News & Updates

On October 11, 2021, the Central bank of Nigeria released the Guidelines for the Operation of Pan African Payments Settlement System (PAPSS) in Nigeria (the “Guidelines”). The PAPSS is a centralised payment and settlement infrastructure introduced by the African Export-Import Bank (“Afrexim Bank”) in conjunction with the West African Monitoring Institute (“WAMI”) to enable instant, cross-border payment in local currencies between African markets.

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There is a current drive in Nigeria for the enactment of a legislation to cater to startups in the country. The hope is that this will promote and ensure stability within the startup space. Steps so far have commenced with the drafting of a Nigeria Startup Bill. Activities around this started in the early months of 2021 and it is an initiative being led by the Presidency. With the current ecosystem and regulatory environment in the country, this drive is not only timely but fundamental to the growth of the Startup space in Nigeria.

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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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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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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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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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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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The Securities and Exchange Commission (SEC) on the 7th of June 2021 released its exposure rules on Social Bonds.

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IN THIS EDITION:

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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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