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Month: June 2023

Has the “cryptocurrency ban” in Nigeria been lifted?
Blockchain Technology Industry Insight Policy & Regulations June 30, 2023

Has the “cryptocurrency ban” in Nigeria been lifted?

Immediately after handover to President Bola Ahmed Tinubu on 29 May 2023, the news of a “cryptocurrency tax” in the country hit the public. This was not without its attendant breaking-news, eye-grabbing headlines.2 Understandably, many Nigerians appear to believe, albeit wrongly, that the Tinubu administration had introduced a “cryptocurrency tax” in Nigeria. This, as long as many saw it, signaled the acceptance of cryptocurrency by the Federal Government in Nigeria. Across the blogosphere, social media, and some traditional news channels, the news of how the Federal Government has finally lifted the “cryptocurrency ban” spread fast.3

The question is: Has the “cryptocurrency ban” in Nigeria been lifted?

CBN  fined by the Federal High Court for denying group access to information
Updates & Headlines June 29, 2023

CBN  fined by the Federal High Court for denying group access to information

The Central Bank of Nigeria (CBN) has been ordered by a Federal High Court sitting in Abuja FCT on Wednesday 14 June 2023 to pay Media Rights Agenda (MRA) the sum of N1 million as damages for the apex bank’s wrongful denial of access to information. Justice Donatus Uwaezuoke Okorowo of the Federal High Court delivered the judgment. 

Highlights of the London Blockchain Conference from London
Blockchain Technology Updates & Headlines June 8, 2023

Highlights of the London Blockchain Conference from London

The London Blockchain Conference, the first of its kind, held in London at the Queen Elizabeth II Conference Centre, 31 May to 2 June, 2023. Infusion Lawyer’s Associate, Jude Ayua, shares major highlights of the conference.

Valuing African startups is different.
Startups Tech Entrepreneurs June 7, 2023

Valuing African startups is different.

After 7 years of working with startups and venture capital in Africa, here are the 7 most effective valuation models I’ve found:

1) VC Method

Most commonly used. Calculates the expected return based on exit, terminal value, and discount rate.

Factors in Africa:

– High political risk

– Currency fluctuations

– Thin volume of comparable transactions

Valuations are lower than in developed markets.

Why digital money lenders should take advantage of FCCPC’s interim guidelines to obtain approval in Nigeria
Regulatory Compliance June 7, 2023

Why digital money lenders should take advantage of FCCPC’s interim guidelines to obtain approval in Nigeria

The Federal Competition and Consumer Protection Commission (FCCPC) released a list of approved digital money lenders in Nigeria on 25 May 2023. Titled ‘The Status of Registration of Fintech/Digital Companies with FCCPC on the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending 2022’, the list was published on FCCPC’s website. 

In one of our previous updates, we reported that the FCCPC issued the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending 2022 (the ‘Digital Lending Framework and Guidelines’). The purpose of this is to protect consumers from “loan sharks” in Nigeria’s digital lending space. This is by virtue of the FCCPC’s statutory duty to protect and promote the interest and welfare of consumers. One of the ways the FCCPC does this is by ensuring the adoption of measures that guarantee that goods and services are safe for intended use. And it is quite commendable to see the support Google has been giving to the FCCPC by ensuring that these “loan sharks” are taken off the Play Store.