry News – Workshop – “Building a 21st Century Trade Mark Registry in Nigeria” New Journal is out
Read moreThe Regulatory updates November 2009 issue addresses the following:- 1. CENTRAL BANK OF NIGERIA COMMUNIQUE NO. 66 OF THE MONETARY POLICY COMMITTEE MEETING, NOVEMBER 03, 2009. 2. AMMENDMENT OF PROVISIONS OF MEMORANDUM 11 ON EXPORT TRANSACTION IN THE FOREIGN EXCHANGE MANUAL Ref: TED/FEM/FPC/GEN/01/158/09 DATED 2ND NOVEMBER 2009 3. PRESS STATEMENT DATED 4TH NOVEMEBR 2009 4. PRESS STATEMENT ON EQUITORIAL TRUST BANK DATED 4TH NOVEMBER 2009 5. PRESS RELEASE DATED 13TH NOVEMBER 2009: UPDATE ON BANKING REFORMS 6. IMPORTATION OF COLD ROLL STEEL COILS AND ALUMINIUM ROOFING SHEETS INTO NIGERIA Ref: TED/FEM/GEN/FPC/01/163/09 DATED 13TH NOVEMBER 2009 7. GUIDELINES ON THE ISSUANCE AND TREATMENT OF BANKERS ACCEPTANCES AND COMMERCIAL PAPERS DATED 18TH NOVEMBER 2009 8. NOTICE OF MEETING ON IMPORT DUTY COLLECTION SCHEME (IDCS) Ref: TED/FEM/GEN/FPC/01/67 DATED 25th November 2009
Read moreThe Regulatory updates October 2009 issue addresses the following:- 1. Publication of Interest Rates. Ref BSD/DIR/IGEN/CIR/01/023 Dated 14th October 2009 2.Central Bank of Nigeria Public Statement Dated 16th October 2009 3.Central Bank of Nigeria Press Statement 4.Publication of Un-audited Accounts of Banks as at September 30, 2009. Ref:SD/DIR/GEN/CIR/03/024 DATED 26TH OCTOBER 2009
Read moreThe September 2009 issue of the IP newsletter contains the following:- – Nollywood Business Forum – INTA/ACEC – ACC Nigeria Roundtable – Trademarks Registry News – Nigerian Bar Association (NBA), Lagos Branch Conduct Elections – NBA Annual Conference: The Largest Gathering of Lawyers in Sub-Sahara Africa – ICANN Conference for Domain Name System Operation – Nigeria’s Independence Celebration.
Read moreThis article appeared in the 1st edition of The International Comparative Legal Guide to: Public Procurement; published by Global Legal Group Ltd, London (www.iclg.co.uk) authored by Gbenga Oyebode and Olubunmi Fayokun
Read moreReproduced with permission from Law Business Research. This article was first published in Getting the Deal Through – Public Procurement 2008, (published in May 2008 – contributing editor: Hans-Joachim Prieâ). For further information please visit www.gettingthedealthrough.com
Read moreThis edition of the IP Newsletter contains the following articles Adobe – Licence to Learn/Formal Launch of Adobe in Nigeria; Update on Service Marks in Nigeria; International Franchise Seminar; Commonwealth Business Council (CBC) /Federation of Intellectual Property Owners (FIPO) Intellectual Property Conference; DWS Africa Steering Committee Meeting: Africa – Regional Expansion and Opportunities; Aluko & Oyebode Sponsors Two Officials From Nigerian Trademarks Registry for INTA 2008; 3rd Annual Nigerian Bar Association (NBA) Section on Business Law Conference and The Anti-
Read moreThis edition of the IP Newsletter contains the following articles; Judges’ Conference: Workshop on the Adjudication of Intellectual Property Cases; Nigeria & The Tobacco Industry; Update on Service Marks in Nigeria; Nigeria Customs Service; Standard Organisation of Nigeria (SON); Consumer Protection Council (CPC) Wins West Africa Consumer Protection Award; Director General of NAFDAC Wins Best Service Delivery Awards; Fourth Global Congress on Combating Counterfeiting and Piracy – Dubai 2008; The Anti-Countefeiting Coalition (ACC) Nigeria; The Collecting Society; A Panacea for Piracy and Development for the Copyright Industry in Nigeria and Admission to Partnership.
Read moreThis edition of the IP Newsletter contains the following articles; Nigerian Copyright Commission (NCC), United States Governments Train Enforcement Officers; Nigerian Copyright Commission Trains Staff on Disc Piracy; Nigeria Pledges to Boost Intellectual Property Investment; Intertek and Standards Organisation of Nigeria Renew the SONCAP Contract; Nigeria Trade Marks Registry; NAFDAC Hologram and Other Anti-Counterfeiting Solutions Workshop; SON gives Manufacturers December Deadline on Standardisation; The Anti-Counterfeiting Coalition (ACC) and Aluko & Oyebode’s Annual Retreat.
