News & Updates
We regularly issue announcements covering important legal issues and news from the firm.
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NITDA’S SANCTION OF ONLINE LENDING PLATFORM: A CAUTIONARY TALE FOR FINTECHS
The National Information Technology Development Agency (NITDA), the governmental agency responsible for the growth and development of information technology in Nigeria which includes regulation of the use and protection of personal data in Nigeria has been at the forefront of data privacy and protection in Nigeria. NITDA since the release of the Nigeria Data Protection Regulation 2019 (NDPR) has continued to establish and enhance the framework for the use and protection of private data. In recent times, the agency has had course to exercise its powers by imposing sanctions on errant companies.
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EXPATRIATE QUOTA ADMINISTRATION IN NIGERIA: Curbing Expatriate Quota Abuse
Under existing legal regulations, an Expatriate Quota (EQ) must be issued to the company employing an expatriate by the Federal Ministry of Interior (FMI) before it can employ such an expatriate to work in Nigeria.
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FCCPC AMENDS PROCESSING FEES APPLICABLE TO NOTIFIABLE TRANSACTIONS
The Federal Competition and Consumer Protection Act, 2018 (the Act) vests the Federal Competition and Consumer Protection Commission (the Commission or FCCPC) with powers to make regulations relating to imposition and collection of fees. Accordingly, the combined provisions of Regulation 15 and Schedule 1 to the Merger Review Regulations 2020 (the 2020 Regulations) lay out different fees payable to the Commission for the transactions requiring its approval. The fees provided in Schedule 1 of the 2020 Regulations include Application, Expedited Procedure Service, Negative Clearance Procedure and Notification Fees.
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ANNOUNCEMENT OF THE PETROLEUM INDUSTRY ACT
President Muhammadu Buhari has signed into law the much-awaited Petroleum Industry Bill, now Petroleum Industry Act (“PIA”). Prior to PIA, there were different versions of the PIB. It started as an omnibus bill and was later divided into 4 separate bills before emerging in 2020 as a consolidated bill.
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Guidelines for Licensing and Regulation of Payments Service Holding Companies in Nigeria
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FIRS Directs Approved Enterprises to File Income Tax Returns
FIRS Mandates all Approved Enterprises Operating in Free Trade Zones, Export Processing Zones and Oil & Gas Free Zones to File Income Tax Returns
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SEC Proposes New Rules on Social Bonds
The Securities and Exchange Commission (SEC) on the 7th of June 2021 released its exposure rules on Social Bonds.
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IP NEWSLETTER: INTELLECT FIRST – 3rd Edition
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Intellectual Property Newsflash
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PENCOM Sets Group Life Insurance Deadline For All Employers
The National Pension Commission (PENCOM) in its recently issued circular has mandated employers to comply with the provisions of section 4(5) of the Pension Reform Act (PRA) 2014 by maintaining a Group Life Insurance Policy (GLIP) in favour of all its employees.
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SEC deadline for Compliance with Crowdfunding Regulations
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New CBN Licensing Requirements for Payment Service Providers
On 24th May, 2021, the Central Bank of Nigeria (“CBN”) issued a new circular on the licensing requirements for Payment Service Providers (“PSP”), indicating a definite resolve by the apex bank to regulate the sector.
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