Read moreThis edition of the IP Newsletter contains the following articles Court Resolves Trademark Suit Against Three Companies; NAFDAC Re-opens Onitsha Drug Market; Nigerian Copyright Commission & EFCC Unite to Combat Piracy; Update on Guiness Nigeria Plc and NAFDAC’s Fight Over Adulterated Product; Kano State Government Sues Pfizer, Nigerian Customs Service Arrest Two Vehicles with Contraband; NAFDAC Arrest 30 Persons Over Fake Products and Nigeria Trademarks Registry and Report From The Anti-Counterfeiting Coalition (ACC) Meeting.
Read morePROPOSED UNIFORM STATE ARBITRATION AND CONCILIATION BILL. ARRANGEMENT OF SECTIONS. PART 1
Read moreAmended report from the National Committee on the Reform and Harmonisation of Arbitration and ADR Laws in Nigeria
Read moreAcknowledgements from the members of the National Committee on the Reform of Nigeria’s Arbitration and ADR Laws
Read moreThis edition of the IP Newsletter contains articles on US Delists Nigeria from Piracy Blacklist; Trade Mark Journal; Nigeria Appoints a New Registrar; Nigerian Serive Marks – Update; National Agency of Food and Drugs Administration and Control (NAFDAC) and Global Anti-Counterfeiting Group (GACG) Awards
Read moreThis edition of the IP Newsletter contains the following articles Regulation on Protection of Service Marks in Nigeria; NAFDAC’s Continued Efforts Against Fake Drugs and 2007 Nigerian Elections
Read moreThe International Comparative Legal Guide to Securitisation 2006 – NIGERIA – this article appeared in the 2006 edition of The International Comparative Legal Guide to: Securitisation; published and reproduced with the kind permission of Global Legal Group Ltd, London, www.iclg.co.uk
Read moreThis article appeared in the 2007 edition of The International Comparative Legal Guide to: Gas Regulation; published and reproduced with kind permission by Global Legal Group Ltd, London and authored by Gbenga Oyebode and Kofo Dosekun
Read moreAluko & Oyebode, as a leading Intellectual Property Law firm in Nigeria, publishes IP Newsletters & Updates in respect of all important intellectual property developments in Nigeria. Read our September/October 2006 newsletter online or send us an e-mail to be included in our mailing list.
Read moreThis edition of the IP Newsletter contains articles on the Anti-Counterfeiting Coalition; Aluko & Oyebode IP Watching Service; NAFDAC; IP Law Reform Update;
Read more“This article first appeared in the 2007 edition of The International Comparative Legal Guide to: PFI / PPP Projects; published by Global Legal Group Ltd, London (www.iclg.co.uk) authored by Gbenga Oyebode and Oghogho Makinde”
Read moreThis edition of the IP Newsletter contains articles on Nigerian national Broadcasting Commission (“NBC”) Enforcing Restriction on Broadcasting Licensing; Anti-Counterfeiting Coalition; Intellectual Property (IP) Law Reforms in Nigeria; Nigerian Copyright Commission and National Office for Technology Acquisition and Promotion (NOTAP).
Read moreMr. Gbenga Oyebode was a member of the panel on “Entrepreneurship & Leadership” at the 13th Annual Wharton Business Forum organised by the Wharton Africa Business Forum at the Wharton School, University of Pennsylvania. The Forum took place at the University of Pennsylvania, Philadelphia, on the 19th of November, 2005. Over 30 speakers including CEO’s, policy makers and academics participated in the Forum. The objective of the panel on Entrepreneurship & Leadership was to present each panellist’s individual experiences with entrepreneurship and leadership in Africa, including challenges faced, successes, and overall insights on the African business environment and to discuss entrepreneurial opportunities and challenges within the current African economic environment.
Read moreTHE MINISTER of Regional Cooperation and NEPAD, Dr. Konadu Apraku, has said that the Economic Community Of West African States (ECOWAS) has recommended that member states should jointly undertake the processing of the huge bauxite deposits in Kibi-Atewa and Nyinahin to supply raw materials for the Aluminum Smelting factory in Tema (VALCO) and the Aluminum Smelting Company at Ikot-Abasi, in Nigeria.
Read moreThis article appeared in the 2006 edition of The International Comparative Legal Guide to: Intnl Arbitration 2006 ; published and reproduced with kind permission by Global Legal Group Ltd, London and was authored by Babatunde J Fagbohunlu and Mark Mordi
Read moreThis article appeared in the 2006 edition of The International Comparative Legal Guide to: Gas Regulation; published and reproduced with kind permission by Global Legal Group Ltd, London
Read moreThis article appeared in the 2006 edition of The International Comparative Legal Guide to: Environmental Law 2006 ; published and reproduced with kind permission by Global Legal Group Ltd, London and was authored by Oghogho Makinde, Bukola Ayanbule
Read moreA co-publication of the World Bank, the International Finance Corporation and Oxford University Press. Aluko & Oyebode was involved in providing information towards the publication.
Read more